Germany's HVB Group has agreed to be acquired by Italy's Unicredito SpA for 15.4 billion euros ($18.7 billion), opening the way for Europe's biggest cross-border banking deal and the creation of a dominant player in the former communist east. The banks said Unicredito, Italy's largest bank, offered five of its shares for each HVB share. It said it would also offer cash or stock for outstanding shares in HVB's Austrian and Polish units. The associated Press quoted Unicredito as saying its board backed the offer at a meeting in Milan. However, shareholders in both companies as well as regulators must still give their approval. "The management board and the supervisory board of HypoVereinsbank approved the business combination," HVB said in a statement after a meeting of the company's executives in Munich.
