Overview

• UniCredit’s appeal targets April-imposed conditions that require it to exit Russia within nine months and maintain BPM’s loan-to-deposit ratio for five years.
• Brussels is set to assert exclusive EU merger authority and may launch infringement proceedings if Italy refuses to withdraw the contested terms.
• On Tuesday, UniCredit converted roughly 10 percent of its synthetic Commerzbank holding into shares, lifting its direct voting stake to about 20 percent.
• The lender plans to convert its remaining 9 percent derivatives position into shares in due course, which would bring its voting stake to around 29 percent.
• Commerzbank’s management and the German government, which holds 12.1 percent of the bank, have rejected UniCredit’s unsolicited moves and reaffirmed their commitment to independence.