Latest news with #bid
Reuters
14 hours ago
- 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
14 hours ago
- Business
- Reuters
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. ($1 = 0.8514 euros)
Bloomberg
14 hours ago
- Business
- Bloomberg
UniCredit Drops BPM Takeover Bid Amid Government Opposition
UniCredit SpA dropped its bid for rival Banco BPM SpA, ending an eight-month standoff with its rival and the Italian government over the plan to create the country's largest lender. The bank's board decided to withdraw the offer for Banco BPM because the condition relating to government authorization was not satisfied, it said in a statement late Tuesday. UniCredit said that while progress had been made in talks with authorities, a definitive resolution would have gone beyond the extended offer period.
Bloomberg
16 hours 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.
Yahoo
a day ago
- Business
- Yahoo
Gareth Bale and Cardiff City: The truth behind the conflicting stories and rumours
Gareth Bale has once again sent Cardiff City supporters' minds racing after a series of appearances on American television on Thursday evening. The former Real Madrid star and ex-Wales captain has said a consortium, of which he is front and centre, has tabled "another bid" to buy Cardiff City, believing the offer to be "more than fair". It comes after he revealed his desire to be part of a takeover bid in order to get his hometown club —which currently finds itself readying for a League One campaign— back to the Premier League. The emergence of Bale as a potential figurehead in a Cardiff City ownership consortium has not only set tongues wagging, but has served as a vehicle for rumour and speculation over the last few weeks. READ MORE: Brian Barry-Murphy left stunned by Cardiff City star's magic as player impresses new boss on return READ MORE: Tonight's Swansea City news McBurnie transfer update emerges and player poised for exit Here, we take a deeper dive into the situation as it stands. Join the Cardiff City breaking news and top stories WhatsApp community Bale's second offer claim Let's recap. On Thursday night, Bale made the following claim on FOS Today: "It's exciting news. We have a brand-new offer on the table, which has recently gone in. 'We think it's a great offer. One we think is very fair, if not more than fair, and it's something we hope the current owners will take seriously. "We'd love them to accept so we can take full control so we can get on with what we want to do and create Cardiff into a club we know it can be." He also said to ESPN: "We are interested in trying to take over Cardiff. We have actually put in a great new offer that we hope we can get feedback (from). "We think it's a very good offer for where the club is at. It's kind of out of our hands now and we are looking forward to seeing what develops with that. Things are exciting and I'm looking forward to what the future holds." Bale's consortium have clearly registered interest in taking over the club, but it is disputed that serious, official bids have been lodged. Although it is possible that definitions on the term 'bid' differ. By the literal sense in football club takeover terms, a bid would include a heads of terms, proof of funds and full disclosure of who is behind the money, none of which have been submitted to Cardiff City, sources say. Cardiff have received a letter of intent, which includes financial figures, and have had dialogue with those associated with interest in a takeover, but to suggest that means they are at any sort of advanced stage —with any bidder— is wide of the mark. A takeover being at an advanced stage would see Cardiff having to open the books for the interested party in order for them to do their due diligence per an exclusivity agreement. Again, that is not the case at time of writing. Reports have suggested the figure mentioned is anywhere between £20m and £40m. While official numbers are not known, it is understood the proposed offer, for want of a better phrase, is well below that upper number. The group have been told that what they were suggesting is way below what the club would deem a credible offer, if one were to be submitted officially. Supporters are curious as to why Cardiff have not issued an official statement addressing the former Wales star's claims, however they insist their stance has always been to not respond to speculation — and just because Bale is attached to this, they won't make an exception. Would Vincent Tan sell? A key question, really. Vincent Tan has been a divisive figure among City supporters for some time. Some walked away when he changed the kit colour and the badge and never returned. Others recognise the £250m he has put into the club and the two promotions he has also overseen. Relegations do, however, outweigh the promotions at time of writing, of course. Tan's stance has been pretty consistent for some time now, that everything is for sale except for family. However, to suggest he would sell to just anyone is wrong. He continues to insist that he cares deeply about the club and he would not burn through so much money if he did not. Any consortium who takes over Cardiff City has to have vast, vast sums of money and must be willing to burn through £15m to £20m every year — because that is the cost of running such an organisation. That being said, Bale's group is not the only interested party. There are other, well-funded people who have shown an interest in taking over Cardiff and if there are viable investors, who have the cash to back it up, Tan will listen. If an interested party doesn't meet the criteria then Tan is willing to continue putting his money where his mouth is in order to get Cardiff back to the Championship, per his pledge to supporters back in April. Opinions differ on just how willing Tan would be to sell the club. He desperately wants success, he wants Premier League football again. But his pockets have taken a massive, eyewatering hit, he is two promotions away from the top flight and he is 73 years of age now. But it has been reiterated that if Tan was to ever sell, it would be to a credible, well-funded person or group and he is insistent that he cares deeply about who would take on he mantle and does not want to leave the club in bad hands. Does this impact transfers? A prevailing narrative swirling around the lack of transfer activity is that Cardiff are in the middle of being sold and Tan will not invest as a result. That, we are told, is very much not the case. Indeed, the club are hoping to pick up their transfer activity when the first-team squad returns from their pre-season tour of Spain this weekend. It is understood that City are close on one target and understand they have some work to do in order to make Brian Barry-Murphy's squad ready for a promotion or title tilt next season. A centre back, right back, left back and a winger are all thought to be on the shopping list after a summer of exits thus far. Cardiff are the only League One side yet to make any additions to their first-team squad. Other rumours such as all departments being called into a meeting next week to be informed of a pending takeover are also false. Sources state that it continues as "business as usual" until what they deem a credible offer has been formally submitted to them. It is impossible to rule out whether that will materialise, of course, with Bale's group or others, and it is likely to be something that runs for some time yet this summer. Cardiff declined to make a comment. WalesOnline have also contacted sources close to the consortium for comment. Sign up to our daily Cardiff City newsletter here.
