Generali evaluates Ops Mediobanca on Banca Generali. BancoBpm, TAR rejects appeal against UniCredit Ops suspension

In relation to Mediobanca's voluntary takeover bid for Banca Generali, the Trieste-based company confirms "that it will examine all the commercial, economic and value implications of the proposed offer, which would define a partnership with a leading player in the Wealth Management sector". Thus in a note, in which the Lion of Trieste confirms that it "has begun the process of fully examining the proposal put forward by Mediobanca, in full compliance with the group's related party transaction procedure".

Meanwhile, the Lazio Regional Administrative Court rejected Banco Bpm's appeal against the Consob resolution that, on 21 May, had suspended the terms of the voluntary public exchange offer submitted by Unicredit on Banco Bpm. The 30-day Consob suspension was linked to further information and investigations into the Golden Power measure adopted by the government regarding Unicredit's offer.

As a result of the ruling, the offer will remain frozen until 23 June, as decided by the authority. While on 9 July, the appeal, this time by UniCredit, against the terms of the exercise of golden power will be discussed on the merits.

'We take note of the decision of the TAR, although for us it does not change the context. We have been accustomed for the past seven months to lacking clarity on the timing and real intentions of the bidder on this transaction," commented Banco Bpm chairman Massimo Tononi and its CEO Giuseppe Castagna, after the administrative judges rejected Piazza Meda's appeal against the Consob resolution that suspended the Unicredit Ops. "In light of the recent information that has emerged in the media about the proposed divestments" by UniCredit "in relation to branches in many of our reference territories, this Ops," they continue, "raises further concern for the future of colleagues as well as for families, SMEs and local communities. BPM's top management explains, finally, how "it is unfortunate, out of respect for our stakeholders as well as the market, to continue to read statements by the offeror that for the umpteenth time does not clarify its real intentions on whether or not to proceed with the public exchange offer".

On the Banco Bpm affair, a new aut aut aut came yesterday from Andrea Orcel, CEO of UniCredit. "If there is no clarity on 'golden power' from the government, we will back out,' said the manager. At the Goldman Sachs European Financial Conference the banker is not holding out an olive branch this time, quite the contrary. The point is basically one. 'If they ask me to cease operations in Russia I answer that we have indeed stopped lending since 2022,' he explains, 'but if I have a 20-year mortgage I cannot accelerate on that.' And again. "They have to explain to me exactly what they want on Russia,' he argues, 'because we cannot stop payments because there are companies in Germany, Italy and France that are still operating there and we have to be there for them. Then Orcel explains that in Russia 'by law' Unicredit is required to maintain its current deposits, which now amount to 'less than EUR 1 billion'. 'We are reducing them,' he emphasises, 'but we have to maintain them'.