Latest news with #BancoBPM
Bloomberg
19 minutes ago
- Business
- Bloomberg
Italy to Reimpose Most of Its Conditions on UniCredit's BPM Bid
Italy is working on a new decree which is set to reimpose most of its conditions for UniCredit SpA's planned takeover of Banco BPM SpA, underscoring Rome's continued resistance to the bid. The decree will acknowledge a recent court ruling but keep the framework of the requirements in place, according to people familiar with the matter. The draft is still in the early phase and its contents could still change, the people said, asking not to be named as the information is not public.
Reuters
3 hours ago
- Business
- Reuters
UniCredit's bid for Banco BPM suspended for another 30 days
MILAN, July 22 (Reuters) - Italy's market watchdog has suspended UniCredit's ( opens new tab bid for smaller rival Banco BPM ( opens new tab for another 30 days, saying it was too difficult for BPM investors to make a decision amid disputes over the government's conditions for a deal. 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 ( opens new tab hostile bid for smaller Spanish rival Sabadell ( 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 ( opens new tab, acquiring a 20% equity stake and further 9% in derivatives, a move strongly opposed in Berlin. ($1 = 0.8554 euros)
Bloomberg
4 hours ago
- Business
- Bloomberg
UniCredit Bid for Banco BPM Is Paused for 30 Days by Regulator
Italy's market regulator Consob suspended UniCredit SpA 's takeover bid for Banco BPM SpA for 30 days, according to people familiar with the matter. The last-minute decision — a day before the offer period expires on Wednesday — will give the lender more time to end uncertainty over conditions imposed by the government on a deal, the people said, asking not to be identified because the decision has yet to be announced.
Bloomberg
7 hours ago
- Business
- Bloomberg
UniCredit Nears Endgame on Banco BPM Bid With Wednesday Deadline
Eight months after UniCredit SpA made its move on Banco BPM SpA, time is running out for Andrea Orcel. The offer period for the takeover bid is set to expire on Wednesday, the same day UniCredit reports second-quarter results. With ongoing uncertainty about how conditions imposed by the Italian government would impact any deal, UniCredit simply letting its offer lapse is the most straightforward possible outcome.
Bloomberg
5 days ago
- Business
- Bloomberg
Italy's Market Authority Mulls Pausing UniCredit's Banco BPM Bid
Italy's market regulator Consob is analyzing whether to suspend UniCredit SpA's takeover bid for Banco BPM SpA, after an Italian court challenged some of the requirements imposed by the government on the deal. 'We are reviewing' the matter, Consob Chairman Paolo Savona told reporters in Rome, answering questions on whether the regulator may further delay the deadline for the bid, newswire Radiocor reported. The offer period is currently set to end July 23.
