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UniCredit offers to buy rival Italian lender Banco BPM for $10.5 billion

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1 month ago

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A logo on the UniCredit SpA headquarters in Milan, Italy, on Saturday Jan. 22, 2022.

Bloomberg | Getty Images

Italian lender UniCredit on Monday offered to snap up its domestic rival Banco BPM for roughly 10 billion euros ($10.5 billion) in a move it says is separate from its pursuit of German bank Commerzbank.

The move would, if completed, merge two of Italy’s largest lenders. UniCredit said in a statement early Monday that it is offering 6.657 euros for each share — a slight premium on Friday’s close price of 6.644 euros.

UniCredit said the purchase, which would be an all-stock deal, would allow the bank to “further strengthen its role as a leading pan-European banking group.”

This is a breaking news story, please check back later for more.

Correction: This story has been updated to reflect the correct spelling of Banco BPM.

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Ken Griffin’s flagship hedge fund at Citadel climbs 15.1% in 2024

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1 day ago

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January 2, 2025

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Ken Griffin, founder and CEO of Citadel, speaks during The New York Times’ annual DealBook Summit in New York City, Dec. 4, 2024.

Michael M. Santiago | Getty Images

Billionaire investor Ken Griffin’s handful of hedge funds at Citadel all posted double-digit returns in 2024, led by its tactical trading strategy.

Citadel’s multistrategy Wellington fund, its largest, finished the year up 15.1%, according to a person familiar with the returns. All five strategies used in the flagship fund — commodities, equities, fixed income, credit and quantitative — were positive for the year, the person said.

The Miami-based firm’s tactical trading fund was the standout performer with a 22.3% return for 2024, the person said. Citadel’s equity fund returned roughly 18%, while its global fixed income strategy gained 9.7% last year.

Citadel declined to comment. The hedge fund giant had $66 billion in assets under management as of December.

The stock market just closed out a banner year with the S&P 500 surging 23.3%, building on a gain of 24.2% in 2023. The two-year gain of 53% is the best since the nearly 66% rally in 1997 and 1998.

Griffin recently criticized the steep tariffs President-elect Donald Trump has vowed to implement, saying crony capitalism could be a consequence.

The CEO also said he’s not focused on taking Citadel Securities public in the foreseeable future. The securities firm is a Miami-based market maker founded by the 56-year-old Florida native in 2002.

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