Latest news with #GoldenPower
Yahoo
14-07-2025
- Business
- Yahoo
UniCredit Banco BPM merger battle deepens as Brussels warns Italy against unlawful interference
The European Commission has issued Italy with a warning after an investigation found the government decree over UniCredit's takeover of Banco BPM may breach EU laws. The Commission warned Italy on Monday that obligations placed on the merger 'may constitute a breach of Article 21 of the EU Merger Regulation (EMUR) and of other provisions of EU law', according to an official statement. Rome decided to use its so-called 'Golden Power' rule to set conditions for the deal, a power created to protect national security interests. It gives the government the right to block or set conditions on foreign and domestic corporate takeovers in strategic sectors. Banco BPM is Italy's third largest bank, formed in 2017 through the merger of Banco Populare and Banca Populare di Milano. UniCredit, the country's second largest bank, is currently trying to acquire it, although progress may be stalled further as the European Commission has now issued a warning to Italy over potential unlawful demands. The European Commission approved UniCredit's acquisition 'subject to conditions' on 19 June. However, earlier, the Italian Prime Minister's office issued a decree on 18 April, imposing obligations on UniCredit in the case of a successful takeover. Related European markets open in the red after Trump threatens 30% EU tariff Wizz Air halts Abu Dhabi operations as instability threatens profits According to their website the European Commission defines Article 21 as: 'Member States may take appropriate measures to protect legitimate interests, provided these are compatible with general principles and other provisions of EU law, and are appropriate, proportionate and non-discriminatory. This is subject to Commission scrutiny, notably to safeguard its competence under the EUMR and avoid Single Market fragmentation.' Following the decree from the Prime Minister's office, the Commission requested more information from Italy on 26 May. Italy responded on 11 June. After analysis, the Commission found that the 'the conditions' justification currently lacks sufficient reasoning', and that the decree should have been reviewed by them before implementation by Italy. The Commission also added that, as well as Article 21, Italy's approach may breach other EU laws on the free movement of capital and on prudential oversight by the European Central Bank. An Italian court also partially annulled the decree on 12 July. The Commission is awaiting further response from Italy before deciding its next steps. The offer period of the deal to Banco BPM from UniCredit is set to expire on 23 July. UniCredit offered to buy Banco BPM for €10 billion in late November last year. In a statement, the smaller lender said the bid from UniCredit did "not reflect in any way the profitability and further potential to create value for Banco BPM shareholders", rejecting the offer. 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
Euronews
14-07-2025
- Business
- Euronews
Banco BPM takeover battle deepens as Brussels slaps Italy with warning
The European Commission has issued Italy with a warning after an investigation found the government decree over UniCredit's takeover of Banco BPM may breach EU laws. The Commission warned Italy on Monday that obligations placed on the merger 'may constitute a breach of Article 21 of the EU Merger Regulation (EMUR) and of other provisions of EU law', according to an official statement. Rome decided to use its so-called 'Golden Power' rule to set conditions for the deal, a power created to protect national security interests. It gives the government the right to block or set conditions on foreign and domestic corporate takeovers in strategic sectors. Banco BPM is Italy's third largest bank, formed in 2017 through the merger of Banco Populare and Banca Populare di Milano. UniCredit, the country's second largest bank, is currently trying to acquire it, although progress may be stalled further as the European Commission has now issued a warning to Italy over potential unlawful demands. The European Commission approved UniCredit's acquisition 'subject to conditions' on 19 June. However, earlier, the Italian Prime Minister's office issued a decree on 18 April, imposing obligations on UniCredit in the case of a successful takeover. What is the problem with the takeover? According to their website the European Commission defines Article 21 as: 'Member States may take appropriate measures to protect legitimate interests, provided these are compatible with general principles and other provisions of EU law, and are appropriate, proportionate and non-discriminatory. This is subject to Commission scrutiny, notably to safeguard its competence under the EUMR and avoid Single Market fragmentation.' Following the decree from the Prime Minister's office, the Commission requested more information from Italy on 26 May. Italy responded on 11 June. After analysis, the Commission found that the 'the conditions' justification currently lacks sufficient reasoning', and that the decree should have been reviewed by them before implementation by Italy. The Commission also added that, as well as Article 21, Italy's approach may breach other EU laws on the free movement of capital and on prudential oversight by the European Central Bank. An Italian court also partially annulled the decree on 12 July. The Commission is awaiting further response from Italy before deciding its next steps. The offer period of the deal to Banco BPM from UniCredit is set to expire on 23 July. UniCredit offered to buy Banco BPM for €10 billion in late November last year. In a statement, the smaller lender said the bid from UniCredit did "not reflect in any way the profitability and further potential to create value for Banco BPM shareholders", rejecting the offer.
Business Wire
10-07-2025
- Business
- Business Wire
NUBURU Stockholders Green-Light Strategy to Finance Transformation in Key Stockholder Vote
CENTENNIAL, Colo.--(BUSINESS WIRE)--NUBURU, Inc. (NYSE American: BURU) ('NUBURU' or the 'Company') is excited to announce that its stockholders have overwhelmingly approved key proposals in support of its financing strategy, a pivotal milestone in the Company's strategic transformation into a leader in defense-tech and operational resilience through its Defense & Security Hub initiative. This stockholder approval enables NUBURU to advance key strategic objectives, including: Electing Alessandro Zamboni as a Class III director to hold office until the annual meeting of stockholders to be held in 2028 and until his successor is duly elected and qualified. Increasing authorized share capital and access to equity financings to facilitate strategic growth initiatives. Ratifying financing agreements to support the working capital needs of the Company, which also provide us with the opportunity to eliminate the market overhang relating to the outstanding preferred stock (which is now classified as a current liability) and extinguish liabilities to key vendors, all of which will strengthen the Company's financial position and make the Company more attractive to investors. 'This stockholder vote is a resounding endorsement of the strategic goals of our transformation plan commenced in early January ' remarked Alessandro Zamboni, Executive Chairman of NUBURU. 'With key components of our ongoing financing structure now in place, we will continue to devote our time and attention to consummating our previously announced strategic investment in Tekne S.p.A., which will be core to our Defense & Security Hub initiative.' The strategic investment in Tekne S.p.A. ('Tekne') remains central to NUBURU's Defense & Security Hub initiative, also by leveraging the Company's high-performance blue laser technology know-how alongside Tekne's product roadmap, which includes its 'Tactical Bubble' defense products, currently operational in Italian military exercises, projected to generate revenue exceeding €50 million. The Tactical Bubble enables secure command-and-control networks, countering threats like drones and electromagnetic warfare, and is a key part of Italy's defense modernization. Management notes that this vote was a pivotal step for NUBURU, allowing for a critical restructuring process and providing the necessary financial flexibility to support the Company's announced business plans. Mr. Zamboni, re-elected for another term as a Director by this vote, has been central to that process. Mr. Zamboni also continues in his role as Executive Chairman of the Company. The completion of the Tekne strategic investment is contingent, among things, upon obtaining the 'Golden Power' authorization as mandated by Italian law. The review process for such authorization is anticipated to conclude by August 5, 2025, unless suspensions are invoked as a result of additional requests for clarification issued by the Italian authorities. Such suspensions would legally extend the review timeline and could consequently defer the expected deadline. The vote also included stockholder authorization for a potential reverse split if necessary to meet major exchange listing standards. That said, management states it will prioritize minimizing stockholder dilution as market conditions allow. Zamboni continued, 'A reverse stock split is a non-priority unless required for driving long-term sustainable growth through improved market positioning. We prefer to focus instead on driving shareholder value through execution and strategic partnerships.' About NUBURU Founded in 2015, NUBURU, Inc. has developed and previously manufactured industrial blue laser technology. Under a renewed strategic vision led by Executive Chairman Alessandro Zamboni, the Company is expanding into complementary sectors including defense-tech, security, and critical infrastructure resilience. NUBURU is leveraging a combination of internal innovation and strategic acquisitions to build out its Defense & Security Hub, targeting long-term, sustainable growth across high-value government and enterprise markets. For more information, visit Forward-Looking Statements This press release contains certain 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release may be forward-looking statements, identified by words such as 'may,' 'should,' 'expect,' 'intend,' 'will,' 'estimate,' 'anticipate,' 'believe,' 'predict,' 'plan,' 'seek,' 'targets,' 'projects,' 'could,' 'would,' 'continue,' 'forecast,' or their negatives or variations. These statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially, including but not limited to: (1) the ability to meet security exchange listing standards; (2) the impact of the loss of the Company's patent portfolio through foreclosure; (3) failure to achieve expectations regarding business development and acquisition strategy; (4) inability to access sufficient capital; (5) inability to realize anticipated benefits of acquisitions; (6) changes in applicable laws or regulations; (7) adverse economic, business, or competitive factors; (8) financial market volatility due to geopolitical and economic factors; and (9) other risks detailed in the Company's SEC filings, including its most recent Form 10-K or Form 10-Q. These filings address additional risks that could cause actual results to differ from those in the forward-looking statements. Readers should not place undue reliance on these statements, which speak only as of the date they are made. NUBURU undertakes no obligation to update or revise these statements, except as required by law. Source: NUBURU, Inc.
Business Wire
27-06-2025
- Business
- Business Wire
NUBURU Advances Defense-Tech Transformation with Strategic Acquisitions and €50M Military Deployment
CENTENNIAL, Colo.--(BUSINESS WIRE)--NUBURU, Inc. (NYSE American: BURU), a global leader in high-power blue laser technology, today announced significant progress in its strategic transformation, including developments within its planned Defense & Security Hub and key acquisitions. NUBURU, Inc. reports that the regulatory approval process for the acquisition of Tekne SpA ('Tekne') currently under review through Italy's Golden Power process is progressing positively and in line with expectations. NUBURU's team is working closely with the relevant Italian authorities, and current indications suggest a favorable outcome. Meanwhile, Tekne remains fully focused on its delivery plan, supporting, among its portfolio of clients, the Italian Ministry of Defense with pivotal technological solutions, with reference to its state-of-the-art "Tactical Bubble" systems, which are currently in full deployment. 'The Tactical Bubble is a next-generation battlefield system developed by Tekne and recognized by the Italian Armed Forces. It enables real-time communication, decision-making, and data sharing among military units, dramatically improving situational awareness and personnel safety in hostile environments,' said Alessandro Zamboni, Executive Chairman of NUBURU. 'This confirms that the targeted acquisition of Tekne will be a cornerstone of NUBURU's broader Defense & Security Hub strategy, which also includes the acquisition of a start-up Software-as-a-Service (SaaS) platform designed to enhance operational resilience across critical infrastructure and defense networks,' continued Mr. Zamboni. Designed to counter modern threats including hostile drones, cyber attacks, and electromagnetic warfare, the Tactical Bubble features integrated monitoring, identification, and countermeasure capabilities. It also establishes a robust, secure command-and-control network that supports fast, reliable mission execution in complex combat scenarios. Tekne's €50 Million Defense Project Under Full Deployment: Tekne continues to execute on its multi-phase contract with the Italian Ministry of Defense, focused on delivering its advanced 'Tactical Bubble' systems, which are now fully operational. This project - expected to generate over €50 million in revenue - was recently showcased during major military exercises, including 'Stella Alpina' and 'Scudo 25,' and is central to Italy's defense modernization efforts. Strengthening Position in Defense-Tech and Operational Resilience: NUBURU views the successful delivery of the Tactical Bubble system as a major validation of its strategy to expand into defense-tech, homeland security, and operational resilience sectors. These high-growth verticals are key to the group's broader transformation plan, which can also leverage the Company's leadership in high-performance laser applications into adjacent markets with long-term value potential. In parallel, NUBURU is moving forward with the completion of the due diligence and US GAAP/IFRS audit processes related to Tekne and the SaaS startup transaction. Both deals remain subject to customary regulatory review and stockholders approval. Commitment to Growth, Innovation, and Shareholder Value: NUBURU continues to invest in research and development to study the application of exponential technologies, like Artificial Intelligence (Agentic AI), and the business' synergies with the fintech solutions, by leveraging the recent strategic investment in the revolutionary inventory monetization platform powered by Supply@ME Capital Plc. Under the direction of Executive Chairman Alessandro Zamboni, the Company is committed to executing its long-term transformation strategy, driving sustained growth through strategic partnerships, product innovation, and acquisition-led expansion. About NUBURU Founded in 2015, NUBURU, Inc. develops and manufactures industrial blue laser technology that transforms the speed and quality of laser-based manufacturing. Under a renewed strategic vision led by Executive Chairman Alessandro Zamboni, the Company is expanding into complementary sectors including defense-tech, security, and critical infrastructure resilience. NUBURU is leveraging a combination of internal innovation and strategic acquisitions to build out its Defense & Security Hub, targeting long-term, sustainable growth across high-value government and enterprise markets. For more information, visit Forward-Looking Statements This press release contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release may be forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "seek," "targets," "projects," "could," "would," "continue," "forecast" or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts, and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Many factors may cause the Company's actual results to differ materially from current expectations, including but are not limited to: (1) the ability to meet security exchange listing standards; (2) the impact of the loss of the Company's patent portfolio through the previously announced foreclosure; (3) failure to achieve expectations regarding business development and the Company's acquisition strategy; (4) the inability to access sufficient capital to operate; (5) the inability to recognize the anticipated benefits of the initial business combination and the current transaction, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) changes in applicable laws or regulations; (7) adverse impacts of general economic, business, and competitive factors; (8) volatility in the financial system and markets caused by geopolitical and economic factors; and (9) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's most recent periodic report on Form 10-K or Form 10-Q and other documents filed with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company does not give any assurance that it will achieve its expected results. The Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable law.
Yahoo
09-06-2025
- Business
- Yahoo
UniCredit's Banco BPM bid gets clearance from EU Commission
UniCredit has announced that the European Commission will not initiate an in-depth investigation into its proposed acquisition of Banco BPM. The deal, under preliminary review by the Commission, has been authorised after the end of scrutiny. The clearance from the European Commission comes after UniCredit disclosed in April that it was facing challenges in moving forward with a definitive decision on its public exchange offer for Banco BPM. The Italian government had set certain conditions under the Golden Power process, which grants the state special oversight powers in transactions deemed of national interest. These government-imposed conditions relate to the merged entity's future operations, including credit activity, liquidity management, and UniCredit's involvement in Russia. UniCredit has expressed concerns over the application of the Golden Power process in this context, indicating that the conditions might be at odds with Italian and EU legislation. The bank also highlighted potential negative impacts on its operational freedom and the risk of incurring fines. While the European Commission's decision marks a step forward for UniCredit, the bank has made it clear that it cannot finalise any decisions regarding the takeover until the issues surrounding the Italian government's constraints are addressed. Previously, UniCredit had obtained approvals from the European Central Bank (ECB) and the Bank of Italy to advance its acquisition plans for Banco BPM. The all share buyout offer is part of UniCredit's strategy to strengthen its position in the Italian banking market. "UniCredit's Banco BPM bid gets clearance from EU Commission " 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
