THE’‘Public exchange offer promoted by Unicredit on Banco BPM is confirmed at risk of withdrawal, in spite of the Green light “conditioned” of the EU to the operation, arrived last night. The European Commission gave the green light to the operation, believing that he does not have competition problems, in light of the commitments made by the bank for the sale of 209 branches in northern Italy.
In the meantime, the 30 -day suspensive period will expire tomorrow 21 June ordered by Consob, then from Monday 23 June will resume On the stock exchange the collection of adhesions.
But on the offer an even larger shadow does not appear, pending the outcome of the appeals to the TAR and the lack of negotiations with the government for the Golden PowerThat risks blowing up everything.
The green light of the EU Commission
The CEuropean omission has ascertained that the acquisition of Banco BPM He does not ask the competition problems, without prejudice to some “overlaps” Among the activities of the two banks in some specific areas of Italy. To respond to the concerns of the Commission in the field of competition, Unicredit therefore committed himself to selling 209 succurgensal Located in well -defined geographical areas, where there is a problematic overlap, thus removing all obstacles to the operation.
In the investigation, the Commission found that, locallythe proposed operation would raise Competition problems in the markets of deposits and loansboth as regards banking services intended for retail consumers and for those intended for SMEs, determining one “Horizontal overlap” in 181 local areas. At the regional level, the proposed operation would not instead raise competition problems, would raise concerns about possible risks of coordination in the Italian banking market.
End of the Consob suspension
Following the EU decision and in view of the expiry of the period of suspension 30 days arranged by Consobwhich he will have deadline on June 21stUnicredit made the period of Membership in OPS, on the Stock Exchangewill resume starting from Monday 23 June 2025.
Subsequently, the offer documentation will be updated by publication, after approval of the Consob, of a supplement both to the prospectus and to the offer document, with the consequent possibility of withdrawal from the offer for those who had joined it in the terms of the law.
Orcel: “If we can’t resolve, we will retire”
It remains to be understood now What will decide to do the CEO of Unicredit, Andrea Orcelwhich has repeatedly declared that it could withdraw the offer. Last exit today on La Repubblica, to whom he declared that the bank will try to overcome the resistance of the governmentwho have no “security problem”, “but If we can’t resolveas is likely, we will retire“.
“Our appeal to the TAR It is a fact of legal protection, for our board of directors and our company, “continued the CEO of Unicredit, explaining that At Banco Bpmafter the UniCredit’s exit to the scene, “Agricultural Credit will remain as a reference shareholder With 20% or perhaps more, but the bench “will have to demonstrate the promises he made and remunerate his shareholders as they would have been remunerated in the event that there would have been the operation”.
