The approach is approaching Government verdict about the operation Unicredit - Banco Bpm. According to rumours, the Committee's opinion will arrive on Friday 18th or at the latest on Tuesday 22nd April. golden power of the Executive on the offer of Piazza Gae Aulenti for the acquisition of Piazza Meda. What will it decide? There are three options on the table, but the most likely seems to be a green light with (strong) prescriptions.
It should be underlined that, if the forecasts on the dates are confirmed, not only will the takeover bid on the Bank be able to start without the unknown of the golden power, but the Government's decision will arrive just a few days after thegeneral meeting scheduled for Thursday 24 April, which will most likely have an impact on the vote (currently top secret) that Andrea Orcel will express during the meeting called to choose on the renewal of the top management of the Lion between the Mediobanca list, that of Caltagirone and that of Assogestioni.
Golden power: the three options on Unicredit Banco Bpm
Returning to Unicredit-Banco Bpm, after the approval of Consob and the ECB, it is difficult to think that the Government could decide to veto on the operation, blocking the acquisition. It would be a completely political decision that would hinder the current (very intricate) courses of Italian finance grappling with the game of risk.
The second scenario (less difficult, but still unlikely) is that of a unconditional green light which would arise if the Executive were to totally exclude the Unicredit-Banco Bpm operation from the scope of the golden power legislation.
The third option, the one everyone expects, is instead a middle way: the Government would be ready to give the yes green light, but with prescriptions, anchoring the decision to the fulfillment of some specific conditions.
The government's possible "prescriptions"
Secondo Republic, among the areas on which the limits would be set there would be the offices and the perimeter of the possible sale of branches, while the possibilities of an intervention on personnel and governance balances are more nuanced.
Il Messenger he instead claims that among the government's requirements for the green light to Unicredit's offer for the acquisition of Banco Bpm through the special powers of the golden power there could be the earliest exit from Russia by the bank led by Andrea Orcel.
Not only that, Unicredit should respect two other commitments: maintaining a stable relationship employments/deposits and levels of funding relating to project financing practiced by Banco Bpm.
