UniCredit Withdraws Takeover Bid for Banco BPM

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00:00Andrea Orchell really unveiled to the markets a stellar performance today, but at the same time it's a mixed bag for him

00:07because some of his acquisition plans are meeting government opposition both in Italy and in Germany.

00:16Orchell said last evening that he is dropping for now a plan to buy smaller rival Banco BPM

00:23while he's also meeting some opposition in Germany on plans to take over a bigger role in Commerzbank.

00:31Now clearly investors will be on the lookout on whether he is getting a lot of good cash,

00:40but how he will be able to spend it by making smart and strategic acquisitions across Europe.

00:46Hmm. Chiara, is that potential deal then for Banco BPM? They've dropped the bid.

00:53Is that done and dusted for Orchell in terms of his M&A ambitions? Are they thwarted or just delayed at this point?

01:02So he's done for now. He's taking definitely a break from the deal to reassess, but it is definitely not ruled out

01:10that he might come back to the table with the new offer for the same target or other targets in Italy.

01:16As we said, he has got a lot of cash that he can spend and deploy on acquisitions.