Latest news with #goldenpowers
Zawya
5 days ago
- Business
- Zawya
Italian court defers UniCredit appeal over Banco BPM bid terms to July 9, source says
ROME - An Italian court on Wednesday postponed its decision to July 9 on UniCredit's appeal against government-imposed conditions on its takeover bid for rival Banco BPM, 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
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.
