UniCredit to appeal government terms on failed Banco BPM takeover
Italy’s UniCredit (CRDI.MI) plans to file an appeal with the country’s top administrative court on Monday, challenging the government-imposed conditions that derailed its attempted €15 billion ($17.5 billion) takeover of rival Banco BPM (BAMI.MI), two sources familiar with the matter told Reuters.
The move marks a new escalation in the standoff between UniCredit, Italy’s second-largest bank led by CEO Andrea Orcel, and Prime Minister Giorgia Meloni’s administration. The government, aware of the planned appeal, reportedly views the action as a “hostile act,” one of the sources said, News.Az reports, citing Reuters.
UniCredit declined to comment on the matter.
The lender’s earlier appeal against the government’s decision yielded only a partially favorable ruling, but the bank said it pursued that case to gain legal clarity. UniCredit is now filing before Monday’s appeal deadline after weeks of preparation, sources said.
The bank abandoned the Banco BPM bid in July, blaming Rome’s conditions for derailing its all-share offer. Some board members reportedly see the latest appeal as necessary to protect UniCredit’s legal and strategic interests.
Italian newspaper La Repubblica was the first to report on Monday that UniCredit was considering this step.
Similar news
