Italy is facing a preliminary warning from the European Union regarding its use of Golden Powers to restrict UniCredit's takeover of Banco BPM. The EU claims Italy's actions may violate merger rules and lack sufficient reasoning. The government's approach is deemed incompatible with EU laws concerning the free movement of capital and European Central Bank oversight. The European Commission's findings may lead to a legal dispute, while an Italian tribunal has struck down some related regulatory conditions imposed by the government, highlighting ongoing tensions between local and EU regulations.
Italy's application of its golden powers on UniCredit's deal "may contravene" the bloc's merger rules, highlighting how Rome's move "lacks sufficient reasoning."
The government’s move appears "incompatible with other provisions of EU law, including on the free movement of capital and on prudential oversight by the European Central Bank."
The European Commission noted that it should have reviewed the Italian government's application of its golden powers before it was implemented on the deal.
An Italian tribunal struck down some regulatory requirements imposed by the state, including lowering the loan-to-deposit ratio at Banco BPM and UniCredit.
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