The Government defends the exercise of the Golden Power in relation to thePublic exchange offer promoted by Unicredit on Banco BPMinvoking the safety of savings. In a letter of clarifications At the European Union, the Ministry of Economy and Finance explains that the pivot that legitimizes the intervention of the Italian executive is the Public security protectionwhich is of national competence and which has no interference with the supranational discipline envisaged by the concentrations regulation.
From government yes with prescriptions
The government has in fact approved the operation, but with prescriptions. The letter of the MEF to the EU, in fact, contains precise answers on the different aspects: fromItalianness of the two subjects involved, al Russian context Which “imposes”, even without damaging the payments of Italian companies, to exit financial assets from a country still at war with Ukraine.
In his response to the EU, the MEF explains that considers the requirements “feasible” and “feasible” dictated for the go -ahead for the operation of the bank in Piazza Gae Aulenti on the institute led by Giuseppe Castagna. And it does so by highlighting the use of requirement of “national security” which concerns each individual country.
The public exchange of unicredit exchange on BPM – is underlined – would show off inUnion of masses of savings and deposits For hundreds of billions of euros, which bring up the economic security node of Italian savers who must be protected.
For Orcel offer more and more at risk
The CEO of Unicredit, Andrea Orcel he has already warned that, without the “definition” of requests related to the Golden Power, “We will not proceed” With the offer on Banco BPM. “In the end there is a certain period of time after which we will have to close the story. And if the Golden Power will not be clarified we will close the question“.
Orcel keeps the point. Without the clarity required On the Golden Power the OPS on Banco Bpm will not go on. “We did everything possible to dialogue” and “when I talked about 20% probability“, On Banco Bpm” it is a way to say that, at this point, the chances are significantly lower than 50%”, Orcel still urges.
For the Treasure The conditions placed, are “Legitimate” and above all “feasible”. Starting from the exit from Russia, but the bank is not of the same notice. “They must explain to me exactly what they want on Russia why we cannot stop payments because there are companies in Germany, Italy and France that are still operating there and we have to be for them”, it relaunches Orcel.
Orcel has several times excluding a relaunch For Banco Bpmstating “we are at the limit of what we can pay” to guarantee a minimum performance threshold, otherwise there does not create value. The CEO recalled that the offer ensured a 15-20% prize compared to the “UniDisturbed” price, that is, before the occurrence of events that moved the prices, then there was The Anima and other factors operation. “We are at the higher limit of the premium that we were willing to pay,” Orcel reiterated.
