Overview

• Tar del Lazio partially upheld UniCredit’s appeal by annulling mandates on five-year loan-to-deposit ratios and project finance portfolios.
• Judges ruled the fixed five-year ratio restriction was disproportionate and premature without a completed industrial plan analysis.
• Obligations to preserve Anima’s Italian holdings and to divest all Russian activities within nine months were upheld.
• UniCredit is evaluating its next steps and may convene its board to decide whether to press ahead with the offer before the July 23 deadline.
• The European Commission’s review of the golden power’s compatibility with EU merger rules remains open.