Latest news with #GoldenPower
Yahoo
30-05-2025
- Business
- Yahoo
UniCredit to raise stake in Greece's Alpha Bank
Italian banking group UniCredit has entered into financial instruments with primary investment banks for the acquisition of an additional 9.7% stake in Greece-based Alpha Services and Holdings, which is the parent company of the Alpha Bank Group. Alpha Bank Group offers a variety of financial products and services in both domestic and international markets. The transaction price reflects a discount compared to Alpha's previous closing share price, stated UniCredit. The physical settlement of these instruments is contingent upon obtaining the necessary regulatory approvals. Along the 9.6% currently held, UniCredit's overall positions in Alpha will total around 20%, enabling to equity consolidate and therefore 'better reflect the positive contribution of the strategic partnership', stated UniCredit. The bank plans to file the required regulatory documentation to secure a stake in Alpha that exceeds 10% and could reach up to 29.9%. This transaction is projected to yield an additional net profit of approximately €180m ($203m) annually, which UniCredit intends to distribute to its shareholders in accordance with its established distribution policy. UniCredit CEO Andrea Orcel said: 'This step strengthens our successful partnership with Alpha, which has already delivered value well in excess of expectations. And there is much more to come. We have confidence in Alpha's leadership, their strategy, and Greece's growth trajectory. 'Throughout this partnership, our engagement with Greece's government and leading institutions has been extremely positive. Their approach and support has contributed significantly to the partnership's success, and to this further investment.' The completion of the acquisition is anticipated by the end of 2025 and is expected to affect UniCredit's CET1 ratio by around 40 basis points. Last month, UniCredit announced it cannot finalise its public exchange offer for Banco BPM due to conditions set by the Italian government, outlined in a decree from the Presidency of the Council of Ministries under the Golden Power process. "UniCredit to raise stake in Greece's Alpha Bank" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Yahoo
24-04-2025
- Business
- Yahoo
UniCredit pauses Banco BPM offer over Italian government conditions
UniCredit has announced it is unable to proceed with a definitive decision regarding its public exchange offer for Banco BPM, following conditions imposed by the Italian government. The bank received a decree from the Presidency of the Council of Ministries, detailing the constraints under the Golden Power process for the takeover to proceed. The conditions relate to future operations of the merged entity, including credit activity, liquidity management, and UniCredit's business in Russia. Additional constraints concern UniCredit's ability to manage shareholdings and the assets under management of Anima Holding, an asset manager that Banco BPM is currently pursuing through a separate transaction. UniCredit stated that while it aims to preserve or expand the new group's support for SMEs, and maintain its asset management practices in the best interests of clients, the imposed conditions raise concerns. The bank noted these could potentially restrict its operational freedom and result in penalties if compliance issues arise. UniCredit also raised questions regarding the unusual application of special powers in a domestic transaction between two Italian banks, suggesting that the conditions could be misaligned with both Italian and EU law. The bank said that the government's prescriptions could harm its freedom and ability to make prudent decisions and possibly lead to unintended consequences, including fines. UniCredit said it has responded to the authorities with its perspective on the decree and is awaiting further feedback. Until then, the bank stated it is 'not in a position to take any conclusive decision on the way forward' on the takeover offer for Banco BPM. Earlier this month, UniCredit obtained approvals from the European Central Bank (ECB) and the Bank of Italy to proceed with its plan to take over Banco BPM. "UniCredit pauses Banco BPM offer over Italian government conditions" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
24-04-2025
- Business
- Bloomberg
UniCredit and Generali Are Testing Italy's Future
It's hard to see the Italian government's use of special security powers to impose conditions on UniCredit SpA's bid for Banco BPM SpA as anything other than political interference. The strategy will rattle investors and is provoking a fight with Europe for the sake of a bogus mission to prop up funding for domestic companies and public debt. Italy will be hurt more than helped by this move. The government told UniCredit late Friday that it would use its so-called Golden Power to restrict how the bank can manage BPM if the $11 billion takeover it launched last November succeeds. The rules were designed more than a decade ago to protect strategic assets from foreign control, but were extended in recent years to cover some domestic deals.
Bloomberg
23-04-2025
- Business
- Bloomberg
UniCredit Board Meets After Italy Imposes Hurdles on BPM Deal
UniCredit SpA held a board meeting on Wednesday to discuss what actions to take after the Italian government imposed conditions on the lender's takeover bid for Banco BPM SpA, according to people familiar with the matter. The board members reviewed potential steps after Rome invoked the so-called Golden Power rules for transactions involving strategic assets, the people said. They asked not to be named as the meeting is not public.
Bloomberg
22-04-2025
- Business
- Bloomberg
UniCredit Says BPM Decision In Limbo Over Government Conditions
UniCredit SpA said it can't take a final decision on its proposed takeover of Banco BPM SpA, after Italy's government imposed conditions on the deal. UniCredit said in a statement on Tuesday that it has responded to Italian authorities, after Rome issued the conditions under the so-called 'Golden Power' rules for transactions involving strategic assets. Until it hears back, the lender said it's 'not in a position to take any conclusive decision on the way forward' for the bid.
