Latest news with #goldenpowers
Wall Street Journal
4 days ago
- Business
- Wall Street Journal
Italian Court Eases Some Government Demands on UniCredit's Banco BPM Bid
An Italian court lifted two conditions imposed by officials on UniCredit's UCG -0.14%decrease; red down pointing triangle bid for Banco BPM BAMI 3.14%increase; green up pointing triangle, while upholding others, marking the latest development in a takeover battle set to reshape the country's banking sector. The unsolicited offer launched by Italy's second largest lender for its smaller peer was met with government resistance in April when Rome invoked the so-called 'golden powers'–which allow the state to intervene in transactions at companies of strategic importance to the country–to impose certain conditions to clear the deal.
Reuters
10-06-2025
- Business
- Reuters
Italy court to publish ruling on Banco BPM's bid freezing appeal in 1-2 days
ROME, June 10 (Reuters) - An Italian court on Tuesday gathered to discuss an appeal by takeover target Banco BPM ( opens new tab against a regulatory suspension of the bid launched in April by suitor UniCredit ( opens new tab. The decision is expected to be taken in the coming hours, but it will be made public in one or two days, a court official told Reuters. Italy's markets regulator has granted UniCredit a one-month suspension of the offer for BPM, which is now due to end on July 23, instead of June 23, after the government imposed a set of conditions to clear it which UniCredit says cannot be met. UniCredit has challenged the conditions in court and a hearing is scheduled on July 9. It is also engaged in discussions with government officials in charge of 'golden powers' which allow Italy to vet deals in the banking sector on grounds of national security.
Zawya
04-06-2025
- 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
04-06-2025
- 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".
