UniCredit has announced a voluntary public exchange offer for the entire capital of Banco BPM, with a total value of about 10.1 billion euros, entirely in shares. The exchange ratio established involves the issuance of 0.175 new UniCredit shares for each Banco BPM share, with an implied price of 6.657 euros per share and a premium of 0.5% over official prices on November 22. UniCredit expects to submit the offering document to Consob within 20 days, as well as applications for prior authorizations and communications necessary to obtain additional required approvals.