(Alliance News) - UniCredit is slowing its approach to Banco BPM: "The probability of proceeding with the takeover bid is at 20%, perhaps less," CEO Andrea Orcel said. The decisive factor, he explained, will be the Italian government's clarity on the terms of the Golden Power, which remain insufficient even after the Ministry of Economy and Finance's letter at the end of May, according to Il Corriere della Sera on Thursday.
Speaking in Berlin, Orcel reiterated that M&A is merely a tool, and that the conditions set out by the April DPCM do not add value compared to the bank's current plan. UniCredit remains aligned on its objectives--protecting savings, supporting the economy, and project financing--but diverges on the method, the newspaper continues.
As reported by Il Corriere, Orcel also criticized political interference in M&A, particularly when management opposed to a deal seeks government backing: "It distorts the rules of the game." This was a reference to Commerzbank and similar cases in Italy.
Regarding Commerzbank, he recalled that UniCredit had been invited, with EUR9 billion already invested, but today a bid is unlikely: "The price has risen beyond the fundamentals." Meanwhile, the growth plan continues: net profit is forecast to exceed EUR9.3 billion in 2025, rising to EUR10 billion in 2027, with EUR7.5 billion in excess capital supporting distributions.
"Whatever happens," he concluded, "we will maintain our targets."
By Claudia Cavaliere, Alliance News reporter
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