UniCredit lodged an appeal with the Council of State — the supreme administrative court of Italy and the government's main legal advisor — against a ruling by the Regional Administrative Court (TAR) in Lazio, which stopped the bank from acquiring Banco BPM four months ago.
Banco BPM is the third-largest bank in Italy in terms of assets, while UniCredit is the second. A merger between them would have completely reshaped the domestic market and UniCredit claimed it would create massive value for stakeholders.
