Latest news with #Consob
Mint
7 hours ago
- Business
- Mint
Italys market watchdog calls for ECB coordination as banking deals boom
MILAN, - Italy's financial markets watchdog Consob said on Friday a lack of regulatory alignment with the European Central Bank is creating friction in the oversight of a recent wave of Italian banking deals. The country's banking sector has in the last year seen a raft of bids and offers, including UniCredit's all-share offer for smaller peer Banco BPM, creating a complex web of deals between some of its biggest players. In a speech delivered for Consob's annual assembly in Milan, the watchdog's President Paolo Savona mentioned "difficulties" in coordinating with the ECB during the evaluation of six takeover and share-exchange offers that have emerged since late 2024. "Despite the fact that Consob had signed a memorandum of understanding committing to exchange information without the need for specific formal reminders, difficulties in dialogue arose, raising uncertainties about the timing of responses," Savona said. Many of the banking deals rely heavily on equity swaps—mechanisms sensitive to market fluctuations and closely watched by international investors. "These price-dependent structures require timely, coordinated oversight," Savona said. The ECB declined to comment on the matter. The wave of bids rocking Italy has pitted the country's second-biggest bank UniCredit against the government over its proposed public exchange offer for Banco BPM. Italy has invoked its "golden powers" to set the terms of UniCredit's offer, citing national security concerns. Savona said the Italian rules - initially introduced as an extraordinary safeguard against hostile takeovers - have become a catch-all tool, with increasing government intervention requests to manage perceived threats from foreign investments. He said aligning these domestic frameworks with European treaty obligations is urgent, especially amid EU-level discussions on reforming foreign direct investments.
Reuters
10 hours ago
- Business
- Reuters
Italy's market watchdog calls for ECB coordination as banking deals boom
MILAN, June 20 (Reuters) - Italy's financial markets watchdog Consob said on Friday a lack of regulatory alignment with the European Central Bank is creating friction in the oversight of a recent wave of Italian banking deals. The country's banking sector has in the last year seen a raft of bids and offers, including UniCredit's ( opens new tab all-share offer for smaller peer Banco BPM ( opens new tab, creating a complex web of deals between some of its biggest players. In a speech delivered for Consob's annual assembly in Milan, the watchdog's President Paolo Savona mentioned "difficulties" in coordinating with the ECB during the evaluation of six takeover and share-exchange offers that have emerged since late 2024. "Despite the fact that Consob had signed a memorandum of understanding (with the ECB) committing to exchange information without the need for specific formal reminders, difficulties in dialogue arose, raising uncertainties about the timing of responses," Savona said. Many of the banking deals rely heavily on equity swaps—mechanisms sensitive to market fluctuations and closely watched by international investors. "These price-dependent structures require timely, coordinated oversight," Savona said. The ECB declined to comment on the matter. The wave of bids rocking Italy has pitted the country's second-biggest bank UniCredit against the government over its proposed public exchange offer for Banco BPM. Italy has invoked its "golden powers" to set the terms of UniCredit's offer, citing national security concerns. Savona said the Italian rules - initially introduced as an extraordinary safeguard against hostile takeovers - have become a catch-all tool, with increasing government intervention requests to manage perceived threats from foreign investments. He said aligning these domestic frameworks with European treaty obligations is urgent, especially amid EU-level discussions on reforming foreign direct investments.
Reuters
13 hours ago
- Business
- Reuters
Italian SMEs outnumber main Euronext Milan listings
MILAN, June 20 (Reuters) - The number of Italian small and medium-sized companies listed on the Euronext Growth Milan (EGM) platform has surpassed the number of companies on the main Milan market for the first time, a further sign of disaffection toward the stock exchange, Italy's Consob watchdog said. As of now, there are 204 companies listed on the EGM, formerly known as Aim Italia, compared to 202 listed on the main Euronext Milan market. At the end of 2024 there had been 209 companies traded on the main Italian market and the same number on the EGM segment, Consob said in its annual report. Companies leaving the market this year include consumer electronics chain Unieuro and financial company Mittel, both after buyouts. "The trend is not rosy even if it is not exclusively Italian. Other mature markets, with the exclusion of Asia, are also experiencing the same decline," the watchdog said. The EGM is a market dedicated to small and medium-sized enterprises with high growth potential. It was created in 2009. Market capitalisation provided a brighter picture for the main market, standing at 930 billion euros as of June 18 despite the drought in new listings and the jump in delistings, boosted by the growth in the prices of constituent companies. The value of stocks traded on the EGM was far smaller, amounting to just over 8 billion euros ($9.2 billion). ($1 = 0.8721 euros)
Reuters
23-05-2025
- Business
- Reuters
Banco BPM says it will appeal against suspension of UniCredit bid
ROME, May 23 (Reuters) - The Chief Executive of Banco BPM said on Friday the bank will appeal to an administrative court against a decision by bourse regulator Consob to suspend a takeover bid by Unicredit. Giuseppe Castagna told daily Il Sole 24 Ore that the current stalemate was preventing Banco BPM from taking part in the intense M&A activity underway in Italy's banking sector.
Yahoo
22-05-2025
- Business
- Yahoo
Banco BPM urges UniCredit to drop bid if it can't meet govt's demands
MILAN (Reuters) -Banco BPM on Thursday urged suitor UniCredit to abandon its buyout offer, given the bank led by CEO Andrea Orcel has told authorities it cannot comply with the conditions Rome has imposed to authorise the BPM takeover. UniCredit on Wednesday secured from market regulator Consob a 30-day suspension of its tender offer for Banco BPM as it seeks to persuade the government the conditions cannot be met in their current form. A government source told Reuters on Wednesday the government has no intention of altering its demands. Banco BPM said UniCredit had not made clear to investors what it had told authorities in Rome instead, meaning the conditions Italy has imposed in the name of national security interests cannot be implemented. Such a predicament "which was also never disclosed by UniCredit to the market, should in itself cause the offer to lapse", the bank said. UniCredit has raised objections to the prescriptions and engaged with the government officials who are in charge of monitoring they are implemented in an effort to prove it is impossible to comply. Orcel has antagonised Italy's government by swooping on BPM in November, a move that thwarted Rome's efforts to encourage a tie-up between BPM and state-backed Monte dei Paschi di Siena. 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
