ROME (dpa-AFX) - Italian banking group UniCredit SpA (UCG, UNCFF.PK) on Tuesday said it is not in a position to take any conclusive decision regarding its takeover offer for Banco BPM S.p.A after Italian government imposed certain conditions.
The Italian Government on Friday issued a decree pertaining to the Golden Power process, clearing UniCredit's plans to launch a 14 billion euro euros all share offer for Banco BPM, subject to certain conditions.
The company now noted that the Government's decree expressly contemplates the possibility for the firm to immediately report to the authority if it is not possible to implement - in whole or in part - the prescriptions.
UniCredit has promptly responded to the authorities with its views on the decree and awaits feedback. Until then, the firm will not take any conclusive decision on the way forward.
Regarding the conditions, UniCredit said its ability to make sound decisions could be jeopardised by those conditions, and that it is awaiting answers to its concerns before any further moves.
The prescriptions translates into constraints to the way in which the combined entity will run its future credit activities and liquidity, to the right to dispose shareholdings and appropriately manage Anima's assets under management, and on UniCredit's activities in Russia.
UniCredit said it clearly intends to maintain or grow the combined entity's exposure to SMEs and further support them with its product factories. The company will also continue to manage its clients' assets under management strictly in their best interests. UniCredit is also committed to continuing to compress its presence in Russia, already down c90% in the last three years, in alignment with the ECB decision.
'Indeed, the prescriptions imposed to UniCredit, could harm its full freedom and ability to take sound and prudent decision in the future, and even lead to unintended results, e.g. the imposition of fines on UniCredit due to alleged failure to comply with any of the prescriptions,' the company said.
In Milan, UniCredit shares were trading at 48.51 euros, up 0.21%.
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