How far can a State go in shaping strategic transactions? In a significant test case for Italy’s investment screening regime, UniCredit has appealed the government’s decision to impose conditions on its €14 billion bid for Banco BPM. The move challenges the use of Italy’s golden power decree — and could have implications well beyond this single deal.

In an article published by Global Competition Review, our partner Filippo Mazza shares his insights on the legal and political ramifications of this dispute, highlighting how the government’s intervention may be more politically charged than past cases and how it may prompt greater scrutiny of procedural safeguards.

As the European Commission continues its inquiry, the case could shape future enforcement practices across the EU.

The full article is available to GCR subscribers here.