Overview

• Unicredit CEO Andrea Orcel warned that government-imposed Golden Power restrictions render the Banco BPM offer de facto non-economic and risk its collapse
• UniCredit has appealed to the administrative courts and secured a one-month Consob suspension, but legal proceedings may overrun the July 23 deadline
• Intesa Sanpaolo’s Carlo Messina reiterated he would advise Andrea Orcel against any Generali bid, a scenario Unicredit’s boss has formally excluded
• Messina stressed that managing €1.4 trillion of Italian savings is a matter of national security and endorsed special-powers use to safeguard domestic capital
• Both leaders cautioned that state interventions are impeding Italy’s banking consolidation, underscoring the need for stronger pan-European banks