UniCredit says it will appeal against Italy's conditions on Banco BPM bid
MILAN, May 23 (Reuters) - Italian bank UniCredit (CRDI.MI), opens new tab said on Friday it would fight the conditions imposed by the government to clear its offer for rival Banco BPM (BAMI.MI), opens new tab by filing an appeal to the administrative court of Rome's Lazio region.
UniCredit said in a statement it would file the legal complaint "shortly".
UniCredit also said it would support the European Commission's review of the use Italy has made of its "golden powers" to set demands for UniCredit's bid on the grounds of national security interests.
The bank said it was waiving a provision in its offer that allowed it to walk away after Banco BPM completed the acquisition of fund manager Anima Holding (ANIM.MI), opens new tab at a higher price than anticipated.
BPM had bid for Anima just before UniCredit swooped, and it managed to secure shareholder approval and see the purchase through despite having become a takeover target.
UniCredit retains rights in its bid that would still allow it to drop the offer, saying it was not in a position to decide whether its purchase could be finalised given the government's conditions.
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