UniCredit CEO Andrea Orcel said Tuesday that Italy's second-largest bank may let its bid to take over rival lender Banco BPM lapse after the government used its 'golden powers' to impose conditions on the operation.
    Last week UniCredit saud that it will appeal to the Lazio regional administrative court (TAR) against the government's use of "golden powers" and would also support the European Commission's review of the use of these powers.
    The government has 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 allow the hostile takeover bid.
    Italy's stock-market regulator CONSOB has suspended the bid for BPM for 30 days, giving UniCredit some time to address the dispute.
    Nevertheless, Orcel said Tuesday that the result of the appeal via Italy's administrative courts "will not arrive in time to give us certainty of the closure of the operation".
    Speaking at the council of the FABI banking federation, Orcel added that Unicredit could try again even if the current bid lapses.
    He also ruled out a takeover of insurance giant Generali.
   
   

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