Italy was affected by a preliminary European Union Unicredit Spa ‘s planned takeover of Banco BPM Spa.
In a legal step that defines a power struggle between Brussels and Rome, the EU official Giorgia Meloni’s government accused of being bloomed earlier Bloomberg earlier reported The step.
The Executive, based in Brussels, said that Italy’s application of its golden forces on Unicredit’s deal “the merger rules of the block could violate the block shifts, and emphasized how Rome’s step“ is not sufficient argument ”.
The EU said that the step of the government “appears incompatible with other provisions of the EU law, including the free capital movement and the supervision of the European Central Bank,” says a statement by the EU executive.
In the preliminary findings, the European Commission added that it should have checked the application of its golden powers by the Italian government before being implemented into the deal.
The escalation on Monday could pave the way for a legal wrangle that could ultimately end up at the EU Court of Justice should Italy finally refuse to appease the concerns. Rome has now been asked to respond to the results of the Commission.
The EU farming increases the criticism of an Italian tribunal, which has recorded some of the state published on Saturday on the regulatory requirements.
The Lazio Administrative Court stormed the application of the Italian government to reduce the ratio of credit-to-deposit ratio at Banco BPM and Unicredit in Italy for five years and not to reduce the current level of Banco BPM and Unicredit.
Nevertheless, the court supported the government’s order to leave Unicredit to leave Russia and unchanged domestic investments in Banco BPMS of newly acquired Anima Holding Spa from Asset Manager.
UniCredit welcomed the local court decision as “clear proof that the way in which Golden Power was used was illegitimate.
A government official said that the decision largely confirms the legitimacy and structure of the recipes.
Unicredit presented his unsolicited all-shame offer for Banco BPM in November when it became clear that the Italian government wanted to build a large banking group around the previously saved Banca Monte dei Paschi di Siena Spa. Banco BPM was seen as a potential candidate for merging with Monte Paschi.
Orcel escalated the patient situation in May with the Italian government when it had submitted the administrative court to be entitled to the far -reaching conditions for the potential business.
Despite the result of the Italian judgment, it is unclear whether Unicredit will still follow a deal for Banco BPM, since some of the requirements have been confirmed and the course of the offer period on July 23.
