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Reuters
5 days ago
- Business
- Reuters
Italian court defers UniCredit appeal over Banco BPM bid terms to July 9, source says
ROME, June 4 (Reuters) - An Italian court on Wednesday postponed its decision to July 9 on UniCredit's ( opens new tab appeal against government-imposed conditions on its takeover bid for rival Banco BPM ( opens new tab, a source with knowledge of the matter said. UniCredit withdrew its request to suspend the government's decision ahead of the ruling, leading the court to forego deliberations on the matter. UniCredit said in a statement it had dropped the request for interim measures to ease discussions with the economy ministry. The Italian government has invoked its "golden powers" to impose strict conditions on UniCredit's offer for Banco BPM, citing national security concerns. UniCredit has argued that these conditions cannot be met and could force it to drop the deal. The lender has secured a one-month extension to the bid's deadline, now set for July 23 instead of June 23, as it continues talks with the government. The Italian Treasury has said it stands by its decision on the grounds of protecting a strategic asset and has rejected the bank's complaints, a position that could create tensions with the European Commission. UniCredit filed a complaint against the executive's decision with the administrative court of Rome's Lazio Region. In such cases, the court can grant a suspension pending a ruling to uphold or void the actual decision. However, during Wednesday's closed-door hearing, the bank withdrew its request for a suspension ahead of the July 9 decision, the source said. As part of the terms UniCredit must end deposits and loans to Russian clients within nine months. UniCredit must also keep Banco BPM's loan-to-deposit ratio unchanged for five years post-acquisition. Additionally, the government has stipulated that UniCredit must not reduce Banco BPM's holdings of Italian securities tied to Anima Holding, a fund manager recently acquired by Banco BPM.
Reuters
30-05-2025
- Business
- Reuters
Italy reaffirms legitimacy of 'golden power' terms for UniCredit-Banco BPM deal
ROME, May 30 (Reuters) - Italy's Treasury said on Friday it sent a letter to UniCredit ( opens new tab confirming the "full legitimacy" and feasibility of the terms it has imposed on the bank's bid for Banco BPM ( opens new tab under its so-called golden powers. In the letter, it said that UniCredit has the possibility of offering proof of why it would not be able to implement the conditions, "in light of the principles of loyal collaboration and good faith".
Reuters
23-05-2025
- Business
- Reuters
UniCredit says it will appeal against Italy's conditions on Banco BPM bid
MILAN, May 23 (Reuters) - Italian bank UniCredit ( opens new tab said on Friday it would fight the conditions imposed by the government to clear its offer for rival Banco BPM ( 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 ( 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.
Reuters
21-05-2025
- Business
- Reuters
Italy's market regulator grants UniCredit 30-day suspension of offer for Banco BPM
MILAN, May 21 (Reuters) - Italy's market regulator Consob on Wednesday said it had granted UniCredit ( opens new tab a 30-day suspension of its tender offer for Banco BPM ( opens new tab.
Reuters
12-05-2025
- Business
- Reuters
Italy stands by conditions set for UniCredit's Banco BPM deal, sources say
ROME, May 12 (Reuters) - Italy is sticking to the conditions imposed on UniCredit's ( opens new tab bid for Banco BPM ( opens new tab as it prepares to engage in talks with the bank, two sources close to the matter said, in a case that has drawn scrutiny from the European Commission. As UniCredit beat expectations with a record quarterly profit on Monday, its Chief Executive Andrea Orcel said the bank would seek clarification regarding the government's decision on Banco BPM over elements that were "not clear and not intended." Failing that, UniCredit will decide on its own how to interpret the conditions and whether to pursue the deal. Rome's decision may be hard to defend in court, other people with knowledge of the process said separately, but a lawsuit would escalate UniCredit's clash with the government. Asking not to be named, the first two sources said on Monday Rome would engage with UniCredit as requested by the bank, but that is part of a process designed to allow the government to monitor the timely implementation of the conditions imposed. A lack of compliance can lead to fines. UniCredit had previously said that demands including ceasing activities in Russia within nine months and keeping a certain loan-to-deposit ratio could be harmful and it could not take a final decision on the bid. Discussions set to take place involve technical staff, such as legal experts, on both sides. Economy Minister Giancarlo Giorgetti has no current plans to meet Orcel, one of the sources said. Italy has used 'golden powers' which allow it to block, or set conditions, on foreign and domestic corporate takeovers in strategic sectors, including energy, telecommunications and banking. The government said it was protecting the country's strategic interest by avoiding "even the slightest risk" of aiding Russia's economy where UniCredit operates. Rome's use of such rules for UniCredit-BPM has prompted Brussels to seek clarification, raising the prospect of an infringement procedure because EU rules make the European Central Bank solely responsible for bank mergers. "The Commission has requested more information on this case," Olof Gill, the EU Commission spokesperson for financial services, told a press briefing on Monday. "Restrictions to the fundamental freedoms are only permitted if they are proportionate and based on legitimate public interests and, most important, as they do not breach EU law," he added. Giorgetti on Saturday defended the government's right to vet banking deals, saying member states and not the EU Commission are in charge of national security.
