UniCredit Wins Partial Support in Legal Battle Over BPM Deal

(Bloomberg) – An Italian Court accepted Unicredit Spa’s requests to cancel the conditions given to the Banco BPM SPA offer, and gave a partial victory to the general manager Andrea ORCEL in the plan to create the largest lender of the country.

According to a decision published on the court’s website on Saturday, Lazio Administrative Court Prime Minister Giorgia Meloni’s government has lifted two conditions of agreement.

The prescriptions to be canceled are about the Italian government’s request to reduce the credit / deposit rate in Banco BPM and Unicredit for five years and to reduce the current Banco BPM and Unicredit’s project financial portfolio in Italy. The court decision may be appealed by the parties.

Unicredit spokesman could not be reached immediately for a comment, and the Italian government spokesman refused to comment.

The decision is an important decision for a turning point agreement that weakens the government’s efforts to build a new banking group to rival Unicredit and Intesa Sanpaolo Spa. It is just one of the few competing offers among Italian banks.

Even if there is a partial gain for Unicredit, it is not clear whether the bank will continue to offer Banco BPM. The duration of the proposal ends on 23 July and warned that the ORCEL may “fall”.

UNICREDİT announced the offer of an undesirable All Share for Banco BPM in November, when it was understood that the Italian government wanted to build a large banking group around the previously rescued Banca Monte Dei Paschi Di Siena Spa. Banco BPM was seen as a potential candidate to unite with Monte Paschi.

Orcel stood with the Italian government in May, when Unicredit said that he plans to make a request with the administrative court on the extensive conditions applied to a potential agreement. The Bank said that the court wanted the court to önemli addressing the existing reservations on the legitimacy of these restrictions ”.

Credit Agricole SA said on Friday, with a movement that could affect the game game on Banco BPM, that he was trying to increase his shares in Banco BPM further, and that he tried to strengthen his position as a big shareholder and to potentially comply with Unicredit’s efforts to acquire the Italian debtor.

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