By Cecilia Butini

Shares in Banco BPM SpA traded higher Friday after a report suggested that its larger peer UniCredit SpA could be considering a takeover of the Italian bank.

At 1344 GMT, shares in Banco BPM traded 7.1% higher at EUR3.46.

Earlier Friday, Italian newspaper Il Messaggero reported that shares in Banco BPM had been suspended on the possibility that UniCredit could make a public offer to acquire it. However, in the same article, the newspaper cited sources as saying there is no transaction happening, since the conditions for a quality merger in line with UniCredit Chief Executive Andrea Orcel's objectives couldn't be met.

"UniCredit continues to evaluate all available strategic options and will keep the market informed of any concrete developments," a company spokesman told The Wall Street Journal.

He added that the bank hasn't called for any extraordinary board meeting.

Representatives for Banco BPM weren't able to comment.

The rationale for a potential tie-up between the two banks is strong, Equita Sim analysts said. Such a deal would strengthen UniCredit's market share in its home market and help it compete with rival Intesa Sanpaolo SpA, Italy's number-one bank by assets, according to Equita.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

February 11, 2022 09:01 ET (14:01 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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