Business
UniCredit offers concessions in bid for EU nod for Banco BPM deal
UniCredit offers concessions in bid for EU nod for Banco BPM deal
About this update from Banco Bpm Spa
Italian bank UniCredit MIL:UCG has offered concessions in an attempt to secure EU antitrust approval for its acquisition of Banco BPM MIL:BAMI, according to an updated filing on the European Commission website.UniCredit put in its offer on Monday, the filing showed, without providing details in line with the EU competition enforcer's policy.The EU executive, which acts as the competition watchdog for the 27-country bloc, may seek feedback from rivals and customers before deciding whether to accept the concessions, demand more or open a full-scale investigation.It is set to wrap up its preliminary review of the deal by June 19 or it may hand the deal over to a national antitrust agency to examine following a request from the unnamed agency.Earlier on Tuesday, UniCredit CEO Andrea Orcel said the bank will not complete the deal unless the Italian government changes the conditions it has set for it, which UniCredit has challenged in court.