Hip in banking risk. The European Union rejects the golden power used by the Italian government on the operation Unicredit - Banco Bpm paving the way for a possible clash of powers between Rome and Brussels on the fate of the offer launched by Piazza Gae Aulenti. This is revealed Bloomberg, according to which the provision from DgComp, the general directorate for competition, should arrive today.
Stocks reacted immediately, with investors now expecting a reopening of the game, also due to the wait for the imminent ruling of the TAR on Unicredit's appeal against the special powers. After a weak start, Bpm bank shoots to the top of the Ftse Mib with a rise of 4,7% and Unicredit which follows closely behind, gaining 2,56%.
EU: “The Government had no right to intervene on Unicredit-Banco Bpm”
Saving is a matter of national security, the Minister of Economy, Giancarlo Giorgetti, has been repeating for months. And appealing to this motivation, which many have defined as specious considering that the operation involves two Italian banks, last April 18 the Italian government imposed very tough conditions for the acquisition of Banco Bpm by UniCredit, including the obligation to exit Russia by January 2026, the maintenance of the post-merger loan/deposit ratio for three years and the prohibition on reducing Anima's project finance portfolio and exposure to Italian securities.
Well, according to the rumors published by Bloomberg, After a meeting scheduled for this afternoon, DGComp will send the Italian government a formal communication stating that Rome had no right to intervene on the operation and that, under EU merger rules, only the European Commission has the legal power to impose conditions. Which is what Brussels did last June 19, when DGComp, giving the green light to the acquisition, the decision was subject to the sale of 209 branches in the North East in order to avoid excessive concentrations in the Italian market.
Bloomberg: “EU to order Italian government to revoke golden power”
At this point the DgComp will order the Italian government to revoke the conditions taxes for the completion of the acquisition of Unicredit. Otherwise, it could be started an infringement procedure against Italy for violation of Community law.
The European Commission declined to comment, it writes Bloomberg. As well as representatives of Unicredit, Banco Bpm and the Italian government. As explained Mf, the executive will then have two months to respond to the EU (therefore after the deadline for the OPS) and only at a later stage will there be a possible decision from Brussels.
In the meantime, while waiting for the decision of the TAR, scheduled for July 9, on the appeal presented by Unicredit against the golden power, the Brussels' move puts everything back into play. For months, in fact, the CEO of Unicredit, Andrea Orcel, has been repeating that Piazza Gae Aulenti will withdraw the offer if the conditions imposed by the Italian government are not clarified. The order of the DgComp could perhaps make him change his mind.
