Italy's Banco BPM, the target of an unsolicited all-share offer announced by UniCredit, should remain an independent bank, its CEO said in a letter to staff on Wednesday, warning of big job cuts if the deal went through.

UniCredit launched a $10 billion-plus offer to buy Banco BPM, setting its sights on a smaller domestic peer after circling Commerzbank in recent months.

UniCredit on Monday launched a €10.1bn takeover bid for BPM, Italy’s third-largest bank, surprising the market and the country’s political establishment.

Italy's UniCredit on Monday launched a surprise 10 billion euro ($11 billion) bid for domestic peer Banco BPM , which CEO Andrea Orcel said would take precedence over any potential move on Germany's Commerzbank .

UniCredit SpA informed top officials in the Italian government and Banco BPM SpA Chairman about its intention to make a takeover bid for its smaller rival before announcing the move on Monday, people with knowledge of the matter said.

Italian lender UniCredit says its offer for domestic rival Banco BPM is separate from its pursuit of German bank Commerzbank.

UniCredit's surprise bid for Italy's Banco BPM is hostile, a board member of the smaller lender told Italian newswire ANSA on Tuesday. He was speaking ahead of a Banco BPM board meeting for an initial discussion on the 10 billion euro ($10.

Banco BPM SpA said the takeover bid it has received from UniCredit SpA wasn’t agreed in advance and isn’t in line with its performance.

Banco BPM S.p.A. (IT:BAMI) has released an update. UniCredit has launched a public voluntary exchange offer for all shares of Banco BPM, which was

ROME, NOV 26 - A 10 billion euro all-share takeover bid for Banco BPM by Italy's second biggest bank UniCredit is a hostile one, a BPM director said Tuesday. UniCredit on Monday launched the surprise 10 bid for its domestic rival which UniCredit CEO Andrea Orcel said would take precedence over a potential move on German lender Commerzbank.