The European Commission opens infringement proceedings against Italy for applying the golden power rule to block UniCredit’s Banco BPM takeover.
The Commission criticizes the rule for granting the government broad powers to review, halt, or condition corporate banking deals.
Officials warn the measure risks unjustified interventions, undermining free establishment and free capital movement within the EU single market.
The EU also notes that the rule overlaps with the European Central Bank’s supervisory authority under the Single Supervisory Mechanism.
Italy has two months to respond and correct the deficiencies highlighted by Brussels.
Italy Promises Regulatory Response
Economy Minister Giancarlo Giorgetti confirms Italy will address the Commission’s objections through proper legal channels.
He promises a cooperative approach and plans a regulatory proposal to clarify competences and resolve the EU’s concerns.
Giorgetti emphasizes that the new framework will balance government oversight with EU supervisory rules.
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 says government-imposed deadlines and restrictions prevented shareholder discussions and halted the operation.
UniCredit claims the merger would have made it Italy’s largest bank by market capitalization.
The lender now appeals to Italy’s top administrative court against restrictions, including its 2026 Russia exit and required Anima Holding investments.
