The European Commission launches infringement proceedings against Italy for applying its golden power rule to block UniCredit’s attempted takeover of Banco BPM.
The Commission voices concern because the rule grants the government broad authority to review, halt, or condition banking-sector transactions.
Officials argue that the measure, created to protect national security, instead enables unwarranted interference that restricts freedom of establishment and the free movement of capital.
They also state that the legislation overlaps with the European Central Bank’s exclusive powers under the Single Supervisory Mechanism.
Italy receives two months to address the issues highlighted in Brussels’ assessment.
Government Response and Regulatory Outlook
Economy minister Giancarlo Giorgetti acknowledges the objections and promises Italy will present a regulatory plan that offers clarity and resolves the concerns.
He insists that Italy will respond within the proper channels and maintain a constructive stance throughout the process.
He adds that the forthcoming proposal will aim to create a shared and coherent framework of responsibilities.
UniCredit’s Aborted Bid and Legal Appeal
UniCredit’s board withdraws its July bid for Banco BPM after the government applies golden power to block progress.
The bank explains that the imposed limits and deadlines hinder dialogue with shareholders and prevent a full evaluation of merger benefits.
Executives believe the deal would have made UniCredit the country’s largest bank by market value.
The lender now challenges the government’s conditions before the top administrative court, including obligations to leave Russia by 2026 and retain holdings in Anima Holding.
