Italy’s UniCredit offers to buy Banco BPM for $10.57 billion

(Reuters) -Italian lender UniCredit said on Monday it had offered to buy rival Banco BPM in a stock deal valued at about 10.09 billion euros ($10.57 billion).

UniCredit said it would offer 0.175 of its common stock for each BPM share. The exchange ratio implies an offer value of 6.67 euros per share, a premium of about 0.4% to BPM’s last close on Friday.

The total deal value is based on Reuters calculations.

BPM did not immediately respond to a Reuters request for comment.

($1 = 0.9542 euros)