The European Commission opens infringement proceedings against Italy for applying its golden power rule to block UniCredit’s Banco BPM takeover.
The EU warns that Italy’s rule allows government overreach, threatening free movement of capital and freedom of establishment in Europe.
Commission officials note the legislation overlaps with the European Central Bank’s exclusive supervisory powers under the Single Supervisory Mechanism.
Italy has two months to respond and resolve the deficiencies identified by the Commission.
Italy Promises Regulatory Response
Economy Minister Giancarlo Giorgetti confirms Italy will respond to the Commission through official channels.
He says the government will propose new regulations to clarify roles and address EU concerns.
Giorgetti adds that the proposal aims to create a shared framework of responsibilities between authorities and the EU.
UniCredit Withdraws Bid and Appeals
UniCredit withdrew its Banco BPM bid in July after Italy blocked the merger using golden power.
The bank says government-imposed timelines and restrictions prevented proper shareholder discussions and halted the merger process.
UniCredit claims the merger would have made it Italy’s largest bank by capitalisation.
The lender has appealed to Italy’s top administrative court against conditions imposed, including exiting Russia by 2026 and maintaining Anima Holding investments.
