Italian bank Unicredit has announced, in agreement with Spain’s Santander, to put an end to an agreement struck last November, which would have created a joint venture in asset management by merging their subsidiary businesses, Pioneer Investments and Santander Asset Management, respectively.
Unicredit, the largest bank in Italy, has said that “both parties had joined in-depth meetings aiming to find feasible solutions, which would satisfy the required regulatory demands in order to fulfill the transaction”
However, “due to the lack of a feasible solution in a reasonable time frame”, both parties have concluded that the best course of action is to put an end to their negotiations.
The merger between Santander and Unicredit’s asset management units would have created a European giant, managing assets worth over 400 billion euros. The project, first announced in April last year, had already received the go-ahead from the European Commission before falling apart.
Full Content: Cinco Dias
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI