Consob fined 150 euros to BlackRock for the false communication, transmitted at the end of 2011 and made public at the beginning of 2012, on a descent into the capital of UniCredit that never actually took place. Indeed, the Commission chaired by Giuseppe Vegas ascertained that “the information provided by BlackRock on December 29, 2011 and made public by Consob on January 2, 2012 regarding the decrease in the shareholding below the 2% threshold (1,71%) ” from 3,09% “was not true”.
BlackRock's correction, recalls Consob, had arrived between 6 and 9 January, but not before having damaged the position of UniCredit, which at the time was on the immediate eve of the 7,5 billion capital increase.
"In this market context - writes Consob - the communication relating to the decrease in the shareholding in Unicredit's capital by an important institutional investor such as the BlackRock group shortly before the start of the capital increase could be interpreted as a sign of distrust regarding the positive outcome of this operation and, in general, Unicredit's prospects".
Specifically, the violation detected by Consob was "committed by two employees of BlackRock Investment Management (UK) Limited" and charged against BlackRock itself as jointly liable party.
