The European Commission launches infringement proceedings against Italy for using the golden power rule to block Banco BPM’s takeover.
Officials warn that the rule gives Italy broad powers to examine, stop, or condition banking-sector deals.
The Commission states the measure risks unjustified interventions, undermining freedom of establishment and free movement of capital.
EU authorities add that the law overlaps with the European Central Bank’s exclusive supervisory authority under the Single Supervisory Mechanism.
Italy has two months to respond and address the Commission’s concerns.
Italy Promises Regulatory Response
Economy Minister Giancarlo Giorgetti says Italy will respond through the proper institutions regarding the 2022 golden power reforms.
He pledges a cooperative approach and promises a regulatory proposal to clarify responsibilities and resolve objections.
Giorgetti adds the new framework will balance powers between government and European institutions.
UniCredit Withdraws and Appeals
UniCredit withdrew its bid for Banco BPM in July after Italy blocked the merger using golden power.
The bank says government-imposed constraints and deadlines prevented shareholder dialogue, stopping a deal that would create Italy’s largest bank.
UniCredit has appealed to Italy’s top administrative court over restrictions, including a required exit from Russia by 2026.
The lender also challenges obligations to maintain investments in Anima Holding during the bidding process.
