Overview

• DG Competition’s preliminary 56-page letter concludes that Italy’s April 18 Golden Power decree on UniCredit’s exchange offer for Banco BPM breaches Article 21 of the EU Merger Regulation.
• The Commission found that Italy failed to notify and suspend the decree before its enactment, violating procedural requirements under EU law.
• Brussels flagged that the decree restricts the free movement of capital and infringes on the European Central Bank’s exclusive competence for prudential supervision.
• The Commission questioned whether the acquisition of Banco BPM poses a sufficient public security threat to justify Golden Power measures.
• Italy has 21 days to submit its observations before Brussels may adopt a formal decision ordering immediate revocation of the decree.