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Italian court confirmed that unicredit borrowers should be followed by a government to request from Russia if it wants to complete the rival of Banco BPM, in a blow of the principal Executive Andrea Olcel.
Giorgia Moneloni’s Government’s request is “perfect legitimate” and “no doubt about the fact that it is correct”, the court rules.
But it is about highlighting an appeal by Unicredit to other steps demanded by Rome as taking conditions.
To judge the landmark, published on Saturday, the post-merger photo-to-deposit ratio of the project to two Italian borrowers were killed.
This is the first time the administration court rules against any government-imposed requirements of a strategic retrieval deal, and the decision of the judges that destroy the government’s existing text.
Orcel warned that the deal could be separated if the government did not relax their needs.
It is not immediately clear if one side of the case will come, or if the government returns the order to consider the decision of the judges.
Leaving the Limbo Agreement. The period of the BPM period, which has reached once because of the court case, ends by the judge on July 23 The deadline can also be suspended in regulate.
BPM says a statement it enjoys the result of appeal and called Unicredit “to explain its purpose” to get.
UniCredit does not immediately comment on the decision. Unicredit’s board caused to meet in the coming days, according to people who are familiar with this matter.
Unicredit is the second largest lender in Italy. It launches identical extraction bids for commerzbank in BPM and Germany last year.
It has very decreases in Russia since the whole country invasion in Ukraine in 2022 but remained one of the two European borrowers to operate a local subsidiary.
Orcel has not now refused to get out of the country to completely avoid reaching a balanced hit. Exit should be allowed by Russian authorities.
