Italian bank UniCredit has submitted concessions to the European Commission in a bid to secure antitrust approval for its proposed acquisition of Banco BPM, according to an official filing published Monday.
While the nature of the concessions remains undisclosed, the move is part of the EU’s standard merger review process.
Key Details:
- The EU Commission may seek feedback from competitors and customers before deciding
- A preliminary ruling is expected by June 19
- The deal could still be transferred to a national regulator for further review
- UniCredit CEO Andrea Orcel says the deal won’t proceed unless the Italian government eases its conditions, which UniCredit is currently challenging in court
This development marks a critical step in one of Europe’s largest banking consolidation efforts in recent years.