UniCredit's bid for Banco BPM suspended for another 30 days
Three people familiar with the matter told Reuters that UniCredit had been ready to ditch the 14.6 billion euros ($17 billion) all-share bid had the Consob watchdog decided that extra time was not necessary.
UniCredit had no immediate comment.
Italy's second-biggest bank has taken legal action against a series of conditions imposed on the deal by the government, saying they would damage the enlarged company.
A court ruling this month axed some of the conditions, but left intact a demand that UniCredit cease operations in Russia, apart from payments handled for Western companies.
The European Commission has also criticised Rome's interference in the deal, saying this month that it could order the government to forgo the conditions altogether.
Consob said in a document on its website that the uncertainty caused by the court ruling and the Commission's scrutiny made it too hard for BPM shareholders to take a view on the offer.
The offer had been due to expire on Wednesday, with take-up currently standing at just 0.5%. With the suspension running from July 23 to August 21, the tender is now set to resume on August 22.
Consob had already granted UniCredit a 30-day suspension after the government in April set its terms for the bid.
UniCredit unveiled its offer in November, with CEO Andrea Orcel saying the bank could not be sidelined as the sector embarked in long-awaited consolidation. It officially launched the offer in April.
UniCredit's swoop on BPM and BBVA's (BBVA.MC), opens new tab hostile bid for smaller Spanish rival Sabadell (SABE.MC), opens new tab, which has also met with government opposition in Madrid, have sparked a debate over the role of governments in European banking deals.
While Brussels is keen for European players to gain scale to better compete with U.S. rivals, some governments are reluctant to sanction deals that may lead to job losses or distance lenders from local communities.
UniCredit has also expressed an interest in tying up with Germany's Commerzbank (CBKG.DE), opens new tab, acquiring a 20% equity stake and further 9% in derivatives, a move strongly opposed in Berlin.
($1 = 0.8554 euros)
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