The European Commission opens infringement proceedings against Italy for applying its golden power rule during UniCredit’s attempted Banco BPM takeover.
Officials warn the rule allows Italy to block, assess, or condition banking-sector transactions broadly.
The Commission says the measure risks unjustified interference and violates free establishment and capital movement within the EU.
EU authorities note the rule overlaps with the European Central Bank’s powers under the Single Supervisory Mechanism.
Italy has two months to respond and address the Commission’s objections.
Italy Promises Regulatory Response
Economy minister Giancarlo Giorgetti confirms Italy will answer the Commission through the proper channels.
He pledges a cooperative approach and a regulatory proposal to clarify responsibilities and resolve concerns.
Giorgetti asserts the proposal will create a shared framework of authority between national and EU institutions.
UniCredit Challenges Government Restrictions
UniCredit withdrew its Banco BPM bid in July after Italy applied golden power to block the merger.
The bank says government timelines and restrictions prevented shareholder dialogue and ended the deal.
UniCredit claims the merger would have made it Italy’s top bank by market capitalisation.
The lender appealed to Italy’s top administrative court over restrictions, including an exit from Russia by 2026 and investment maintenance in Anima Holding.
