The European Commission initiates infringement proceedings against Italy over its golden power rule blocking UniCredit’s Banco BPM takeover.
Officials warn the rule allows the government to examine, halt, or condition corporate transactions in the banking sector.
The Commission says the measure, intended to protect national security, risks unjustified intervention, undermining free establishment and capital flow in the EU.
Brussels adds the legislation overlaps with the European Central Bank’s exclusive powers under the Single Supervisory Mechanism.
Italy has two months to respond and fix the issues raised by the EU.
Italy Promises Regulatory Response
Economy Minister Giancarlo Giorgetti confirms Italy will respond through the proper legal channels and forums.
He emphasizes a cooperative approach and pledges a regulatory proposal to clarify responsibilities and address EU objections.
Giorgetti says the proposal will create a shared framework of competences between Italy and EU institutions.
UniCredit Challenges Government Restrictions
UniCredit withdrew its Banco BPM bid in July after Italy blocked the merger using the golden power rule.
The bank claims government-imposed constraints and deadlines prevented shareholder dialogue, ending the merger that would have made it Italy’s largest bank.
UniCredit has appealed to Italy’s top administrative court over restrictions, including the required exit from Russia by 2026 and investment obligations in Anima Holding.
