(Bloomberg) -- UniCredit SpA hired Deloitte LLP to advise Italy’s second-biggest bank on its takeover bid for Banco BPM SpA, people familiar with the matter said.
Milan-based UniCredit is tapping Deloitte for project management office duties, to support its deal preparations including filing of documentation to regulators, the people said. UniCredit is also planning to hire financial advisers, though it hasn’t made final choices yet, said the people, who asked not to be named discussing private deliberations.
Given the multiple parties involved and possible conflicts of interest for their advisers, several firms wouldn’t be suitable, the people said. Bank of America Corp., Jefferies Financial Group Inc., Barclays Plc and Mediobanca aren’t exposed to such conflicts and hence could be among the candidates, they said.
A UniCredit spokesman declined to comment. A representative for Deloitte also declined to comment.
UniCredit Chief Executive Officer Andrea Orcel trying to win over Banco BPM shareholders for his proposal, and is planning to meet with French rival Credit Agricole SA in the next few weeks to discuss the bid. Credit Agricole is the largest shareholder in Banco BPM, while relying on UniCredit to distribute asset management products in Italy for its investment arm Amundi SA.
A potential extension of that distribution deal or some of it will be part of the discussion, people familiar with the matter have said.
On Monday, UniCredit made an unsolicited bid for Banco BPM, offering 0.175 newly issued share for each share in its smaller rival. The offer values Banco BPM at about €10.2 billion ($10.8 billion) based on Thursday’s closing. The target’s market value is currently €10.9 billion.
UniCredit is conducting preparatory work as it prepares to make filings needed to gain approval from regulators. A filing to Italian market authority Consob could be done as soon as next week, the people said.
--With assistance from Tiago Ramos Alfaro.
(Updates with potential candidates for financial advisory role in third paragraph.)
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