The Lazio TAR examined the appeal of Banca Popolare di Milan against Consob, who had suspended for thirty days The public exchange offer (OPS) proposed by Unicredit on BPM. Based on the decisions of the Opa Stock Exchange Commission that started on April 28, it will end on July 23rd instead of June 23 as expected initially. The freezing was asked by Unicredit in the hope of having more time to deal with the government on the conditions imposed by the Golden Power.
The postponement, however, does not seem to have achieved many results considering that the government does not seem intent on removing. The Lazio Tar, which will pronounce in the next few days, will have the task of deciding whether or not to accept the appeal. The sentence is important but not decisive. If the deadline returned to the original one to June 23, it would not change much. At this moment the operation is at a discount. It means that the shareholder Banco Bpm has no convenience to join the offer. Without a relaunch by the offerer, the OPS is intended for bankruptcy. It means that, in all probability Unicredit will insist on the request for the extension. On 9 July the Lazio TAR will discuss the appeal filed by the bank against the application of the Golden Power by the Italian government. Unicredit contested the application of the Golden Power, claiming that there are no valid reasons to prevent the operation since it is a combination between two Italian banks.
To further complicate Unicredit’s situation, The new penalties announced by the European Union against Russia arrive, which directly affect the banking operations of the group. The president of the European Commission Ursula von der Leyen has announced a series of restrictive measures that include further export prohibitions for a value of more than 2.5 billion euros. These sanctions are intended to deprive the Russian economy of essential technologies and industrial goods, including machinery, metals, plastics and chemicals, used as raw materials in the Russian industry.
In addition, the prohibition of transactions has been expanded with a list of 22 Russian and foreign companies which provide direct or indirect support to the Russian military and industrial complex. The sanctions also include the blocking of exports of dual use goods and technologies, which can be used in the production of drones, missiles and other weapon systems, so that Russia can no longer modernize its weapons with European technologies. The Russian branch of Unicredit, which operates in a market already under pressure due to the sanctions, is now faced with new operational difficulties. The measures adopted by the European Union risk further compromising its ability to operate
In addition to international and legal challenges, Unicredit finds himself having to face problems related to employment. On the occasion of the First Cisl Assembly, Giuseppe Colombani stressed that the continuous uncertainty regarding the acquisition operations and new penalties could translate into risks for work stability, inviting the company to pay attention to the implications for employees. The union asked for greater clarity and protections for workers, so that they are not penalized by the uncertainties related to the legal developments and geopolitical challenges that are marking the Unicredit strategy.
