Overview

• The European Commission’s competition arm will issue a binding decision that Italy lacked authority to impose golden power conditions on UniCredit’s €10.5 billion bid for Banco BPM.
• Brussels plans to send a formal letter under Article 21 of the EU Merger Regulation inviting Rome to withdraw its April 18 decree or face an infringement action.
• TAR Lazio convened on July 9 to hear UniCredit’s appeal challenging the Italian government’s special restrictions on the deal.
• Italy’s April decree had required UniCredit to exit Russia within nine months, maintain Banco BPM’s deposit-to-loan ratio for three years and bar Anima from selling Italian government bonds.
• Following reports of EU intervention, Banco BPM shares jumped over 3 percent and UniCredit shares rose about 1.4 percent on Piazza Affari.