UniCredit, Italy's second-largest bank, has received authorization from the European Central Bank (ECB) for its €14 billion all-share offer to acquire Banco BPM. This approval is a crucial step for UniCredit, which is expected to finalize the offer document in the coming days, pending further approval from the Italian market regulator, Consob. Meanwhile, Mediobanca has reported its top shareholders to the ECB amid concerns regarding a potential hostile bid, particularly regarding the influence of major investors such as the Delfin investment firm, the Del Vecchio family, and Caltagirone. The situation is further complicated by ongoing rumors of consolidation in the European banking sector, with ING reportedly eyeing opportunities in the Italian banking market.