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UniCredit Posts Surprise Profit Jump, Drops Banco BPM Bid
ITALY, JUL 22 – UniCredit withdrew its 10.1 billion euro offer for Banco BPM due to Italian government conditions citing national security, affecting shareholder decision-making and deal completion.
- A 30-day suspension of UniCredit's offer was imposed by Consob, citing a 'situation of uncertainty,' as the regulator halted the bid due to regulatory concerns.
- In April, the Italian government's golden power provision was invoked, citing national security concerns over UniCredit's Russian operations.
- Two specific conditions – maintaining domestic loans and ending Russia operations – were imposed, and UniCredit said these requirements prevented engagement with BPM shareholders.
- Late Tuesday, UniCredit withdrew its takeover offer, citing 'situation of uncertainty' caused by government interference, impacting deal prospects.
- The European Commission's warning highlights broader legal challenges for cross-border banking deals, as Andrea Orcel called for EU and national clarity on golden power rules.
37 Articles
37 Articles
Federal Chancellor and Finance Minister reject the takeover of Commerzbank by the Italian major bank Unicredit. To represent this opinion is allowed. However, no more interference.
Unikredit Group announced today that in the second quarter of 2025, it achieved a record net profit and return on equity (RoTE), thanks to the strong growth of operating revenues, on an annual and half-yearly basis.
UniCredit posts surprise profit jump, drops Banco BPM bid
UniCredit has today posted a much higher than expected quarterly profit and raised its 2025 outlook, a day after ditching a takeover bid for rival Banco BPM which had led Italy's second biggest bank to clash with the government.
Consob had decreed the second halt for the situation of indeterminateness. However, in the evening the bank announced the stop: "The continuous uncertainty about the application of the golden power does not benefit anyone." Unicredit's Ops on Banco Bpm officially went up in smoke. A twist that certain people would like to see...
The note of the cda: ...The lack of certain prospects led the bank to cancel the offer. The node of the special powers requested by Bpm to block the transaction did not allow a proper dialogue with the members...
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