Overview

• On July 22, Consob imposed a second 30-day suspension of UniCredit’s public exchange offer, extending the deadline to August 21 over new legal and EU scrutiny of the golden power decree.
• Later that day, UniCredit’s board formally withdrew its bid, stating that the golden power authorization condition remained unsatisfied amid persistent uncertainty.
• The offer had secured only about 0.5 percent of Banco BPM shares in adherence, reflecting low investor engagement under ongoing regulatory questions.
• By pulling the offer, Banco BPM is released from the passivity rule and can now undertake strategic transactions and partnerships without restriction.
• Crédit Agricole, holding 19.8 percent of Banco BPM, could seek ECB approval to increase its stake above 20 percent and establish a blocking minority against future takeover attempts.