The European Commission launches infringement proceedings against Italy for applying the golden power rule to block UniCredit’s attempted takeover of Banco BPM.
Officials voice concern that the rule grants the Italian government broad authority to review, halt, or condition banking-sector transactions.
They argue that the measure, though designed to protect national security, enables unwarranted intervention that disrupts capital mobility and establishment rights.
They also note that the legislation interferes with the European Central Bank’s exclusive responsibilities under the Single Supervisory Mechanism.
Italy receives a two-month deadline to address the issues highlighted by the Commission.
Italy Promises Clarification
Economy minister Giancarlo Giorgetti states that Italy will answer the objections through the proper channels.
He signals that the government will present a regulatory revision aimed at resolving the Commission’s concerns.
He insists that Italy intends to cooperate and shape a framework that respects all jurisdictions involved.
UniCredit Fallout Continues
UniCredit’s board withdrew its Banco BPM bid in July after the government obstructed the operation through golden power measures.
The bank claims that government conditions and strict deadlines blocked essential dialogue with shareholders about the merger’s advantages.
The failed takeover would have positioned UniCredit as Italy’s largest bank by market value.
The lender has since appealed to Italy’s highest administrative court over restrictions tied to its bid, including an enforced exit from Russia by 2026 and mandated investment commitments in Anima Holding.
