The European Commission launches infringement proceedings against Italy for applying its golden power rule during UniCredit’s attempted takeover of Banco BPM.
The rule lets the Italian government examine, halt, or condition banking-sector deals.
Commission officials argue the measure, designed to protect national security, instead enables unjustified interference that restricts free establishment and capital movement across the single market.
They also claim the legislation conflicts with the European Central Bank’s exclusive authority under the Single Supervisory Mechanism.
The Commission gives Italy two months to address the identified issues.
Italy Responds to Commission Concerns
Italy’s economy minister Giancarlo Giorgetti states that officials will answer the objections using appropriate institutional channels.
He promises a cooperative approach while preparing a regulatory proposal meant to clarify responsibilities and satisfy EU expectations.
He expresses confidence that the new framework will align competences and resolve disputes.
UniCredit’s Abandoned Bid
UniCredit’s board withdrew its offer for Banco BPM in July after the government used golden power to block progress.
The bank insists the imposed conditions and deadlines prevented open discussions with shareholders about the merger’s advantages.
UniCredit stresses that the failed deal would have elevated it to Italy’s largest bank by market capitalisation.
The lender now challenges government conditions before Italy’s top administrative court, including obligations to leave Russia by 2026 and maintain its stake in Anima Holding.
