UniCredit's Bid for Banco BPM Advances Amidst Crédit Agricole's Increased Stake and Circle's Filing for IPO

UniCredit has received approval from the Italian market authority, Consob, to proceed with its takeover bid for Banco BPM. The offer period is set from April 28 to June 25, with UniCredit offering 0.175 new shares for each Banco BPM share. Previously, Banco BPM's board deemed the proposal inadequate, citing profitability and shareholder value concerns. Concurrently, Crédit Agricole SA has been authorized by the European Central Bank to increase its stake in Banco BPM to 19.9%. The French bank intends to exercise its right to physical delivery of Banco BPM shares underlying its derivative position, resulting in a 19.8% ownership. Crédit Agricole SA clarified it does not plan to launch a public offer for Banco BPM's capital, emphasizing its role as a long-term investor and partner. In other news, Circle Internet Financial, the issuer of USD Coin (USDC), has filed paperwork with the U.S. SEC for an IPO. USDC, the second-largest stablecoin with a capitalization of $60 billion, aims for a Wall Street debut with a valuation of up to $5 billion. JPMorgan and Citi are managing the IPO process.