Italy’s UniCredit made a surprising move on Monday with a €10 billion ($11 billion) all-share offer for smaller domestic rival Banco BPM, even as it continues exploring a potential deal with Germany’s Commerzbank. UniCredit shares surged up to 16% in morning trading following the announcement. The bid comes shortly after UniCredit acquired a 5% stake in the bailed-out mid-sized lender Monte dei Paschi di Siena (MPS.IT), a step widely viewed as setting the stage for a future merger as MPS
