The comparison between Unicredit and the Government is somewhat reminiscent, all things considered, of the much more bellicose summit between Russia e Ukraine in Istanbul. The possibility of a meeting between Russian Tsar Vladimir Putin and Ukrainian President Zelensky having faded, technical delegations will meet today in Istanbul. But the issues are all political, not technical. And so it is also for the confrontation between Unicredit and the mef on Golden Power which had its first episode yesterday in a technical setting without the presence of the CEO of the Milanese bank, Andrea Orcell, nor of the Northern League Minister of Economy, Giancarlo Giorgetti.
The meeting, according to what has leaked out, focused on the most problematic issues of the application of the Golden Power to the Unicredit takeover bid on Bpm bank: the timing of the Italian bank's exit from Russia and the maintenance of its investments for 5 years Anima (in the event that it is conquered by Unicredit) in government bonds. The Mef technicians, sources assure, have listened to Unicredit's reasons and the two parties will meet again shortly.
Unicredit-Banco Bpm: the issue is entirely political
But to say that these were steps forward would be risky, because the issues on the table are all political and there is no one who does not know that the vetoes of Giorgetti and of the League, which intend to defend in all ways the autonomy of Banco Bpm due to its deep-rooted presence in typically League territories, are equivalent to a preventive rejection of Orcel's offensive.
The CEO of Unicredit, who is used to reasoning exclusively in terms of the market, is trying in every way to soften the Government – in Generali he voted with Caltagirone, who is the point of reference for the Meloni Government in finance and sponsored theAmerica’s Cup in Naples – but getting the green light for the takeover bid on Banco Bpm is a bit like climbing Everest with your bare hands. “The Dpcm is that, it cannot be interpreted and it cannot be modified” he reports today Mf gathering the confidences of a ministerial source. End of story.