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Investing.com -- The European Union reportedly plans to challenge Italy’s government over conditions imposed on UniCredit SpA (LON:0RLS)’s acquisition of Banco BPM SpA, creating tension between Brussels and Rome.
EU regulators will soon issue formal findings stating the Italian government had no authority to set terms for the UniCredit-Banco BPM deal, according to a Bloomberg report, citing people familiar with the matter.
The European Commission will assert that under EU merger regulations, only Brussels had the legal power to impose conditions on the acquisition, which received EU approval last month.
The upcoming decision will direct the Italian government to remove the terms it placed on UniCredit’s takeover completion, the report said, adding that if Italy fails to comply, the EU could initiate infringement proceedings against the country for violating EU law.
This situation sets up a potential power struggle between European and Italian authorities over control of the banking merger’s implementation.
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