(Alliance News) - The Lazio Regional Administrative Court (TAR) has rejected Banco BPM's request to lift the suspension of UniCredit's Public Exchange Offer (OPS) for the Piazza Meda-based bank.
With a ruling from the second quater section of the TAR, the 30-day suspension remains in effect to allow for further information and clarification regarding the Italian government's golden power decree on UniCredit's offer.
As a result, the offer will remain on hold until Monday, June 21.
Banco BPM Chairman Massimo Tononi and CEO Giuseppe Castagna commented: "It is undeniable that this OPS has an extraordinary duration--about eight months--compared to an average of five months for recent deals. Furthermore, due to the passivity rule, it significantly restricts our necessary strategic flexibility at a crucial time for the restructuring of the banking sector."
"But above all, as the market has consistently shown, the OPS launched for Banco BPM continues to be disadvantageous for shareholders and has been from day one. Not to mention the deal's uncertainty, as no industrial plan has ever been presented, which clearly puts Banco BPM shareholders at a disadvantage, as we have highlighted in our issuer's statement."
On Wednesday, UniCredit CEO Andrea Orcel stated: "If there is no clarity from the government regarding the 'golden power,' we will withdraw."
UniCredit shares fell 0.8% to €56.59, while Banco BPM declined 0.7% to €9.97 per share.
By Michele Cirulli, Alliance News Reporter
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