Consob suspended the public exchange offer (OPS) of today for 30 days Unicredit On Banco Bpm, extending the term from the original 23 July to 21 August. It is the second suspension (the first dates back to May), determined to clarify the conditions imposed by the Italian government through Golden Power.
Unicredit had notified the offer in early February with the aim of integrating Banco BPM in his group. The prescriptions of Palazzo Chigi – already contested by the Lazio Tar – now require an additional period to allow shareholders to fully evaluate adhesion and to allow the government to provide clarifications to the European authorities by 11 August.
Extension of the OPS
With the resolution of 22 July, Consob has decided to extend by thirty days The validity of the public offer of unicredit exchange on Banco BPM, moving the deadline from 23 July to August 21, 2025.
This is the second suspension within a few weeks: the first had intervened in May following the uncertainties that emerged on the conditions imposed by the government through the Golden Power.
The goal of this further postponement is to ensure that the information prospects reflect in a clear and complete way the state prescriptionsgranting the shareholders of Banco Bpm more time to evaluate the offer.
Golden Power and litigation
The Italian government has exercised the Golden Power to insert stringent conditions in the Unicredit offer on Banco BPM, providing for the exit from the Russian market, the maintenance of bank branches and the protection of the employment/deposits and public funding ratio for the next five years.
These prescriptions, however, were questioned by the Lazio Tar, which suspended some passages, considering a procedural study necessary. As a result, Palazzo Chigi will have to provide by 11 August To the European authorities, the requested clarifications, after which Brussels will decide whether to confirm or modify the conditions posed by Italy. Only at that point can consob be able to complete the examination of the offer and definitively confirm his extension.
