Earlier this year, Italy implemented foreign investment screening powers, known as ‘golden power,’ to impose stringent conditions on UniCredit’s bid for BPM. UniCredit appealed, arguing the conditions were disproportionate and obstructed the deal.
On Saturday, the court stated that the government should reassess two conditions imposed by Rome on UniCredit concerning the loan-to-deposit ratio and project finance. However, it upheld two other contested conditions related to securities and UniCredit’s exit from Russia.
The Italian government welcomed the ruling, stating it largely validates the use and structure of golden power rules, acknowledging economic security as a component of national security, a government official informed POLITICO.
Italy’s use of foreign investment screening rules to obstruct a merger disfavored by Giorgia Meloni’s government has attracted attention in Brussels, prompting the European Commission to initiate two investigations into the matter.
The Commission’s competition directorate approved UniCredit’s deal with conditions on June 19 and is prepared to caution Italy against overriding Brussels’ exclusive authority on major mergers.
The outcome of the bid is uncertain as UniCredit’s formal offer for BPM expires on July 23.
UniCredit did not provide an immediate comment.
This story is being updated.













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