(Finance) – The President of Section II-quater of the Regional Administrative Court (TAR) for Lazio has decided to accept the request for provisional suspension of the takeover bid promoted by Sparkasse on CiviBank until the decision of the Second Section Quater of the TAR which was assigned to deal with the appeal filed by CiviBank. The provision, of a technical nature, does not involve any assessment of the merits. Given its shortness (only six days), it should be aimed solely at allowing the collective discussion of CiviBank’s precautionary petition.
Sparkasse claimed to trust that the appeal will be rejected as inadmissible and unfounded (as also considered by Consob and the Ministry of Economy and Finance) and that the provision of the Regional Administrative Court only has the effect of having postponed the closing of the takeover bid.
“Today’s decision does not represent an assessment of the admissibility or validity of the appeal, but only a precautionary measure, which as such is provisional – commented the president of Sparkasse, Gerhard Brandstatter – We continue to believe that CiviBank’s reasons are unfounded and we believe once again that all of this is only creating damage to the bank and inconvenience to shareholders“.” When it comes to examining the question it will be clear that what CiviBank promoted does not make sense and will prove to have been useless waste of time for everyone“, added the managing director and general manager Nicola Calabrò.