Nero Italy’s second largest bank UniCredit has doubled down on its takeover bid for domestic peer Banco BPM, noting it will file a legal complaint over the use of Rome’s “Golden Power” rules in this transaction.
The Golden Power legislation enables the Italian government to intercede or set conditions on foreign and domestic corporate takeovers in key sectors, including banking. Under the regulation, Rome had in April imposed a set of requirements for UniCredit in order to press ahead with its intended $10.5 billion takeover bid of Banco BPM, which rejected the acquisition offer shortly after its issuance in November.
Earlier this week, market regulator Consob said it suspended the bid process for 30 days, following UniCredit’s objections that more clarity was required on the government’s recent deal conditions. Banco BPM criticized the pause as “abnormal.”
“This suspension is aimed at creating the necessary time to provide both UniCredit and BPM investors with clear and adequate information, enabling them to make an informed assessment of the Offer, taking into account the exercise of the “golden power” and its related prescriptions set forth in the April 18 decree of the Presidency of Council of Ministry,” UniCredit said in a Friday statement.
— Ruxandra Iordache
1 Hour Ago
Sterling rallies after positive signals for UK economy
The British pound was 0.5% higher at 9:57 a.m. in London.
The move took place after the GfK U.K. consumer confidence index rose by a higher-than-anticipated 3 points in May, while April retail figures also beat expectations.
— Chloe Taylor
2 Hours Ago
German economy grew by 0.4% in first quarter
German gross domestic product rose by 0.4% quarter on quarter in the three months to March, data from the country’s Federal Statistical Office showed on Friday.
The figures revised an earlier preliminary GDP print up by 0.2 percentage points, and means the first-quarter reading now marks the strongest quarterly economic growth in Germany since 2022.
Officials attributed the upward revision to stronger-than-expected growth in manufacturing output and exports.
— Chloe Taylor
3 Hours Ago
UK retail sales boost ‘won’t last,’ economist predicts
Shrewsbury town center on April 29, 2025, in Shrewsbury, England.
Mike Kemp | In Pictures | Getty Images
Alex Kerr, U.K. economist at Capital Economics, warned that “the sun won’t shine on [Britain’s] retail sector forever.”
“Although for the first time since 2015, excluding the pandemic, retail sales volumes have risen for four months in a row, April’s impressive 1.2% m/m rise was largely driven by the unusually warm weather,” he said in a note sent shortly after the figures were published.
“That boost won’t last. So even though consumer confidence ticked up slightly in May, we suspect retail sales growth will slow over the coming months.”
— Chloe Taylor
3 Hours Ago
European markets open higher
It’s 8:10 a.m. in London, and regional stocks are broadly trading in positive territory.
The pan-European Stoxx 600 is 0.3% higher, with most sectors seeing gains.
London’s FTSE 100, Germany’s DAX and the French CAC 40 are all up by around 0.3%.
— Chloe Taylor
4 Hours Ago
U.K. retail sales rise by better-than-expected 1.2% in April
Shoppers walk past the Lindt chocolate shop at Piccadilly Circus on 2nd April 2025, in London, England.
Richard Baker | In Pictures | Getty Images
U.K. retail sales rose by an estimated 1.2% in April on a monthly basis, data from Britain’s Office for National Statistics showed on Friday.
The print exceeded a month-on-month rise of 0.2% anticipated by analysts, according to Reuters.
The April print marked a notable recovery from the previous month, when retail sales rose by 0.1% month-on-month. The March figure was revised down from a preliminary estimate of 0.4% growth in sales volumes.
The ONS said the April growth was helped by strong food store sales — which were up 3.9% on a monthly basis – that retailers attributed to good weather throughout the month.
— Chloe Taylor
4 Hours Ago
What’s been happening outside of Europe?
Overnight in Asia, stock markets have been gripped by broadly positive momentum, after the U.S. and China agreed to keep communications open following a call between top officials.
On Wall Street, stock futures were little changed as investors continued to monitor elevated U.S. Treasury yields.
— Chloe Taylor
4 Hours Ago
Here’s what to expect today
Investors will be monitoring economic data out of the European region, with figures due out on U.K. consumer confidence and retail sales as well as French consumer confidence data. A final print on Germany’s economic growth will also follow.
It’s a quieter day on earnings, with British Land and AJ Bell set to update shareholders on their finances.
— Chloe Taylor
4 Hours Ago
Opening calls
Good morning from London.
It’s just past 7 a.m. in the U.K. capital, and futures are pointing to broadly positive movement expected in regional stock markets at the open.
FTSE 100 futures are up 0.2%, DAX futures have gained 0.1%, and French CAC 40 futures are marginally higher.
— Chloe Taylor
