Overview

• The TAR del Lazio confirmed Consob’s 30-day suspension of UniCredit’s public exchange offer and rejected Banco BPM’s request to annul the freeze.
• Consob froze the takeover bid on May 22 due to uncertainty over government-imposed golden power conditions.
• The response period for shareholders has been extended from June 23 to July 23 pending the outcome of ongoing legal challenges.
• UniCredit has appealed against what it described as “abnormal” golden power prescriptions, with a hearing set for July 9.
• The European Commission’s antitrust authority will rule on June 19 whether to accept UniCredit’s proposed remedies.