The Italian Competition Authority gives conditional clearance to a merger giving rise to one of the largest EU banking group (Unicredit Italiano / Capitalia)

On 18 September 2007 the Italian Antitrust Authority (IAA) decided to authorize the merger between Unicredito Italiano S.p.A (also Unicredit) and Capitalia S.p.A. (Capitalia) (collectively as the Parties), subject to a number of structural and behavioural remedies. The transaction, through which Capitalia is to be merged into Unicredit (the Transaction), was approved by the boards of directors of the Parties already in May 20. Once completed, it will give rise to the leading Italian bank (UCI) as well as to one of the largest banking group in Europe. In consideration of the non-Italian turnover generated by Unicredit after the acquisition of the German bank HVB in 2005 (COMP/M.3894 - Unicredito/HVB), the Transaction originally fell within the jurisdiction of the European Commission.