UniCredit on Tuesday blasted the
conditions the government has put on approval for the bank's bid
to take over Banco BPM.
UniCredit, Italy's second biggest bank, launched a hostile bid
for BPM, the third biggest, some months ago.
The government has set conditions regarding the phasing out of
UniCredit's activities in Russia, loan-to-deposit ratios and
investments Anima Holding, a fund manager recently acquired by
BPM.
"The conditions are open to different interpretations and could
appear not fully aligned with Italian and EU law and with
decisions pertaining to regulatory authorities," UniCredit said.
"Indeed, the prescriptions imposed to UniCredit, could harm its
full freedom and ability to take sound and prudent decision in
the future, and even lead to unintended results (e.g. the
imposition of fines on UniCredit due to alleged failure to
comply with any of the prescriptions).
"Above and beyond the general faculty to ask the authority to
reconsider a decision issued, the decree expressly contemplates
the possibility for UniCredit to immediately report to the
authority if it is not possible to implement - in whole or in
part - the prescriptions.
"Hence, UniCredit has promptly responded to the authorities with
its views on the decree and awaits feedback.
"Until then, UniCredit is not in a position to take any
conclusive decision on the way forward regarding its OPS on
Banco BPM".
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