Milan (dpa -AfX) – The Großbank Unicredit blows the targeted takeover of Banco BPM. The so -called “Golden Power” used by the Italian government was not satisfactory, the institute said on Tuesday evening as a reason. There have been progress in negotiations with the authorities. A final solution was only to be expected after the extended phase of offer has expired.
While BPM fell by 27 percent in post-market trade in Milan, the Unicredit course hardly responded to the news.
The Italian government led by Prime Minister Giorgia Meloni had announced on Good Friday of only approving the 13 billion euro takeover under certain conditions. The reason for this is the “protection of strategic interests and national security”. She did not provide any more detailed information about the requirements.
According to circles, the EU Commission Rome later announced that it had no right to interfere with the planned takeover. According to the European Union’s merger control regulations, only the Commission has the legal authority to provide conditions for the takeover. The EU had approved the business last month.
UniCredit had presented an unauthorized takeover offer for BPM under her boss Andrea Orcel last year. With this she got Meloni in the way that actually wanted to create a third large Italian financial group around the bank. However, officials in Rome had made it clear that they could hardly prevent the institute from taking over by the UniCredit.
The Milan Institute has also been building around the German Commerzbank since last year. She has not yet presented a takeover offer for the Frankfurt Institute, but Unicredit boss Andrea Orcel repeatedly explained his interest. Most recently, the banking supervision of the European Central Bank (ECB) and the Bundeskartellamt gave the green light that the Italians are allowed to increase their Commerzbank share to almost 30 percent./HE/EDH
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