The European Commission launches infringement proceedings against Italy for using the golden power rule to block UniCredit’s Banco BPM takeover.
Officials warn the rule gives Italy excessive powers to review, restrict, or condition banking-sector deals.
The EU says the regulation risks unjustified intervention, violating free establishment and capital movement within the single market.
Brussels also notes the law overlaps with the European Central Bank’s supervisory powers under the Single Supervisory Mechanism.
Italy has two months to respond and address the Commission’s concerns.
Italy Promises Regulatory Clarification
Economy minister Giancarlo Giorgetti says Italy will respond in relevant forums and address the objections constructively.
He pledges a regulatory proposal to clarify responsibilities and establish a shared framework of powers.
Giorgetti emphasizes that Italy aims to resolve the EU’s concerns while maintaining national oversight in strategic sectors.
UniCredit Withdraws and Appeals
UniCredit withdrew its Banco BPM bid in July after the government invoked golden power to block the merger.
The bank says executive restrictions and timelines prevented shareholder discussions, blocking a deal that would have made it Italy’s largest bank.
UniCredit recently appealed to Italy’s top administrative court over conditions imposed during the bidding process.
These conditions include exiting Russia by 2026 and maintaining investments in Anima Holding.
