Overview

• The Tar del Lazio rejected Banco BPM’s request to annul Consob’s 30-day suspension, fixing the offer deadline at July 23
• Consob paused Unicredit’s takeover bid on May 22 over unclear government Golden Power prescriptions
• CEO Andrea Orcel has said there is only a 20 percent chance the deal moves forward without clarity on the rules
• The European Commission has sought further information on applying Italy’s Golden Power law to the acquisition
• Unicredit is also pursuing regulatory approval to raise its stake in Commerzbank to 30 percent