The European Commission initiates infringement proceedings against Italy for applying its golden power rule during UniCredit’s attempted takeover of Banco BPM.
Officials in Brussels voice concern because the rule grants Italy broad authority to assess, halt, or condition banking-sector transactions.
They argue that the measure, created to protect national security, instead enables unwarranted interference that disrupts free establishment and capital movement.
Commission representatives also warn that the rule conflicts with the European Central Bank’s exclusive supervisory powers under the Single Supervisory Mechanism.
Italy receives a two-month deadline to address the EU’s objections and correct the highlighted deficiencies.
Italy Prepares Its Response
Economy minister Giancarlo Giorgetti acknowledges the objections and confirms that Italy will respond through the appropriate institutions.
He emphasises a cooperative approach and promises a regulatory proposal that clarifies responsibilities and resolves the concerns.
He insists that such a proposal will support a shared and balanced framework of powers.
UniCredit Withdraws and Appeals
UniCredit’s board abandoned its bid for Banco BPM in July after the Italian government applied golden power to stop the operation.
The bank states that government restrictions and tight deadlines blocked meaningful dialogue with shareholders and ruined the potential merger.
Executives claim the blocked deal would have transformed UniCredit into Italy’s leading bank by market capitalisation.
UniCredit has since appealed to Italy’s top administrative court over conditions imposed during the bid, including a required exit from Russia by 2026 and the preservation of investments in Anima Holding.
