Latest news with #Consob
Reuters
22-07-2025
- Business
- Reuters
Italy's UniCredit says it is withdrawing bid for Banco BPM
MILAN, July 22 (Reuters) - UniCredit ( opens new tab on Tuesday said it was withdrawing its 14.6 billion euro ($17 billion) all-share bid for Banco BPM ( opens new tab. Italy's second-biggest bank said in a statement government-set terms for the bid, which it has been fighting in court scoring a partial victory earlier this month, had derailed the bid. "The normal offer process has been impacted by the Golden Power provision," the bank said, referring to special powers Rome has to set conditions, or block, corporate deals on grounds of public order or national security. UniCredit said a 30-day suspension of the bid which market watchdog Consob decided earlier on Tuesday was not sufficient to get to a point where all uncertainty around the scope of the government's powers would be cleared. ($1 = 0.8514 euros)
Reuters
22-07-2025
- 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
22-07-2025
- 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.
Mint
20-06-2025
- Business
- Mint
Italys market watchdog calls for ECB coordination as banking deals boom
MILAN, - Italy's financial markets watchdog Consob said on Friday a lack of regulatory alignment with the European Central Bank is creating friction in the oversight of a recent wave of Italian banking deals. The country's banking sector has in the last year seen a raft of bids and offers, including UniCredit's all-share offer for smaller peer Banco BPM, creating a complex web of deals between some of its biggest players. In a speech delivered for Consob's annual assembly in Milan, the watchdog's President Paolo Savona mentioned "difficulties" in coordinating with the ECB during the evaluation of six takeover and share-exchange offers that have emerged since late 2024. "Despite the fact that Consob had signed a memorandum of understanding committing to exchange information without the need for specific formal reminders, difficulties in dialogue arose, raising uncertainties about the timing of responses," Savona said. Many of the banking deals rely heavily on equity swaps—mechanisms sensitive to market fluctuations and closely watched by international investors. "These price-dependent structures require timely, coordinated oversight," Savona said. The ECB declined to comment on the matter. The wave of bids rocking Italy has pitted the country's second-biggest bank UniCredit against the government over its proposed public exchange offer for Banco BPM. Italy has invoked its "golden powers" to set the terms of UniCredit's offer, citing national security concerns. Savona said the Italian rules - initially introduced as an extraordinary safeguard against hostile takeovers - have become a catch-all tool, with increasing government intervention requests to manage perceived threats from foreign investments. He said aligning these domestic frameworks with European treaty obligations is urgent, especially amid EU-level discussions on reforming foreign direct investments.
Reuters
20-06-2025
- Business
- Reuters
Italy's market watchdog calls for ECB coordination as banking deals boom
MILAN, June 20 (Reuters) - Italy's financial markets watchdog Consob said on Friday a lack of regulatory alignment with the European Central Bank is creating friction in the oversight of a recent wave of Italian banking deals. The country's banking sector has in the last year seen a raft of bids and offers, including UniCredit's ( opens new tab all-share offer for smaller peer Banco BPM ( opens new tab, creating a complex web of deals between some of its biggest players. In a speech delivered for Consob's annual assembly in Milan, the watchdog's President Paolo Savona mentioned "difficulties" in coordinating with the ECB during the evaluation of six takeover and share-exchange offers that have emerged since late 2024. "Despite the fact that Consob had signed a memorandum of understanding (with the ECB) committing to exchange information without the need for specific formal reminders, difficulties in dialogue arose, raising uncertainties about the timing of responses," Savona said. Many of the banking deals rely heavily on equity swaps—mechanisms sensitive to market fluctuations and closely watched by international investors. "These price-dependent structures require timely, coordinated oversight," Savona said. The ECB declined to comment on the matter. The wave of bids rocking Italy has pitted the country's second-biggest bank UniCredit against the government over its proposed public exchange offer for Banco BPM. Italy has invoked its "golden powers" to set the terms of UniCredit's offer, citing national security concerns. Savona said the Italian rules - initially introduced as an extraordinary safeguard against hostile takeovers - have become a catch-all tool, with increasing government intervention requests to manage perceived threats from foreign investments. He said aligning these domestic frameworks with European treaty obligations is urgent, especially amid EU-level discussions on reforming foreign direct investments.
