Banking risk ends up in the courtrooms, both on the Banco Bpm side and on the Unicredit side, with a double appeal that could change the cards on the table and reverse the course of the offer that Piazza Gae Aulenti launched last November on the Banco.
Banco Bpm against Consob: hearing at the TAR on June 10th
But let's proceed in order and start with the first hearing already set. As announced last week after Consob's decision to suspend the offer for 30 days of Unicredit on Bpm bank in order to better clarify the contours of the Golden Power imposed by the Government, Piazza Meda presented a appeal to a single judge to represent the utmost urgency. Then, having rejected this, he presented appeal to the Lazio Regional Administrative Court to obtain the suspension of the Consob resolution that froze the takeover bid for a month.
The date to mark in red on the calendar is therefore that of June 10, the day the hearing will be held. The appeal to a single judge, Banco Bpm points out, is a normal procedural step to arrive at the collegial hearing at the first available council chamber, which is precisely that of June 10. In the decree setting the hearing The TAR ordered Consob to deposit all the documents and the documents on the basis of which the contested resolution appears to have been adopted.
Unicredit appeals to the TAR against the Golden Power
In the meantime, also at Piazza Gae Aulenti things are moving. The bank's lawyers have reportedly presented appeal to the TAR, this time regarding two specific subjects related to the Golden Power exercised on its offer on Piazza Meda, or the reason for its use on an operation between two Italian banks and the imposed prescriptions, such as the exit from Russia. Unicredit's aim would be to have the judges recognize that there were no prerequisites for the exercise of special powers in matters of national security.
Unicredit could also request an accelerated procedure to obtain a first judgment within a month, in time for the closing of the takeover bid, now set for July 23.
The EU is also expected
Meantime the European Commission is evaluating the response of the Italian authorities to the request for information on the possible application of the Golden Power on the Unicredit-Banco Bpm case. This was indicated by the spokesperson of the head of EU financial services.
They should also arrive by June 19th EU antitrust authorization on the concentration of the branches of the two banks and the response to the request of the Italian AGCM to take over the practice.
How do you explain Republic, if the practice is maintained at European level then the DgComp could also express its opinion on the merits of the Golden Power, that is, whether in its opinion the provision of 18 April falls within the scope of national security or not. If it does not, it could also revoke or correct it with an immediately enforceable provision.
Unicredit and Banco Bpm on the Stock Exchange
According to analysts at Intermonte, “the appeals to the TAR, and specifically the Banco Bpm hearing on 10 June, will be decisive to understand the possibility that Unicredit will continue with the offer or not". At the moment, at Piazza Affari, Unicredit gains 1,53%, while Bpm bank rises by 0,37%. The exchange ratio is at 0,174 against the 0,166 proposed for the operation.
