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Italy Moves to Reinstate Most Conditions on UniCredit-BPM Deal
July 23, 2025
Italy is drafting a new decree to reimpose most of its conditions on UniCredit’s planned takeover of Banco BPM, despite a recent court ruling that struck down two government demands. Italy’s market regulator had paused UniCredit’s takeover offer for 30 days after the government said that it was taking the court ruling and the EU’s criticism into consideration. UniCredit had signalled that it may walk away if conditions continue to remain unclear. Italy has emphasized its right to intervene for economic security purposes while the EU has pushed back against Italy’s application of its “golden power” in the deal. Analysts note that this situation has created uncertainty for Banco BPM shareholders. UniCredit is seeking clearer and constructive communication from the government. The acquisition deal was approved by the EU earlier last month.
UniCredit’s bonds traded stable with its EUR 5.625% Perp at 97.96, yielding 5.97%
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