The European Commission launches infringement proceedings against Italy for using its golden power rule to block UniCredit’s attempted takeover of Banco BPM.
Officials voice concern that the rule grants the government wide authority to review, halt, or condition banking-sector deals.
They argue that this approach, although aimed at national security, enables unjustified interference that restricts free establishment and capital movement across the single market.
They also claim the legislation conflicts with the European Central Bank’s exclusive supervisory role.
Italy receives two months to address the issues identified by the Commission.
Government Prepares Its Response
Italy’s economy minister Giancarlo Giorgetti highlights the Commission’s objections to the golden power reform introduced in 2022.
He promises to answer the concerns in the appropriate forums and proposes a regulatory update to clarify responsibilities.
He stresses that the government intends to resolve the dispute cooperatively and create a shared framework for oversight.
UniCredit’s Failed Attempt and Legal Steps
UniCredit’s board ended its pursuit of Banco BPM in July after the government activated golden power to block the merger.
The bank states that the imposed conditions and deadlines blocked meaningful conversations with shareholders and prevented an evaluation of the merger’s advantages.
The abandoned deal would have lifted UniCredit to the top of Italy’s banking sector by market value.
UniCredit has since appealed to Italy’s highest administrative court, challenging restrictions added during its bid, including a required exit from Russia by 2026 and the retention of stakes in Anima Holding.
