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2w ago

Unicredit Questions Banco BPM Bid as Commerzbank Offer Remains Distant

Rome’s use of Golden Power has made the €10 billion takeover plan untenable, underscoring the challenges facing its German bid.

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Overview

  • Andrea Orcel told La Repubblica that Unicredit will withdraw from the Banco BPM deal if unresolved issues persist.
  • The Italian government invoked its Golden Power veto to block the €10 billion share-swap takeover under strategic-sector safeguards.
  • Banco BPM’s management branded Unicredit’s offer uncoordinated and said it will explore alternative options if the bid collapses.
  • Despite a 28% stake in Commerzbank, Orcel said the bank remains weit entfernt from making a formal takeover proposal.
  • Chancellor Friedrich Merz and Commerzbank CEO Bettina Orlopp have emphasized preserving the lender’s independence and protecting jobs, with Berlin holding around 12% of its shares.