UniCredit SpA announced it will evaluate its next steps in pursuing Banco BPM SpA following a ruling by an Italian court that annulled some government-imposed conditions for the takeover. The court upheld a requirement for UniCredit to exit its Russian operations and mandated unchanged domestic investments in Banco BPM's asset manager Anima Holding. CEO Andrea Orcel has concerns about the impact of these conditions on the takeover plan. The offer period for the takeover expires July 23, while Credit Agricole's move to increase its stake adds complexity to the situation.
UniCredit will assess the next steps in its pursuit of Banco BPM after an Italian court annulled two conditions imposed on a takeover by the government, while retaining others.
The administrative court confirmed a requirement that UniCredit exits its Russian business and keeps unchanged domestic investments at Banco BPM's Anima Holdings.
UniCredit viewed the court's decision as proof that the application of Golden Power was illegitimate and stated it would evaluate all relevant steps in a timely manner.
The preliminary offer period for UniCredit is set to expire on July 23, while Credit Agricole's plan to increase its stake complicates the takeover situation.
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