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UniCredit has offered to buy rival Italian lender Banco BPM for €10 billion in stock.

Why it matters: The surprise bid could wreck Italian Prime Minister Giorgia Meloni's plan to create the country's third-largest bank — behind UniCredit and Intesa Sanpaolo — by selling BMPS to Banco BPM.

It also comes as UniCredit continues to consider a takeover effort for Germany's Commerzbank, which would face stiff opposition from Berlin.

The bottom line: UniCredit wants to become one of Europe's top banks, even if that means ruffling government feathers.

UniCredit offers to buy rival Italian bank for €10 billion

UniCredit wants to become one of Europe's top banks, even if that means ruffling government feathers.

UniCredit building in front of an Italian fountain

Photo: Francesca Volpi/Bloomberg via Getty Images

UniCredit has offered to buy rival Italian lender Banco BPM for €10 billion in stock.Why it matters: The surprise bid could wreck Italian Prime Minister Giorgia Meloni&#x27;s plan to create the country&#x27;s third-largest bank — behind UniCredit and Intesa Sanpaolo — by selling BMPS to Banco BPM.

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UniCredit offers to buy rival Italian bank for €10 billion

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