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EU competition update: preliminary Article 21 EUMR assessment of Italy’s Golden Power decree on UniCredit/BPM; GBER review consultation; Phase I clearances and new notifications (14 July 2025)

Published on: 14 July 2025

Published by a LexisNexis Competition expert
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Mergers Commission sends Italy a preliminary assessment under Article 21 of the EUMR regarding conditions imposed on the acquisition of BPM by UniCredit

The Commission stated that it has forwarded a letter to Italy setting out its preliminary assessment that a Decree issued by the Italian Prime Minister, imposing specific obligations on the entity formed through UniCredit S.p.A.’s (UniCredit) acquisition of Banco BPM S.p.A. (BPM), may infringe Article 21 EUMR as well as other provisions of EU law. Under Article 21 EUMR, concentrations with an EU dimension fall within the Commission’s exclusive jurisdiction. As a result, Member States must not enforce their national rules on such transactions and may only adopt suitable measures to safeguard legitimate interests, provided those measures comply with EU law. Any actions other than those protecting the legitimate interests of public security, plurality of the media and prudential rules must be notified to the Commission for review before they are put into effect. On 19 June 2025, the Commission cleared UniCredit’s acquisition of BPM, subject to conditions, in line with Article 6(2) EUMR (M.11830), and the letter sets out its initial view on the national Decree’s compatibility with that framework...

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