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Bond Market News
UniCredit Sees Partial Victory in Legal Battle Over Banco BPM Deal
July 14, 2025
An Italian court has accepted some of UniCredit’s requests to annul conditions imposed on its bid for Banco BPM, granting a partial victory to CEO Andrea Orcel’s plan to create Italy’s largest lender. The Administrative Court of Lazio lifted two conditions set by Prime Minister Giorgia Meloni’s government: lowering the loan-to-deposit ratio at Banco BPM and UniCredit in Italy for five years and maintaining the current levels of their project finance portfolios in Italy. The ruling can still be appealed by the parties. The decision is significant for UniCredit’s unsolicited all-share offer for Banco BPM, which has faced government-imposed restrictions and competition from other bids. The offer period expires on 23 July, and Orcel has warned that the deal “might fall through.” UniCredit had filed the claim after the government imposed wide-ranging conditions on the potential deal.
Meanwhile, Credit Agricole is seeking the ECB approval for an increase in its stake in Banco BPM, potentially complicating UniCredit’s acquisition efforts.
UniCredit’s 5.861% 2032s are trading at 100.8, yielding 5.42%.
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