Published by Global Banking & Finance Review®
Posted on July 22, 2025
1 min readLast updated: January 22, 2026
Add as preferred source on GoogleUniCredit has withdrawn its €14.6 billion bid for Banco BPM due to legal challenges and government provisions impacting the deal process.
MILAN (Reuters) - UniCredit on Tuesday said it was withdrawing its 14.6 billion euro ($17 billion) all-share bid for Banco BPM.
Italy's second-biggest bank said in a statement government-set terms for the bid, which it has been fighting in court scoring a partial victory earlier this month, had derailed the bid.
"The normal offer process has been impacted by the Golden Power provision," the bank said, referring to special powers Rome has to set conditions, or block, corporate deals on grounds of public order or national security.
UniCredit said a 30-day suspension of the bid which market watchdog Consob decided earlier on Tuesday was not sufficient to get to a point where all uncertainty around the scope of the government's powers would be cleared.
($1 = 0.8514 euros)
(Reporting by Valentina Za, editing by Alvise Armellini)
A corporate bid is an offer made by one company to purchase another company. This can involve cash, stock, or a combination of both and is often subject to regulatory approval.
Legal challenges in corporate finance refer to disputes or regulatory issues that arise during mergers, acquisitions, or other financial transactions, often requiring court intervention.
An all-share bid is a type of acquisition offer where the purchasing company offers its own shares as payment for the shares of the target company, rather than cash.
A market watchdog is a regulatory body that oversees financial markets to ensure compliance with laws and regulations, protecting investors and maintaining market integrity.
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