Source: European Parliament
Question for written answer E-001673/2025
to the Commission
Rule 144
Gaetano Pedulla’ (The Left), Pasquale Tridico (The Left)
In recent months, Italy’s financial system has been going through a wide-ranging overhaul involving some of its main credit institutions and their public exchange offers – among others UniCredit’s bid for Banco BPM and the bid by Monte dei Paschi di Siena (MPS) for Mediobanca.
Although they are all Italian companies, the government decided to intervene in those transactions, exercising its golden power in the UniCredit offer by laying down a number of seemingly spurious requirements and penalties, but the same criterion was not applied to MPS’ bid for Mediobanca. That unequal treatment has seriously undermined government neutrality with regard to the market, not least because it came shortly before the most recent Generali insurance group shareholders’ meeting. Mediobanca is its largest shareholder and UniCredit holds a significant stake in that group.
On 6 April 2025, the Commission launched a procedure on this matter as a whole with the Italian Government for informal discussions on the use of golden powers.
In the light of the above, can the Commission clarify whether it considers the Italian Government in breach of market rules – on the grounds of its misuse of golden powers with regard to UniCredit and, at the same time, undue support for MPS, weakening Mediobanca, the subject of a public exchange offer – or not?
Submitted: 24.4.2025