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Reuters
3 days ago
- Business
- Reuters
UniCredit CEO says to gradually exit Generali investment
MILAN, June 17 (Reuters) - UniCredit's ( opens new tab Chief Executive Andrea Orcel on Tuesday vowed to gradually reduce the stake it has built in the country's top insurer Generali ( opens new tab, ruling out large insurance deals for Italy's second-biggest lender. Speaking at a conference organised by rival Mediobanca, Orcel said building stakes in a target company as a first step towards potential tie-ups could be a good strategy, given widespread government hostility across Europe to bank M&A. However, "I want to be very clear, the investment in Generali is not that," Orcel said. "We will be reducing it and exiting it over time."
Reuters
12-06-2025
- Business
- Reuters
Italy court rejects Banco BPM's appeal against UniCredit bid suspension
ROME, June 12 (Reuters) - An Italian court on Thursday rejected an appeal by Banco BPM ( opens new tab which had challenged the suspension of a takeover offer it faces by rival UniCredit ( opens new tab, the court's website showed. UniCredit secured a one-month suspension of its offer for BPM by the country's markets regulator after the bid ran into difficulties due to government-set conditions. BPM had sought to have the suspension scrapped, saying it limited the bank's decision-making abilities and damaged its shareholders.
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".
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.
