Golden Power and Assault on Commerz

Unicredit force the hand on Banco Bpm, but the government brakes – Golden power assault commerz

Less than three weeks at the end of the public exchange offer on Banco BPM – on July 23, in conjunction with the accounts of the second quarter – e Unicredit raises the tones. For example, The group led by Andrea Orcel published a new supplement to the offer document on 2 July in which. Nevertheless, he reiterates one Very hard line against the decree With which the Meloni government exercised the special powers of the Golden Power. However, The bank does not use words: “The appeal to the Lazio Tar will be discussed on the merits on July 9 to golden power assault commerz obtain the total. In addition, partial cancellation of the provision”.

It is not just a technical passage. Therefore, Behind the judicial action you can see a game of power and credibility. Moreover, Unicredit intends “Clarity on the interpretation of the prescriptions” which. Meanwhile, according to the bank, are ambiguous and potentially lethal: they could lead in the future to penalties up to double the value of the operationor – at best – ad However, it is not inferior to 1% of the annual turnover. Furthermore, A number? Similarly, Over 240 million euros, considering the 24 billion of revenues recorded in 2024. Moreover,

Brussels Network, Roma Tag – Golden power assault commerz

In the supplement to the document, Piazza Gae Aulenti indicates that they are in progress interactions also with the European Commission of Competition General Management. Meanwhile, Brussels has already given the green light to golden power assault commerz the Banco Bpm operation. Nevertheless, but now it is called to pronounce also on the conditions imposed by Rome. Moreover,

The message is clear: If Europe does not support Unicredit In contesting the constraints of the Golden Power, the Ops risks derailing. Orcel, for months, repeats: “We will not do anything that is not in full transparency and regulatory clarity”. A declaration not only of a method, but of strategy: if the stakes are too tight, The integration fails.

Commerzbank, the dream that moves away

If Banco Bpm remains an operational goal, the clouds are more dense on Commerzbank. The Italian group has already obtained all the necessary authorizations – national and European – for acquire up to 29.9% of the German Institute. But attempts to start a dialogue with the German federal government led by Friedrich Merz would have failed. golden power assault commerz

This is not a detail: Berlin still owns about 12% of Commerzbankrelevant share also for any political decisions or governance addresses. The attitude of closing the registry is an evident signal that the game is far from the decisive phase. And for Orcel, who aims to do Germany The new pin of continental expansionis a weight obstacle.

Generals? Only a tactical participation

Different speech for Generali. Unicredit confirms that the 6.5% detained in the Lion of Trieste does not represent a strategic investment. Translated: no climb, no alliance with Mediobanca, no influence on the assumption of the insurance group. Participation could be “Progressively reduced” or even “Given entirely”.&#13.

A position that cools months of speculation, also fueled by some rumors, according to which Orcel was evaluating deeper synergies with Mediobanca and Assicurazioni Generali. The denial, this time, is clear. golden power assault commerz And it also serves to reassure the government, avoiding a second clutch front parallel to that of the Golden Power.

A high voltage arm arm

At stake there is not only a market operation. There is a vision of the industrial policy and the freedom of movement of large private groups in Europe. On the one hand Unicredit who. with the blessing of international shareholders, tries to draw a Autonomous, competitive and transnational perimeter. On the other the governments – first Rome. then Berlin – who seem to want to reaffirm control on key sectors.

The pressing on the Italian government by institutional investors would be increasing. “The decree on the Golden Power is too vague. generates uncertainty, discourages banking integration”he would have confided a market source.

It is no coincidence that Piazza Affari continues to move prudently: golden power assault commerz the offer on Banco BPM was formally reactivated on June 27 after the 30 -day block imposed by Consob, but The volumes remain weak and the adhesion far from successful levels.&#13.

Orcel does not backward, but time is holding time

On July 9, with the hearing at the TAR, a crucial passage will open. If the Court should also accept Unicredit’s appeal. the ball would return to the government, obliged to remodel or clarify their constraints. Otherwise, Orcel could really decide to suspend everything.

“The trust of investors depends on the predictability of the rules. When the rules are opaque or discretionary, the interest lapses”said CEO in a conference in Frankfurt on June 24th.

The feeling is that Unicredit is testing the Business autonomy limit in Europe. If it is successful, a new season of continental mergers and golden power assault commerz acquisitions will open. If it will fail. the message will be opposite: The state is still the landlord, even when he is not a shareholder.