UniCredit CEO Says He Can Ditch Commerzbank Deal If There's No Value

The transcript discusses UniCredit's approach to mergers and acquisitions (M&A), highlighting past decisions to walk away from deals due to leaks and unfavorable conditions. It emphasizes the importance of timing and terms in M&A to add value. UniCredit's future plans focus on demonstrating profitability and growth without pressure to engage in acquisitions. The discussion also covers the offer made to Banco BPMA, analyzing market reactions and the rationale behind the offer's premium.

What is the speaker's view on M&A adding value?

• M&A never adds value.

• M&A adds value only if done under the right terms.

• M&A is irrelevant to UniCredit's strategy.

• M&A always adds value regardless of conditions.

What is UniCredit's focus for the next few years according to the speaker?

• Acquiring as many banks as possible.

• Demonstrating growth and improving profitability.

• Reducing operations in Europe.

• Focusing solely on digital banking.

How does the speaker describe UniCredit's approach to acquisitions?

• They will acquire regardless of market conditions.

• They plan to avoid all acquisitions.

• They will only acquire if it aligns with their strategic goals.

• They are under pressure to acquire quickly.

What premium does the speaker mention offering for Banco BPM?

• 5-10%

• 10-15%

• 15-20%

• 20-25%

What factors does the speaker consider when maintaining the offer for Banco BPM?

• The current market rumors and performance.

• The need to quickly finalize the deal.

• The pressure from investors to increase the offer.

• The desire to merge with multiple banks simultaneously.