The Italian government will respond to the letter sent by the European Commission regarding Rome's use of its golden power in UniCredit's offer for Banco BPM "in a collaborative and constructive spirit."
This is according to a statement released by Palazzo Chigi.
"The Italian government, with a collaborative and constructive spirit, will respond to the requested clarifications, just as it has already done in court before the Regional Administrative Tribunal (TAR), within the deadlines and with reasons that have already been deemed legitimate by administrative judges," the statement read.
In its letter to the Italian executive, the European Commission stated that the conditions imposed on UniCredit for the takeover bid via the application of the golden power could potentially violate EU law.
(Reporting by Andrea Mandalà, editing by Giulia Segreti)
