The European Commission launches infringement proceedings against Italy for using the golden power rule to block UniCredit’s attempted takeover of Banco BPM.
Officials voice concern that the rule grants the government broad authority to review, halt, or condition transactions involving banks.
They argue that the rule, though designed to protect national security, enables unjustified actions that restrict free establishment and capital movement in the single market.
They also state that the measure interferes with the European Central Bank’s exclusive supervisory powers.
Italy now faces a two-month deadline to address the issues raised by the Commission.
Government Responds to Regulatory Concerns
Italy’s economy minister Giancarlo Giorgetti acknowledges the Commission’s objections and promises a formal response.
He commits to proposing clearer regulations that meet EU expectations while defining shared responsibilities.
He emphasises a cooperative approach and expresses confidence in producing a framework that resolves the concerns.
UniCredit Merger Collapse Escalates Dispute
UniCredit’s board abandoned its Banco BPM bid in July after the government used golden power to stop the operation.
The bank insists that the imposed conditions and deadlines prevented proper talks with shareholders, blocking a deal that would have made it Italy’s largest bank by market value.
UniCredit now challenges the restrictions before Italy’s top administrative court, including obligations to exit Russia by 2026 and to maintain investments in Anima Holding.
