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UniCredit’s Acquisition of Banco BPM Conditionally Approved by EU Regulators
June 20, 2025
EU antitrust regulators have conditionally approved UniCredit’s takeover of Banco BPM, requiring UniCredit to sell 209 branches in northern Italy to resolve competition concerns. The European Commission stated these measures adequately address overlaps and preserve market competition. This development comes as expected as per the news reported last week. Italy had attempted to take jurisdiction over the merger citing national security, invoking its “golden powers,” but the EU declined. UniCredit is also legally challenging the Italian government’s conditions, with a court hearing scheduled next month. The Commission emphasized the importance of maintaining competition in key sectors like banking and insurance. 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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