European Equity pre-Market Summary - 21st August 2026: Italian M&A in focus

M&A: BMPS (BMPS IM) -4.8%, Banco BPM (BAMI IM) +2.9%, Banca Generali (BGN IM), +7.4%: BMPS offers to buy Banco BPM and Banca Generali in all-stock transactions. The Banco BPM offer implies EUR 16.73/shr, valuing the deal at EUR 25.3bln while for Generali, the offer implies EUR 74.28/shr, valuing the deal at EUR 8.7bln Earnings: Bavarian Nordic (BAVA DC), +6.5%: Q2 Revenue beat. Raises FY26 guidance. Nibe (NIBEB SS), +1.1%: Q2 Net, Operating Profit and EPS higher Y/Y. Optimistic about 2026 and beyond. Broker Moves: Adidas (ADS GY): initiated with Buy at JPMorgan Renault (RNO FP), -1.8%: downgraded to Equal Weight from Overweight at Barclays Societe Generale (GLE FP): downgraded to Underperform from Market Perform at Keefe Bruyette Pre-market indications after the Co. & ticker are via Tradegate