UniCredit said on Thursday its board has moved up to March 27 a shareholder vote previously scheduled for April 10 to approve issuing new shares to finance a takeover bid for Banco BPM.Italian bank UniCredit in November launched a 10 billion euro all-share offer for the smaller rival,

In view of the Banco Bpm meeting on February 28 called to approve the relaunch on Anima, Unicredit warns: "The increase in the price of the OPA and the renunciation" of the Danish Compromise, could determine "the resolution or ineffectiveness of the offer".

Banco BPM is proposing to pay more to buy fund manager Anima Holding , which it needs to control to reach its new profit and payout targets as it tries to fend off a takeover by bigger rival UniCredit .

Banco BPM SpA raised its bid for asset manager Anima Holding SpA, indicating that the Italy’s third-largest bank is determined to win over investors as it seeks to defend from the takeover attempt of UniCredit SpA.

UniCredit offered to buy the second largest Italian bank Banco BPM for €10bn in late November last year. The acquisition was a counter offer by UniCredit after BPM's bid to buy Anima for €1bn - to boost its asset management fee income amid falling interest rates.

Banco BPM on Tuesday rebuffed concerns raised by suitor UniCredit about its capital reserves, and said it trusted it would be able to apply favourable capital rules to its proposed purchase of fund manager Anima Holding.