Is it right on the one hand to have your most senior executives being investigated for insider trading and for infringing the takeover regulations, of too friendly relations with the Governor of the Central Bank, relations that lead to the forced and ignominious departure of that Governor and, because things are heating up, force out your top two executives and then announce that nothing has changed and that the takeover which was the result of all these shenanigans which resulted in the control of over 50% of the shares in the target, that takeover would go ahead?
Is there not a case here for sanctioning the company as well as the executives and, as a result, suspending the rights of that company to continue with the tainted deal?
And all because they wanted to prevent a non-italian bank form having its local victory. Disgraceful!
Onésimo Alvarez-Moro
See article:
Unipol, the Italian insurer, still has its sights set on acquiring Banca Nazionale del Lavoro, the mid-sized Italian bank that remains a potential target for Spain's BBVA bank, Italian bankers said yesterday.
Unipol is awaiting clearance from Italian regulators to launch its offer for BNL, and the prospects for its bid are sure to be affected by the views of Mario Draghi, managing director of Goldman Sachs International who was named yesterday as the next governor of the Bank of Italy.
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