UniCredit has said its bid for Banco BPM is in limbo after the Italian government imposed conditions on the transaction last week, further complicating chief executive Andrea Orcel’s dealmaking ambitions.
The lender said on Tuesday that it was “not in a position to take any conclusive decision on the way forward” regarding its €10bn bid for BPM after Prime Minister Giorgia Meloni’s government issued conditions on the deal under its so-called golden power rules.
UniCredit said the conditions included constraints on how the combined entity would run its future credit activities and liquidity, as well as restrictions on its right to dispose shareholdings and appropriately manage assets under management, and its activities in Russia.
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