Unicredit's appeal regarding the golden power has been partially upheld by the Lazio Regional Administrative Court.

MILAN – The Lazio Regional Administrative Court (TAR) has partially upheld UniCredit's appeal challenging the legitimacy of the government's "golden power" in its takeover bid for Banco BPM. The decision is contained in a complex ruling, which has already been provided with detailed reasoning.

Two specific points were accepted: one requiring "not to reduce the loan-to-deposit ratio practiced by Banco BPM and UniCredit in Italy for a period of five years, with the aim of increasing lending to Italian households and SMEs," with reference exclusively to the timing; and the other requiring the project finance portfolio to be maintained at the current level. Two other aspects of the golden power, requiring "maintaining the current weight of Anima's investments in Italian issuers' securities," and setting the timeframe for the exit of UniCredit's financial activities in the Russian Federation, were not addressed.

Now we'll have to wait and see what UniCredit decides to do regarding the ongoing takeover bid for Banco BPM. A meeting of the bank's board of directors to assess the situation is not ruled out. The takeover bid expires on July 23rd, and the EU Commission's ruling on the compatibility of the golden power with EU law is also pending.