Milan, 22 July (LaPresse) – The Board of Directors of UniCredit announces the withdrawal of its offer for Banco Bpm, as the condition relating to the Golden Power authorisation has not been met. This was announced by UniCredit in a statement. Andrea Orcel, CEO of UniCredit, emphasised in a statement: "My primary responsibility is to act in the best interests of UniCredit and our shareholders. The continued uncertainty surrounding the application of the Golden Power provisions is not in the best interests of either party. We have therefore decided to withdraw our offer for Banco Bpm. ‘The combination of UniCredit and Banco BPM would have brought enormous added value for all stakeholders.’ This was stated by Pietro-Carlo Padoan, Chairman of UniCredit, in a statement announcing the withdrawal of the takeover bid for BPM. ‘The derailed offer process and the continuing uncertainty have made this situation untenable. Therefore, today we have withdrawn our offer.’
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