Table of Contents:
The context of the Unicredit-Banco BPM transaction
In recent months, the Italian banking sector has witnessed an important evolution with the acquisition proposed by UniCredit against Banco BPM. This maneuver, worth 10.1 billion euros, aims to consolidate UniCredit’s position on the European scene, aiming to become the third bank on the continent. The purchase proposal, set at 6,657 euros per share, has aroused mixed reactions both among investors and among the managers of the two institutions
.
The role of the government and the Golden Power notification
UniCredit recently announced its intention to submit the formal notification for the transaction to the Italian government, thus activating the Golden Power mechanism. This regulatory tool allows the government to review transactions involving strategic activities for the national interest. Once the notification has been received, Palazzo Chigi will have 45 days to evaluate the operation and decide whether to set any conditions. The government, as highlighted by the Minister of Economy Giancarlo Giorgetti, has already expressed the need for an in-depth analysis, stressing that the operation was
‘announced but not agreed’.
Reactions from the market and the banks involved
Market reactions were immediate. UniCredit’s shares fell slightly, while Banco BPM’s shares declined after an initial increase. This scenario highlights the uncertainty surrounding the transaction, with Banco BPM’s board of directors challenging the offer, considering it not adequate for its shareholders. Giuseppe Castagna, CEO of Banco BPM, called the transaction a ‘killer acquisition’, presenting a complaint to the Antitrust to protect the interests of the shareholders
.
Future prospects for UniCredit and Banco BPM
Despite the controversy, UniCredit continues to pursue its expansion strategy, with the aim of achieving synergies of 1.2 billion euros. The presentation of the updated business plan by Banco BPM could prove crucial, as the institution could revise its financial targets upwards. However, the issue of Golden Power remains central, since the government has the right to intervene in operations of strategic importance. The current situation requires constant vigilance from investors and analysts, while an official response is awaited from the
Italian government.
