The European Commission launches infringement proceedings against Italy over its golden power rule blocking UniCredit’s Banco BPM takeover.
The Commission criticizes the regulation for giving Italy broad authority to review, stop, or impose conditions on bank deals.
Officials warn the rule, though meant to protect national security, risks unjustified interventions that threaten free establishment and capital movement.
The EU notes that the Italian law overlaps with the European Central Bank’s exclusive supervisory powers.
Italy has two months to address the Commission’s objections and correct the identified issues.
Italy Promises Cooperative Response
Economy minister Giancarlo Giorgetti says Italy will respond to the EU’s objections through the proper channels.
He pledges a regulatory proposal that clarifies roles and resolves conflicts while maintaining a cooperative approach.
Giorgetti believes the proposal will establish a shared framework of powers between Italy and EU institutions.
UniCredit Pulls Back and Appeals
UniCredit withdrew its Banco BPM bid in July after the government used golden power to block the deal.
The bank argues that imposed deadlines and restrictions prevented shareholder dialogue, undermining the merger’s potential.
UniCredit claims the blocked deal would have made it Italy’s largest bank by market capitalisation.
The lender recently appealed to Italy’s top administrative court over conditions, including a Russia exit by 2026 and retaining Anima Holding investments.
