The government of Giorgia Meloni, opposed to this merger, exercised in April its “Golden Power”, a special power which allows it to impose very restrictive conditions on this takeover.
The European Commission said on Monday that the conditions set by the Italian government for the acquisition of Banco BPM by another Italian bank, Unicredit, could be contrary to the EU rules.
The European executive said he sent a letter to Rome in which he expressed his concern on the subject.
The Commission considers that the conditions decided in April by the Italian government to the redemption of BPM by Unicredit could “constitute a violation” of the European rules in matters of competition, said a spokesman for the Commission, before the press in Brussels.
The government of Giorgia Meloni, opposed to this merger, exercised in April its “Golden Power”, a special power which allows it to impose very restrictive conditions on this takeover.
Among these, the obligation for Unicredit, if it were to buy Banco BPM, to maintain the level of the loans granted in Italy for a while and to stop all activity in Russia. So many conditions that have engaged in the gains simulations that this takeover would offer to unicredit.
Its general manager, Andrea Orcel, had then evaluated the probability of continuing the acquisition at only “20% or less”.
The Commission had nevertheless decided in June to approve this buy -back project, after a commitment from Unicredit to give in 209 agencies in regions where the merger of the two networks could, she said, poses competition problems.
But she had not yet pronounced herself specifically on the new conditions posed by Rome. Based on the responses provided in June by the Italian government, Brussels finally considered that these conditions were “not sufficiently motivated,” said the spokesperson.
The Italian government reacted on Monday claiming “that it will respond with a constructive and collaboration in the requested clarification” by the Commission.
He had already undergone a setback on Saturday when the Administrative Court of Rome (TAR) had partially agreed to Unicredit, eliminating two of the four requirements that Rome had imposed in the context of his “Golden Power” for this takeover.
The first Italian bank, Unicredit, launched at the end of November a public exchange offer (OPE) promoting the fourth bank in the country, Banco BPM, more than 10 billion euros, against the background of restructuring of the entire Italian banking sector.
