The European Commission launches infringement proceedings against Italy for applying the golden power rule in banking deals.
Officials criticize the rule for giving the Italian government authority to block or condition corporate transactions.
The Commission warns that the regulation risks unjustified interventions, violating free movement of capital and freedom of establishment.
The EU adds that the Italian law conflicts with the European Central Bank’s Single Supervisory Mechanism powers.
Italy has two months to respond and correct the issues highlighted by Brussels.
Italy Plans Regulatory Response
Economy Minister Giancarlo Giorgetti says Italy will address the Commission’s objections through the proper institutions.
He pledges a regulatory proposal to clarify competences and resolve EU concerns in a cooperative manner.
Giorgetti believes the new framework will balance national authority and European oversight effectively.
UniCredit Withdraws and Appeals
UniCredit withdrew its bid for Banco BPM in July after the Italian government used golden power to block the deal.
The bank claims government-imposed constraints prevented shareholder discussions and halted a merger that could have made UniCredit Italy’s largest bank.
UniCredit appealed to Italy’s top administrative court over rules requiring exit from Russia by 2026 and maintaining Anima Holding investments.
The bank seeks judicial review of the government’s interference during its acquisition attempt.
