Latest news with #Consob
Reuters
23-05-2025
- Business
- Reuters
Banco BPM says it will appeal against suspension of UniCredit bid
ROME, May 23 (Reuters) - The Chief Executive of Banco BPM said on Friday the bank will appeal to an administrative court against a decision by bourse regulator Consob to suspend a takeover bid by Unicredit. Giuseppe Castagna told daily Il Sole 24 Ore that the current stalemate was preventing Banco BPM from taking part in the intense M&A activity underway in Italy's banking sector.
Yahoo
22-05-2025
- Business
- Yahoo
Banco BPM urges UniCredit to drop bid if it can't meet govt's demands
MILAN (Reuters) -Banco BPM on Thursday urged suitor UniCredit to abandon its buyout offer, given the bank led by CEO Andrea Orcel has told authorities it cannot comply with the conditions Rome has imposed to authorise the BPM takeover. UniCredit on Wednesday secured from market regulator Consob a 30-day suspension of its tender offer for Banco BPM as it seeks to persuade the government the conditions cannot be met in their current form. A government source told Reuters on Wednesday the government has no intention of altering its demands. Banco BPM said UniCredit had not made clear to investors what it had told authorities in Rome instead, meaning the conditions Italy has imposed in the name of national security interests cannot be implemented. Such a predicament "which was also never disclosed by UniCredit to the market, should in itself cause the offer to lapse", the bank said. UniCredit has raised objections to the prescriptions and engaged with the government officials who are in charge of monitoring they are implemented in an effort to prove it is impossible to comply. Orcel has antagonised Italy's government by swooping on BPM in November, a move that thwarted Rome's efforts to encourage a tie-up between BPM and state-backed Monte dei Paschi di Siena. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
22-05-2025
- Business
- Reuters
Banco BPM urges UniCredit to drop bid if it can't meet govt's demands
MILAN, May 22 (Reuters) - Banco BPM ( opens new tab on Thursday urged suitor UniCredit ( opens new tab to abandon its buyout offer, given the bank led by CEO Andrea Orcel has told authorities it cannot comply with the conditions Rome has imposed to authorise the BPM takeover. UniCredit on Wednesday secured from market regulator Consob a 30-day suspension of its tender offer for Banco BPM as it seeks to persuade the government the conditions cannot be met in their current form. A government source told Reuters on Wednesday the government has no intention of altering its demands. Banco BPM said UniCredit had not made clear to investors what it had told authorities in Rome instead, meaning the conditions Italy has imposed in the name of national security interests cannot be implemented. Such a predicament "which was also never disclosed by UniCredit to the market, should in itself cause the offer to lapse", the bank said. UniCredit has raised objections to the prescriptions and engaged with the government officials who are in charge of monitoring they are implemented in an effort to prove it is impossible to comply. Orcel has antagonised Italy's government by swooping on BPM in November, a move that thwarted Rome's efforts to encourage a tie-up between BPM and state-backed Monte dei Paschi di Siena ( opens new tab.
Bloomberg
21-05-2025
- Business
- Bloomberg
UniCredit Gets 30-Day Suspension by Regulator on Banco BPM Bid
Italy 's market regulator Consob suspended UniCredit SpA 's takeover bid for Banco BPM SpA for 30 days while the lender is in talks with the government to clarify conditions imposed on the deal. Consob stated that the process undertaken by UniCredit leads to uncertainties that may affect investors' ability to make a decision over the deal, according to a statement on its website. The regulator suspended the offer in order to clarify the situation and update the offer document.
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.
