Overview
- UniCredit filed a challenge with the Consiglio di Stato against the government decree that restricted its public offer for Banco BPM, arguing it is not a national security risk and seeking protection for shareholders.
- The TAR of Lazio in July annulled two of four contested measures but left in place key obligations, including exiting Russia within nine months of the decree and maintaining Italian investments tied to Anima.
- The Council of State is expected to take 9–12 months to schedule a hearing, extending the legal battle well beyond this year.
- EU officials have criticized political interference in bank consolidation, and press reports say the Commission has prepared letters urging Italy to withdraw the Golden Power decision and warning of an infringement procedure.
- CEO Andrea Orcel told the Financial Times the Russian subsidiary will be practically eliminated by end-2026, and Italian media report the government stands ready to defend its stance, potentially up to the EU Court of Justice.