UniCredit formally withdrew its offer for Banco BPM, citing unsatisfied conditions regarding the government's 'golden power' restrictions. This withdrawal is characterized as a missed opportunity for BPM shareholders. The decision follows recent regulatory actions that suspended UniCredit’s bid, and government opposition to the acquisition, linked to national security concerns regarding UniCredit's operations. The Italian government aimed to support the formation of a new banking group instead, reinforcing a challenging negotiation environment for UniCredit's takeover ambitions.
The Board of UniCredit announces the withdrawal of its offer for BPM as the condition relating to the golden power authorization is not satisfied.
As a result, BPM leadership has deprived their shareholders of the dialogue that normally occurs during an offer period to understand the value created by the combination.
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