(Alliance News) - The Antitrust Authority has given the go-ahead to Banco BPM Spa's takeover bid for Anima Holding Spa, granting unconditional approval to the acquisition of control of the asset management company.

As the Corriere recalls Friday, after the Authority's okay, steps remain with Bankitalia, IVASS and Consob, which will have five trading days to express its opinion. The takeover bid is expected to be launched at the end of February.

At the same time, Banco BPM seems close to an agreement with the unions after the standoff over 1,100 hires, 1,600 incentivized exits and the performance bonus. The institution could increase the number of hires and bring the bonus in line with industry standards, unblocking negotiations.

Meanwhile, UniCredit Spa continues on its path toward an OPS on Banco BPM. Today, it will send the offer document to Consob and initiate applications to the Antitrust Authority, with developments expected in January.

A crucial role lies with Crédit Agricole SA, whose 15.1 percent in Banco BPM (potentially rising to 19.9 percent) will be decisive. The French bank could support UniCredit in exchange for a prolonged partnership with Amundi and interest in BPM assets such as branches and consumer credit. The key to everything remains Amundi, whose weight in Italy is a pillar of the French group's profitability.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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