Italian regulator CONSOB halted UniCredit S.p.A.'s takeover bid for Banco BPM for 30 days, according to a resolution posted on Wednesday, as the former asked for the suspension after the government set out demands that UniCredit believes could be unattainable.
"This provision may be challenged before the Regional Administrative Court of Lazio within 60 days of the communication or, for subjects not to whom it is addressed, from the date of publication in the aforementioned Bulletin," it was further written in the resolution.
Both UniCredit and BPM are among the biggest banks in Italy.
