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UniCredit has attacked the intervention of the Italian government in its enemy takeover offer for the competing Banco BPM and criticized the use of powers that determine the conditions for the deal as “illegitimate”.
In a statement after one Italian court decision On Saturday, which won Unicredit against the government of Giorgia Meloni to impose strict conditions for a takeover contract, the Märatian bank said that the court’s decision was “clear proof that the way (the government’s powers) was illegal”.
Under the direction of the managing director Andrea Orcel, BPM also accused BPM of spreading misinformation about the offer for the disadvantage of its shareholders in a further escalation of the tensions between rival banks.
BPM had dealt with “unjustified aggressive and often misleading communication campaigns,” said Unicredit.
The lender also proposed not to improve the financial conditions of his BPM offer, an option that was on the table in the early days of the offer in November. “In this context of profound uncertainties, BPM shareholders may have been withdrawn from an option,” the option said.
On Saturday, an Italian court confirmed a calling by Unicredit, which terminated the government’s regulations on the ratio of BPM after the Merger-Dailehen and the maintenance of the project financing portfolios of the two lenders in Italy.
However, the government’s demand that Unicredit had to leave Russia if she wanted to conclude the takeover, was “completely legitimate” and “there can be no doubt about the fact that it is appropriate”.
The administrative court is not responsible for political decisions.
UniCredit said that the European Central Bank from the administrative court (specified) has the (legal) competence to assess the matter and (we are) currently meet the inquiries from the ECB. “
The exit from Unicredit from Russia was an important sticking point between the government and the lender. The imposition of a relationship between loans to deposit made by the court was also strongly criticized by Unicredit. Orcel warned that he was ready to move away from the deal if the government had not relaxed its demands.
In the explanation, UniCredit did not say whether it was intended to make an appeal against the decision or to request a shift in the offer that should close on July 23.
The decision of the court depicts the former state decree overall and leaves the deal in the hover until a potential new new factor in Rome’s requirements.
The Unicredit’s board of directors will have a last word and could either choose to meet the government’s updated requirements or to move away from the deal.
On Saturday, BPM announced in a statement that the result of the appeal was satisfied and called for “clarifying” the intentions for the takeover. The bank refused to comment on Unicredit’s explanation on Sunday.
Spokesman for the Italian government were not immediately available for a comment.
Unicredit is Italy’s second largest lender. The simultaneous takeover offers for BPM and Germany’s Commerzbank were launched last year.
It has significantly reduced its exposure to Russia since Ukraine’s full invasion in 2022, but remains one of two European lenders for a local subsidiary.
So far, Orcel has refused to leave the country as a whole to avoid a balance sheet. The exit would have to be approved by the Russian authorities.
