Unicredit-Banco Bpm, securities on the move after the TAR decision
The institute led by Giuseppe Castana gained 2.5% following the ruling of the administrative judge and the incoming letter from the European Commission on golden power
by Mo.D.
3' min read
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Purchases on the stock of Banco Bpm after the decision of the Lazio Regional Administrative Court on golden power. The shares of the institute led by Giuseppe Castagna gained more than 2.5%, while Unicredit, which had opened with a loss of more than 1%, recovered after the first part of the session, limiting its loss to below half a percentage point. The news that the Lazio Regional Administrative Court partially upheld the appeal with which UniCredit challenged the legitimacy of the golden power exercised by the government for the takeover bid launched on Banco Bpm and after the French Credit Agricole announced on Friday, with the markets closed, that they had asked the ECB for authorisation to increase their stake in the capital of the Piazza Meda-based institution to over 20%.
A UniCredit board meeting is expected shortly to review the TAR decision and assess the next steps. In fact, the takeover bid expires on 23 July (unless further suspended). Meanwhile, according to rumours, the letter from DG Comp on golden power could already arrive today.
Unicredit's next steps
.UniCredit announced that it will assess the next steps in its bid for Banco Bpm, after a ruling by the regional administrative court of Lazio raised doubts about the actual feasibility of the transaction in light of the conditions imposed by the Italian government.
In a statement released on Sunday, UniCredit called the court's decision "unequivocal proof of the illegitimacy of the use of Golden Power," the tool that allows authorities to block or bind transactions involving strategic assets. "UniCredit will now assess all relevant steps at the appropriate time," the note reads.
In its statement on Sunday, UniCredit also stigmatised what it called an 'often misleading campaign' by Banco Bpm to discredit the offer, arguing that this could have deprived Piazza Meda's shareholders of the possibility of obtaining an improvement on the terms, had the process been conducted in an orderly manner.
