Italy’s Banco BPM Appeals UniCredit Bid Delay in Escalation

Banco BPM SpA is seeking to reverse a decision to suspend UniCredit SpA’s tender offer for the smaller rival, further escalating the tensions around the deal.

Banco BPM has filed a court appeal, Chief Executive Officer Giuseppe Castagna said Monday on the sidelines of a conference in Milan, confirming an earlier Bloomberg News report. The bank wants the market regulator Consob to lift the 30-day pause it has placed on the bid, he said, adding that there’s “no reason” for the decision.