Milan (Reuters) – Unicredit announced on Friday that it will take legal action against the conditions imposed by the Italian government for the approval of its offer on its competitor Banco BPM.

Unicredit said in a statement that it would file the complaint “within a brief period” with the administrative court of the Latium Region in Rome.

The Italian Bank has also expressed its support for the European Commission for the European Commission by Italy of its “Golden Power”, which allows it to block or set conditions for any Italian or foreign acquisition, of a company in a strategic sector.

The government has given Unicredit nine months to stop its activities in Russia and asked the bank not to reduce the loan/deposit ratio for five years, which is currently higher for Banco BPM than for Unicredit.

Unicredit must also avoid reducing investments in Italian titles by Anima Holding, a fund manager Banco BPM has recently acquired, and supported Anima’s growth.

This week, the bank led by Andrea Orcel obtained from the Italian markets of the markets a 30 -day suspension of its offer on BPM, thus giving it the time necessary to contest government requirements.

Banco BPM Managing Director Giuseppe Castagna, said in an interview to the press on Friday that his bank would file a complaint with an administrative court against the suspension.

The UNICREDIT operation on BPM is one of the many public hostile purchasing offers that shake the Italian banking sector while Rome recently authorized the offer of Monte Dei Paschi on Mediobanca and Bper on Popolare di Sondrio.

(Written by Valentina ZA, Elena Smirnova, edited by Augustin Turpin)

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