There Consob suspended theOops of Unicredit on Banco Bpm For 30 days, asking for a supplement to the prospectus. Piazza Meda has not yet officially responded, but the hypothesis of an appeal to the TAR is already looming.
Banking Risiko becomes a war
Consob suspends Unicredit OPS on BPM and grants the Institute of Piazza Gae Aulenti 30 days more to deal with the government on the stakes put from Golden Power to the climb to the bank in Piazza Meda. Consob’s decision unleashes BPM’s wrath that is said to be ready to adopt “any initiative to protect the bank and its shareholders” to counter “an abnormal measure of absolute gravity”.
Consob postpones the OPS
Consob suspended the public voluntary exchange offer promoted by Unicredit on Banco BPM for a period of 30 days. The measure, reads the resolution, can be challenged before the Lazio Regional Administrative Court within 60 days from the communication or, for the non -recipient subjects of the same, from the date of publication in the bulletin.
In the resolution Authority It reads that, in the face of the “situation of uncertainty created in relation to the any results” of the instance of self -protection “it is necessary to order the suspension of the offer for the maximum time allowed by the consolidated text of finance, that is, 30 calendar days”, also taking into account that “the situation of uncertainty does not allow the State, to the recipients, to reach a well -founded judgment on the offer”. He also considered “the need to integrate and update the information contained in the offer document and/or the prospectus, through the publication of a supplement that takes into account, among other things, of any results of the overall procedural process”.
Unicredit, reopen the Golden Power
Unicredit presented a “Instance of self -protection“With which” without acquiring to the Golden Power provision “and reserving any appropriate form of protection of one’s rights and interests in more, it makes an application so that the procedure is reopened”. The request for reopening the procedure, cited in the Consob resolution, was made by Unicredit in the first place “in order to be able to motivate on the information and data provided by Unicredit, which are not assessed in the headquarters of processing of the requirements and therefore are not mentioned in the provision “, secondly” so that the contents of the requirements that remain ambiguous “and finally” to be “so that a compatible device can be configured, from the point of view of the times, with the characteristics and the regime of the OS, a regime that substantiates the acquisition operation under discussion”. Furthermore, Unicredit has made an application pursuant to the DPCM on the Golden Power ” The competent administration for monitoring can verify the existence of the reasons that make the fulfillment of the requirements impossible “.
Banco BPM, each initiative against Consob provision
The measure with which Consob suspended Unicredit’s offer for Banco BPM is considered “abnormal and in contrast with the practice of the authority itself” And “does not take into account the interests of the bank, the market and shareholders“Of the Banco.” Consequently, the Bank will adopt any appropriate initiative at the competent offices “. According to Banco Bpm, the suspension of the OS” is of particular gravity “as” pursuant to the law, it must be arranged only in the event of new facts or not made previously known such as not to allow the recipients to reach a well -founded judgment on the offer ‘while the possibility that the Golden Power decree could contain contemplated by the offerent since the announcement of the OPS, so much so that it constituted one of the conditions of effectiveness of the same “. Furthermore, according to the counter, they cannot” constitute a new fact – such as to legitimize a suspension of the OPS – the initiatives, however never communicated so far to the market, which unilaterally Unicredit has considered to start against the Prime Minister “. Unicredit has communicated to the competent administration for monitoring the impossibility of fulfilling the prescriptions of the Golden Power decree “and” This circumstance – also never made known by Unicredit to the market – it should in itself determine the decline of OPS “. Finally,” the overall duration of the OPS was already – considered, however, that the adhesion period had been set as a maximum possible by the law – significantly longer than comparable operations and the 30 -day extension further aggravates the operational and strategic limitation in which the bank is located As a result of the Rule Passivity since November, to the detriment of all its stakeholders “.
