Unipol/BNL Killer blow

Unipol seems to have landed a killer blow in the battle for Banca Nazionale del Lavoro. With a bid from rival suitor BBVA in progress, the tiny Italian insurer has managed to ink shareholder pacts with other investors, virtually locking up 47% of the stock. Moreover, it has trumped BBVA’s bid, albeit by a tiny margin, offering E2.70 a share in cash for the BNL shares that it and allies don’t currently own and valuing the bank at E8.4bn. This leaves BBVA with precious few options. With almost ha...