Overview

• DGComp is reportedly preparing a binding opinion to overturn Italy’s April 18 golden power decree on UniCredit’s offer for Banco BPM.
• The European Commission has clarified that no formal decision, preliminary evaluation or letter has yet been issued on the government’s strategic conditions.
• Brussels is expected to demand that Italy withdraw its imposed clauses on Russia exit, lending ratios and project‐finance safeguards or face an infringement procedure under EU merger rules.
• UniCredit’s appeal against the golden power measures is scheduled for a TAR del Lazio hearing with a decision due by July 16 and the option to escalate to the EU Court of Justice.
• Shares of Banco BPM and UniCredit rose sharply after Bloomberg reports signaled Brussels’ imminent challenge to Rome’s restrictions.