UniCredit CEO Says Price Offered for Banco BPM Is ‘Starting Point’

UniCredit SpA Chief Executive Officer Andrea Orcel indicated he’s open to sweetening the takeover bid he has made for domestic rival Banco BPM SpA.

The acquisition terms proposed by UniCredit are a “fair starting point,” although it’s “premature” to make a decision on a potential improvement, Orcel said in a Bloomberg Television interview on Tuesday in Davos. He also signaled he expects UniCredit’s share price to outperform Banco BPM’s, potentially making the all-share offer more attractive for investors in the smaller rival.