Introduction
An Italian court is currently reviewing Banco BPM's appeal against the regulatory suspension of UniCredit's takeover bid, originally launched in April.
Context
The decision from the court is anticipated to be reached within hours but will not be publicly announced for one or two days. Italy's markets regulator has extended UniCredit's offer for Banco BPM by one month, moving the deadline to July 23 instead of the previously set June 23. This extension was necessitated by conditions imposed by the government that UniCredit argues cannot be fulfilled.
Developments
UniCredit has formally contested these governmental conditions in court, with a hearing set for July 9. In addition to legal measures, UniCredit is engaging in discussions with government officials responsible for 'golden powers,' which enable Italy to review banking sector deals on national security grounds.
Conclusion
The outcome of the court's decision regarding Banco BPM's appeal could significantly affect the future of UniCredit's takeover bid and its ability to navigate the imposed regulatory landscape.
