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 (CRDI.MI), opens new tab appeal against government-imposed conditions on its takeover bid for rival Banco BPM (BAMI.MI), 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scottish Sun
an hour ago
- Scottish Sun
Brits to face even pricier new visas when travelling to Europe – despite not even launching yet
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) HOLIDAYS to Europe could get more expensive as the European Commission looks to ramp up fees for a new travel document that has not even been introduced yet. The EU is gearing up to introduce the new European Travel Information and Authorisation System (ETIAS) scheme next year, following the introduction of the Entry/Exit system. Sign up for Scottish Sun newsletter Sign up 2 The EU is gearing up to introduce the new European Travel Information and Authorisation System (ETIAS) scheme next year Credit: Alamy Essentially, ETIAS will be a requirement for any non-EU national from a visa-exempt countries which includes the UK, for short-term stays in the Schengen Area. But the online fee to enter the ETIAS scheme could be more than initially planned. Current plans for travellers heading from outside the bloc include them paying €7 (£5.98) as part of an online application. However, now the European Union is looking to raise that price, despite the scheme not even having launched yet. The reason for this is because they want to use the fee to help with repayments on a €350billion (£299 billion) debt, which was used to fund the post-Covid recovery, reports Politico. Currently it is estimated that only €215million would enter the EU's budget from the ETIAS fee after operational fees are deducted. For Brits, this would be another blow as they already face longer queues since Brexit. The publication added how ETIAS is one of the more popular tax choices ahead of budget plans which are due to be discussed next month. The documents revealed by Politico state: "Given that the EU fee for ETIAS is one of the lowest among comparable systems in the world, it seems there is a possibility of a gradual increase of the fee, strengthening the long-term revenue potential." The fee is currently lower than the Electronic Travel Authorisation (ETA) which is required from non-Brits to enter the UK and costs £16. All Brits aged 18-70 will have to pay to visit Europe from next year – here is everything you need to know about ETIAS It is also less than the current Electronic System for Travel Authorization (ESTA) Brits need to visit America which is $21 (£15.60). Sun Travel has contacted the European Commission for comment. At the moment the price for ETIAS remains at €7. It will be free for those under the age of 18 and over the age of 70. Once the system is live, some travellers may also be exempt. However, the system is not live yet and currently is not taking applications and people have been warned of fake websites attempting to catch out travellers. ETIAS will apply to short stays, which refers to holidays or business trips that have a duration of up to 90 days in any 180 day period. Although, if you are travelling on a visa, you will not need an ETIAS. Irish passport holders are also exempt from ETIAS. Brits could also face travel chaos ahead of the new scheme. There have also been warnings of a scam which is catching tourists out, ahead of the European visa rule change. Plus, these are all the new travel rules Brits face in 2025 from biometric checks to visa-waivers.
The Sun
an hour ago
- The Sun
Brits to face even pricier new visas when travelling to Europe – despite not even launching yet
HOLIDAYS to Europe could get more expensive as the European Commission looks to ramp up fees for a new travel document that has not even been introduced yet. The EU is gearing up to introduce the new European Travel Information and Authorisation System (ETIAS) scheme next year, following the introduction of the Entry/Exit system. Essentially, ETIAS will be a requirement for any non-EU national from a visa-exempt countries which includes the UK, for short-term stays in the Schengen Area. But the online fee to enter the ETIAS scheme could be more than initially planned. Current plans for travellers heading from outside the bloc include them paying €7 (£5.98) as part of an online application. However, now the European Union is looking to raise that price, despite the scheme not even having launched yet. The reason for this is because they want to use the fee to help with repayments on a €350billion (£299 billion) debt, which was used to fund the post-Covid recovery, reports Politico. Currently it is estimated that only €215million would enter the EU's budget from the ETIAS fee after operational fees are deducted. For Brits, this would be another blow as they already face longer queues since Brexit. The publication added how ETIAS is one of the more popular tax choices ahead of budget plans which are due to be discussed next month. The documents revealed by Politico state: "Given that the EU fee for ETIAS is one of the lowest among comparable systems in the world, it seems there is a possibility of a gradual increase of the fee, strengthening the long-term revenue potential." The fee is currently lower than the Electronic Travel Authorisation (ETA) which is required from non-Brits to enter the UK and costs £16. All Brits aged 18-70 will have to pay to visit Europe from next year – here is everything you need to know about ETIAS It is also less than the current Electronic System for Travel Authorization (ESTA) Brits need to visit America which is $21 (£15.60). Sun Travel has contacted the European Commission for comment. At the moment the price for ETIAS remains at €7. It will be free for those under the age of 18 and over the age of 70. Once the system is live, some travellers may also be exempt. However, the system is not live yet and currently is not taking applications and people have been warned of fake websites attempting to catch out travellers. ETIAS will apply to short stays, which refers to holidays or business trips that have a duration of up to 90 days in any 180 day period. Although, if you are travelling on a visa, you will not need an ETIAS. Irish passport holders are also exempt from ETIAS. Brits could also face travel chaos ahead of the new scheme. There have also been warnings of a scam which is catching tourists out, ahead of the European visa rule change. Plus, these are all the new travel rules Brits face in 2025 from biometric checks to visa-waivers. 2
The Independent
2 hours ago
- The Independent
Pope Leo issues stark warning about AI's effects on children
Pope Leo XIV has issued a stark warning regarding the potential negative impact of artificial intelligence on the intellectual, neurological, and spiritual development of young people. The caution was delivered in a message to a major conference on AI and ethics. The conference, which saw part of its proceedings held within the Vatican, underscored the Holy See's growing concern over emerging technologies and their broader implications for humanity. The Pope's message highlighted the Vatican 's proactive engagement with the ethical dimensions of AI. In his address, Pope Leo stressed that any future development of artificial intelligence must be rigorously evaluated against a "superior ethical criterion": the imperative to safeguard the dignity of every human being while simultaneously respecting the diverse tapestry of the world's population. He specifically cautioned that new generations face the greatest risk from these advancements, given their unprecedented and rapid access to information, a factor that could exacerbate negative developmental impacts. 'All of us, I am sure, are concerned for children and young people, and the possible consequences of the use of AI on their intellectual and neurological development,' he said in the message. ' Society 's well-being depends upon their being given the ability to develop their God -given gifts and capabilities,' and not allow them to confuse mere access to data with intelligence, he said. 'In the end, authentic wisdom has more to do with recognising the true meaning of life, than with the availability of data.' Leo, who was elected in May after the death of Pope Francis, has identified AI as one of the most critical matters facing humanity, saying it poses challenges to defending human dignity, justice and labour. He has explained his concern for AI by invoking his namesake, Pope Leo XIII. That Leo was pope during the dawn of the Industrial Revolution and made the plight of workers, and the need to guarantee their rights and dignity, a key priority. Toward the end of his pontificate, Francis became increasingly vocal about the threats to humanity posed by AI and called for an international treaty to regulate it. Francis said politicians must take the lead in making sure AI remains human-centric, so that decisions about when to use weapons or even less-lethal tools always remain made by humans and not machines.
