Golden power dossier with Italy remains open says EC

(ANSA) – ROME, JUL 24 – The European Commission said Thursday that the case regarding Italy’s possible illegitimate use of its golden powers with UniCredit’s bid to take over Banco BPM is not closed after the country’s second-largest bank said this week that it was withdrawing the offer.
Earlier this month the Commission said sent the Italian government a letter expressing reservations about the use of its ‘golden powers’, saying it “could constitute a violation of Article 21 of the EU Merger Regulation and other provisions of EU law.” The government used the powers in a decree to set conditions regarding the phasing out of UniCredit’s activities in Russia, loan-to-deposit ratios, and investments in Anima Holding, a fund manager recently acquired by BPM, to give its green light for the hostile takeover bid.
“We take note of the decision not to proceed with Unicredit’s offer for Banco Bpm,” European Commission spokesman Thomas Regnier said.
“The decree remains on the table and the letter we sent was about the decree.
“So since the decree remains on the table, our talks with the Italian authorities will also remain valid.
“We have sent a letter and the goal is to get a response.
“Our exchanges with the Italians are good and we continue on this basis”. (ANSA).
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