The European Commission has announced that the decree issued by the Italian Presidency of the Council of Ministers on 18 April 2025, imposing obligations on UniCredit following its acquisition of Banco BPM, may violate Article 21 of the European Merger Regulation and other EU rules.
It recalls that it approved the transaction on 19 June 2025, subject to conditions, while Italy invoked its 'Golden Power' mechanism to control this investment in a strategic sector.
After examining Italy's response to its request for information, the Commission's preliminary view is that the decree lacks sufficient justification on grounds of public security and should have been notified before its adoption. It also notes possible violations of the principles of free movement of capital and prudential rules under the ECB's remit.
Italy is invited to respond. In addition, an Italian court has already partially annulled the decree on 12 July 2025. The Commission will decide on the next steps in light of Italy's comments and this court ruling.
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