UniCredit talks to the government and renounces request for suspension on Golden Power

At the hearing at the Regional Administrative Court, Unicredit withdrew its request for a stay on the Golden Power. The Court has therefore set the merit for 9 July. UniCredit had appealed against the government's measure on Golden Power in the context of the Ops promoted on Banco Bpm. The hearing was held before the first section of the Lazio Regional Administrative Court and, as reported in the hearing calendar, concerned the Prime Minister's Decree of 18 April 2025 on the exchange offer on all the shares of BancoBpm.

According to what was learnt during this morning's hearing in chambers, the bank has withdrawn its precautionary petition in order to obtain a hearing on the merits soon, which has in fact been set for 9 July. At issue is the Prime Minister's Decree of 18 April on the "Voluntary exchange offer of Unicredit Spa, having as its object all the shares of Banco Bpm". The reference is to the prescriptions laid down in the government measure.

"UniCredit takes note of the tenor of the response provided by the Mef and in return has withdrawn its request for provisional measures to allow a constructive dialogue with the Mef. UniCredit maintains its position on the merits of the Golden Power, but has requested that the Lazio Regional Administrative Court's ruling be accelerated in order to provide definitive clarity". This is what the bank said after the collegial council chamber held today at the Regional Administrative Court of Lazio.

Unicredit has reportedly also asked the Lazio Regional Administrative Court (TAR) to annul the letter in which the MEF offered the bank led by Andrea Orcel clarifications on the Golden Power prescriptions. "We have read from the agencies that Unicredit has withdrawn its request for precautionary measures before the Tar in order to allow a constructive dialogue with the Mef. We understand, however, that just yesterday evening the bidder asked the Tar to annul the Ministry's letter of clarification," said Banco Bpm CEO Giuseppe Castagna on the sidelines of a meeting in Milan, complaining of "once again, confusion and uncertainty" on Unicredit's part.

Meanwhile, in the evening, again in relation to the Ops promoted by UniCredit on BancoBpm, the bank led by Andrea Orcel received a letter from the European Commission regarding the closure of the preliminary examination, with the decision not to launch an in-depth investigation. Therefore, the offer will be authorised under the Foreign Subsidies Regulation as of the end of Wednesday.