It was about power in the 3-bank group, it concerned lawyers, board members and also shareholders as it was the subject of discussion for hours at general meetings – but now the legal dispute between UniCredit and Oberbank, as well as BKS Bank and BTV, has been settled. Reason: UniCredit has withdrawn all lawsuits.
On May 31, the Vienna Supreme Court gave UniCredit a basket in the second-instance takeover proceedings – two and a half weeks later, the bank, which operates from Milan, completely withdrew from the legal dispute with Oberbank, BKS Bank and BTV.
All outstanding legal challenges from UniCredit Bank Austria AG and CABO Beteiligungsgesellschaft mbH were withdrawn with waiver of claims.
After more than five years of dispute, the legal dispute is now over. There is a sigh of relief from the 3-bank group. Oberbank CEO Franz Gasselsberger speaks of a “joyful day”: “I have thus achieved my most important professional goal in life, namely maintaining the independence of the Oberbank.”
After the lawsuits against the 2020 General Assembly resolutions were withdrawn, the proceedings have been legally concluded in Oberbank’s favor. No further appeal was lodged against the decision of the Vienna Supreme Court.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
