Italy's Government Set to Review UniCredit's Bid for Banco BPM
January 11, 2025 at 12:47 PM GMT+0

Italy's Government Set to Review UniCredit's Bid for Banco BPM

Italy is set to begin a formal review of UniCredit SpA's unsolicited bid for Banco BPM SpA, as reported by Bloomberg. This process, under the country's "Golden Power" rules, could lead to the imposition of conditions if a deal is approved. The move is part of Prime Minister Giorgia Meloni's administrative strategy to safeguard Banco BPM's branches and job security.

UniCredit's proposal entails offering 0.175 newly issued shares for each share of the smaller rival, valued at approximately EUR10.1 billion ($10.35 billion) at the time of the offer. However, BPM Chief Executive Officer Giuseppe Castagna deemed the bid insufficient, following which Banco BPM requested Italy's market regulator to take protective measures.

This potential deal threatens to disrupt Meloni's plan of forming a third significant Italian banking entity, especially after Banco BPM acquired a substantial stake in Banca Monte dei Paschi di Siena SpA. Analysts from the IndexBox platform highlight that the value of strategic banking assets in Italy has shown resilient growth, emphasizing the importance of government intervention in such high-stakes negotiations.

The Italian government has invoked "Golden Power" authority in previous instances, such as imposing restrictions on Chinese interests in Pirelli & C. SpA. Opinions among Meloni's cabinet members are divided regarding the UniCredit-Banco BPM deal. While Deputy Prime Minister Antonio Tajani opposes the use of special powers, Finance Minister Giancarlo Giorgetti asserts the government's right to use veto powers to restrict certain transactions.

As France's influence within Italy's financial sector also raises concerns, the ongoing deliberations around the UniCredit-BPM bid could serve as a litmus test for Italy's protective economic strategies under Meloni's governance.

Source: IndexBox Market Intelligence Platform

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  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
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  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
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    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
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  7. 7. GLOBAL PRODUCTION

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  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2024
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  10. 10. PROFILES OF MAJOR PRODUCERS

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  11. 11. COUNTRY PROFILES

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    • United States
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  12. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption, By Country, 2018–2024
    5. Production, In Physical Terms, By Country, 2012–2024
    6. Imports, In Physical Terms, By Country, 2012–2024
    7. Imports, In Value Terms, By Country, 2012–2024
    8. Import Prices, By Country Of Destination, 2012–2024
    9. Exports, In Physical Terms, By Country, 2012–2024
    10. Exports, In Value Terms, By Country, 2012–2024
    11. Export Prices, By Country Of Origin, 2012–2024
  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Consumption, By Country, 2024
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2024
    18. Production, In Value Terms, 2012–2024
    19. Production, By Country, 2024
    20. Production, In Physical Terms, By Country, 2012–2024
    21. Imports, In Physical Terms, 2012–2024
    22. Imports, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, By Country, 2024
    24. Imports, In Physical Terms, By Country, 2012–2024
    25. Imports, In Value Terms, By Country, 2012–2024
    26. Import Prices, By Country, 2012–2024
    27. Exports, In Physical Terms, 2012–2024
    28. Exports, In Value Terms, 2012–2024
    29. Exports, In Physical Terms, By Country, 2024
    30. Exports, In Physical Terms, By Country, 2012–2024
    31. Exports, In Value Terms, By Country, 2012–2024
    32. Export Prices, 2012–2024

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