Overview

• Consob suspended UniCredit's public exchange offer for Banco BPM for 30 days, citing uncertainties related to golden power conditions imposed by the government.
• UniCredit has formally appealed to the TAR of Lazio and withdrawn the Anima condition in an effort to address regulatory hurdles.
• Banco BPM criticized the suspension as 'abnormal' and announced plans to challenge the decision in court to protect its interests and shareholders.
• Government sources confirmed they would not amend the golden power decree, which includes conditions such as exiting Russia within nine months and maintaining Italian investments for five years.
• Political and market reactions remain divided, with criticism directed at Consob's decision and its potential impact on government evaluations and banking-sector consolidation.