In a statement at a Bloomberg conference in Milan, Andrea Orcel, CEO of UniCredit (CRDI.MI), confirmed that the bank has officially put its failed acquisition attempt of Banco BPM (BAMI.MI) behind it. Orcel remarked that investors should not overinterpret the bank’s recent legal challenge concerning the terms set by the government for the bid, emphasizing that after abandoning the offer in July, the bank attributed the failure to government resistance and a lack of support from BPM shareholders. The Italian government utilized its oversight powers to establish specific conditions for banking transactions, which has drawn criticism from EU regulators. Orcel mentioned that while UniCredit has initiated an appeal against these government-imposed terms in Italy’s highest administrative court, his intention is not to provoke but rather to fulfill the board’s responsibilities in light of what they perceive as a misunderstanding of their risk to national security. The government argues that UniCredit’s ties in Russia represent a potential risk. Orcel defended his decision to abstain from pursuing Monte dei Paschi di Siena (BMPS.MI) acquisitions and expressed confidence that UniCredit could expand its market share profitably without further acquisitions, although M&A could be considered if aligned with favorable conditions. Regarding UniCredit’s nearly 30% stake in Commerzbank (CBKG.DE), Orcel noted that the investment provides the bank with the flexibility to hold the stake long-term.