UniCredit to Take ‘Timely’ Steps on BPM After Court Ruling

UniCredit SpA said it will assess the next steps in its pursuit of Banco BPM SpA, after an Italian court struck down some conditions imposed on a takeover by the government, while leaving others intact.

In a ruling published Saturday, the administrative court of Lazio annulled two demands by the government while confirming a requirement that UniCredit exits its Russian business and that keeps unchanged domestic investments at Banco BPM’s newly acquired asset manager Anima Holding SpA. Chief Executive Officer Andrea Orcel had previously said such demands could halt his takeover plan.