Unicredit attacks the “illegal” Italian government of power on BPM BID

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Unicredit attacked the Italian government’s intervention in an attempt to seize its opponent Banco BPM, and criticized its use of the authorities that define the conditions of the deal as “illegal”.

In a statement followed Italian court decision On Saturday, which the Unicredit handed over a partial victory over the Georgia Melonian government, which seeks to impose strict conditions on the acquisition agreement, Milan said that the court’s decision is “unambiguous evidence that the way (government authorities) was used is illegal.”

UNICIDIT, under the leadership of CEO Andrea Orzel, was also accused of publishing wrong information about the offer at the expense of its shareholders in an additional escalation of tensions between competing banks.

Unicardit said that BPM participated in “unjustified communication campaigns that are often misleading.”

The lender also suggested that it would not improve the financial conditions for its display in BPM, a option that was on the table in the first days of the show in November. “In this context of deep uncertainty, BPM shareholders may have been deprived of an option,” he said.

On Saturday, an Italian court upheld the appeal by Unicredit to cancel government recipes on the post -integration loan rate in BPM and maintenance governor of financing the lenders project in Italy.

However, it has eliminated the government’s demands that unicredit should leave Russia if it wanted to complete the acquisition, and it was “completely legitimate” and “there could be no doubt about the fact that it is correct.”

The Administrative Court has no jurisdiction over political decisions.

“As the Administrative Court mentioned, the European Central Bank has (legal) efficiency to assess the matter and (we) is currently compatible with the requests of the European Central Bank.”

Unicardit’s exit from Russia was a large attached point between the government and the lender. The imposition of a fixed percentage of the loan to the deposits, which the court dropped, was subjected to strong criticism by unicredit. Orcel warned that he is ready to stay away from the deal if the government does not relax its demands.

Unicredit did not say in the statement whether it was planning to appeal against the decision or request to postpone the offer, which is scheduled to be closed on July 23.

The court’s decision is completely canceled by the previous government decree, leaving the deal to fold the forgetfulness pending the reformulation of the potential requirements of Rome.

UNICREDIT Board of Directors will have a final opinion and can choose to comply with the updated requirements of the government or move away from the deal.

On Saturday, BPM said in a statement that he was happy with the outcome of the appeal and called on Unicredit to “clarify its intentions” in the acquisition. The bank refused to comment on the UNicredit statement on Sunday.

Italian government spokesperson was not immediately available for comment.

Unicredit is the second largest lender in Italy. Calcous acquisitions of BPM and Commerzbank were launched in Germany last year.

It has reduced its exposure to Russia since the country has widely invaded Ukraine in 2022, but it is still one of the European lenders who run a local subsidiary.

Orcel has so far refused to exit the country completely to avoid incurring the feature of the public budget. The director should be delegated by the Russian authorities.