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 .

The lender lifted its offer for asset manager Anima as it outlined higher midterm targets and seeks to defend itself from an unsolicited UniCredit takeover approach.

Germany's Commerzbank is preparing staff cuts and revamped financial targets in its efforts to fend off tie-up advances by Italy's UniCredit , multiple people with direct knowledge of the plans told Reuters.

Commerzbank plans to lay off around 9% of its workforce in a bid to boost profitability and convince investors of its standalone prospects as it fends off an unwanted approach from Italy’s UniCredit.Germany’s leading lender for small and medium-size companies outlined a fresh strategy to defend its independence as UniCredit’s attempts to engineer a merger are slowed down by political opposition and pending elections.