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Bond Market News
UniCredit Said to Agree on Divesting Branches for EU Antitrust Approval
June 11, 2025
Italy’s UniCredit is said to be able to secure the EU’s antitrust approval for its intended €10.1bn acquisition of Banco BPM after it agreed to divest 206 branches, as per sources. This move addresses EU competition concerns, with a decision expected by June 19. The branches they plan to divest are primarily located in northern and north-eastern Italy. Also, the Italian government has invoked its “golden powers” to impose national security conditions on the deal. These include maintaining Banco BPM’s loan-to-deposit ratio for five years and preserving its holdings in Italian securities linked to Anima Holding. However, UniCredit has contested these conditions, with a court hearing scheduled for July 9. To recall the state of the deal, Banco BPM had rejected UniCredit’s offer in April, citing undervaluation and strategic concerns, including potential job cuts and reduced autonomy.
Dollar bonds of UniCredit and Banco BPM were trading stable across the curve.
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