The European Commission launches infringement proceedings against Italy for using the golden power rule to block UniCredit’s Banco BPM takeover.
The Commission warns that Italy’s rule allows government intervention in banking deals, potentially violating free establishment and capital movement rights.
Officials argue that the regulation overlaps with the European Central Bank’s supervisory authority under the Single Supervisory Mechanism.
Italy now has two months to respond and correct the issues identified by Brussels.
Italy Signals Response
Economy Minister Giancarlo Giorgetti confirms Italy will address the Commission’s objections through official channels.
He promises a cooperative regulatory proposal to clarify powers and resolve conflicts with EU rules.
Giorgetti says the initiative will establish a shared framework between Italy and EU authorities.
UniCredit Withdraws and Appeals
UniCredit withdrew its Banco BPM bid in July after the Italian government blocked the merger using golden power.
The bank said imposed restrictions and tight deadlines prevented shareholder dialogue and stalled the potential deal.
Had the merger succeeded, UniCredit would have become Italy’s largest bank by market capitalization.
UniCredit now appeals to Italy’s top administrative court over government conditions, including a 2026 Russia exit and retained Anima Holding investments.
