Authority Resolution

Consob, Unicredit ops on Banco Bpm suspended for 30 days: bank requests reopening of golden power proceedings

The request for the reopening of the proceedings, mentioned in the Consob resolution, was made by Unicredit first of all "in order to be able to give reasons on the information and data provided by UniCredit, which do not appear to have been evaluated during the preparation of the prescriptions and are therefore not mentioned in the measure". Banco Bpm's reaction: abnormal measure, we will do everything to defend ourselves

21 May 2025

2' min read

Consob has suspended Unicredit's public exchange offer on Banco Bpm for a period of 30 days. This was stated in a resolution issued by the authority.

The offer, reads Consob's bulletin, has been suspended 'pursuant to Articles 102 and 106(4)' of the Tuf 'for a period of 30 days', the resolution states. The measure 'may be challenged before the Regional Administrative Court of Lazio within sixty days from the date of communication or, for those who are not recipients of the same, from the date of publication in the aforementioned Bulletin,' Consob recalls.

Unicredit requested the reopening of the golden power proceedings

Unicredit has submitted to the Presidency of the Council of Ministers a "request for self-defence" with which "without acquiescing to the measure" of the golden power "and reserving in the meantime any appropriate form of protection of its rights and interests, it is requesting that the procedure be reopened". This is what emerges from the Consob resolution that suspended the ops on Banco Bpm.

The request for the reopening of the proceeding, mentioned in the Consob resolution, was made by Unicredit firstly "in order to be able to give reasons on the information and data provided by UniCredit, which do not appear to have been evaluated during the drafting of the prescriptions and which are therefore not mentioned in the measure", secondly, "so that the contents of the prescriptions, which remain ambiguous, may be clarified" and, finally, "so that an arrangement may be configured that is compatible, from the point of view of timing, with the characteristics and regime of the takeover bid, a regime that substantiates the takeover under discussion". Furthermore, Unicredit has filed a petition pursuant to the Dpcm on golden power 'so that the Administration responsible for monitoring can verify the existence of the reasons that make it impossible to fulfil the requirements'.

Consob: impossible for Bpm shareholders to evaluate Unicredit ops

Consob has deemed it "necessary" to suspend Unicredit's offer on Banco Bpm because the "situation of uncertainty created in relation to the eventual outcome" of the procedure initiated by Unicredit with the request for self-defence submitted to the Presidency of the Council of Ministers "does not allow the addressees, at present, to reach a well-founded judgement on the offer". This is stated in Consob's resolution.

Banco Bpm: abnormal measure, everything to defend ourselves

Banco Bpm will take "every initiative to protect the bank and its shareholders" to oppose "an abnormal measure of absolute gravity". This is what Ansa learns from sources close to the bank, after Consob suspended Unicredit's public exchange offer on Banco for 30 days. The bank is expected to issue an official position on the Commission's decision between tonight and tomorrow morning.