The European Commission opens infringement proceedings against Italy for applying the golden power rule in the Banco BPM deal.
Officials warn that the rule allows the government to block, review, or condition corporate transactions in the banking sector.
The Commission argues the measure risks unjustified interventions and undermines freedom of establishment and free capital movement.
EU authorities add that the Italian law overlaps with the European Central Bank’s exclusive powers under the Single Supervisory Mechanism.
Italy has two months to respond and address the EU’s concerns.
Italy Promises Cooperative Response
Economy minister Giancarlo Giorgetti says Italy will reply through the proper institutional channels.
He pledges a regulatory proposal to clarify responsibilities and resolve the Commission’s objections.
Giorgetti believes the proposal will create a shared framework of competences between Italy and EU authorities.
UniCredit Abandons Bid and Appeals
UniCredit withdrew its Banco BPM bid in July after Italy blocked the merger using golden power.
The bank claims government deadlines and restrictions prevented dialogue with shareholders, halting a merger that would have made UniCredit Italy’s largest bank.
UniCredit appealed to Italy’s top administrative court over restrictions, including a required exit from Russia by 2026 and continued investments in Anima Holding.
