Dispute with Oberbank: Next defeat for Unicredit

Dispute with Oberbank: Next defeat for Unicredit
The Oberbank headquarters in Linz

For more than five years, the three-bank group (Oberbank, BTV, BKS) and the Italian Unicredit have been fighting in countless court cases. On Friday, the parties were served with a ruling from the Vienna Higher Regional Court (OLG) in which the Linz-based Oberbank and its sister banks were found to be right in the second instance.

The Higher Regional Court has thus confirmed the decision of the Takeover Commission from November. According to Oberbank, Unicredit wanted to ensure that the syndicates set up at the three banks were not entitled to vote at the general meetings: “In this case, Unicredit, as the largest single shareholder, would have the say and could take over the three banks.” The syndicates protected against such a takeover, with which Unicredit wanted to eliminate successful competitors.

“Unicredit has once again been rebuffed in the takeover proceedings,” says Oberbank General Director Franz Gasselsberger: “This decision by the Vienna Higher Regional Court is one of a series of legal defeats for Unicredit.” In August 2023, the Supreme Court (OGH) had made a legally binding decision in favor of the three banks in another line of action. Some other proceedings are currently on hold because the legally binding decision in the takeover proceedings is awaited.

The Higher Regional Court has only allowed an extraordinary appeal to the Supreme Court. Unicredit Bank Austria announced: “We are examining this.”

As reported, Unicredit has also commissioned Oberbank to sue its management over a share deal. A hearing date has now been set for September.

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Source: Nachrichten

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