The European Commission opens infringement proceedings against Italy over its golden power rule blocking UniCredit’s Banco BPM takeover.
Officials warn the regulation lets the government review, halt, or impose conditions on corporate banking transactions.
The Commission says the rule risks unjustified interference, undermining free establishment and capital movement in the single market.
EU officials note that the Italian law overlaps with the European Central Bank’s supervisory authority under the Single Supervisory Mechanism.
Italy has two months to respond and address the Commission’s concerns.
Italy Promises Regulatory Response
Economy minister Giancarlo Giorgetti acknowledges the Commission’s objections and pledges a formal response through proper channels.
He promises a regulatory proposal to clarify powers and resolve the European authorities’ concerns.
Giorgetti emphasizes a cooperative approach that creates a shared framework of responsibilities.
UniCredit Withdraws and Challenges Restrictions
UniCredit abandons its Banco BPM bid in July after Italy used golden power to block the merger.
The bank claims government-imposed deadlines and constraints prevented shareholder discussions and killed the potential deal.
The merger would have made UniCredit Italy’s largest bank by market capitalisation.
UniCredit appeals to Italy’s top administrative court over restrictions, including a mandatory exit from Russia by 2026 and maintaining investments in Anima Holding.
