The European Commission opens infringement proceedings against Italy for using its golden power rule to block UniCredit’s Banco BPM takeover.
The Commission criticizes the rule for granting Italy broad powers to examine, halt, or condition banking-sector transactions.
Officials warn that the measure risks unjustified interventions, undermining freedom of establishment and capital movement in the single market.
The EU notes the legislation overlaps with the European Central Bank’s exclusive powers under the Single Supervisory Mechanism.
Italy has two months to respond and address the EU’s concerns.
Italy Promises Regulatory Clarification
Economy minister Giancarlo Giorgetti says Italy will respond to the EU’s objections through the proper legal channels.
He pledges a constructive regulatory proposal to clarify responsibilities and resolve the Commission’s concerns.
Giorgetti asserts that the new framework will establish shared competences between government and regulators.
UniCredit Abandons Bid and Appeals
UniCredit withdrew its Banco BPM bid in July after the Italian government blocked the merger using golden power.
The bank argues that imposed constraints prevented shareholder discussions, ending a deal that would have made UniCredit Italy’s largest bank.
UniCredit has appealed to Italy’s top administrative court over conditions applied during the bidding process.
The appeal challenges requirements to exit Russia by 2026 and maintain investments in Anima Holding.
