UniCredit has revealed its plans to file an appeal with Italy’s administrative court regarding government-set terms for its failed Banco BPM bid.
The initiative comes as the confrontation between Italy's second-biggest bank and the country’s administration escalates further. The government sees UniCredit’s proposed intentions as a hostile act, according to some sources, while the bank said it first appealed the verdict, securing a partially favourable verdict, to have a more complete legal view of the decision.
UniCredit’s acquisition journey
The Government approved a EUR 14.4 billion all-share acquisition offer under some conditions, including UniCredit's complete withdrawal from the Russian market by January 2026 and the maintenance of Banco BPM's existing loan-to-deposit ratio for five years post-acquisition. When it challenged the deal terms, UniCredit contested Italy’s regulations, which grant the government authority to impose restrictions on transactions involving strategic national assets.
Moreover, the bank was required to uphold Banco BPM's credit activities, particularly concerning SMEs, and to manage Anima Holding's assets without significant changes. The company expressed its opinion that these conditions may limit its operational flexibility and may lead to sanctions for non-compliance. It also mentioned that the imposed conditions are unclear and may not align with the information previously provided to authorities. Abandoning the acquisition, UniCredit blamed the government-set terms for the bid for derailing the takeover. Banco BPM also announced its intention to appeal the suspension, arguing that it limits the bank’s capacity to take part effectively in the M&A sector across Italy’s banking industry.
UniCredit will file its appeal on Monday, the final day before the deadline expires, according to two unnamed sources. The bank had prepared for this move in recent weeks after an earlier deadline to proceed passed. The appeal would offer more clarity around the matter, protecting the bank’s interest, according to its representatives.
