Stock-funded deals change the landscape in cross-border M&A

Cross-border banking consolidation in Europe is here at last. UniCredit’s current $18 billion offer for Germany’s HVB, ABN Amro’s offer for Italy’s Banco Antonveneta and BBVA’s bid for Italy’s Banca Nationale del Lavoro all show the potential for dealmakers, following on from Santander’s £8.5 billion ($15.5 billion) purchase of the UK’s Abbey last year. “All of us in Europe have been waiting for a cross-border banking deal for ages. Suddenly there are two separate bids going on for Italian banks alone,” says a prominent investment banker.