The European Commission opened infringement proceedings against Italy for applying its golden power rule to block UniCredit’s Banco BPM takeover.
Officials argue the rule allows Italy to examine, halt, or condition banking transactions, raising concerns over free capital movement.
The Commission warned that Italy’s law overlaps with the European Central Bank’s authority under the Single Supervisory Mechanism.
Italy now has two months to respond and correct the issues highlighted by Brussels.
Italy Promises Regulatory Solution
Economy Minister Giancarlo Giorgetti said Italy will respond to the Commission’s objections through the proper channels.
He promised a regulatory proposal to clarify powers and address EU concerns in a cooperative manner.
Giorgetti stated that the plan would establish a shared framework between national authorities and EU institutions.
UniCredit Withdraws and Appeals
UniCredit withdrew its Banco BPM bid in July after the Italian government blocked the merger using golden power.
The bank said government restrictions and tight deadlines prevented shareholder discussions, ending the planned acquisition.
UniCredit noted the deal would have made it Italy’s top bank by market capitalisation.
The lender filed an appeal with Italy’s top administrative court over conditions, including exiting Russia by 2026 and retaining Anima Holding investments.
