EU working to limit government use of Golden Power

(Alliance News) - According to reports from the Financial Times, the EU is planning a new set of merger regulations, primarily aimed at limiting government powers regarding acquisitions.

"While such intervention is permitted by treaties and merger legislation for reasons such as national security, some cases may have unnecessarily hindered expansion," states the document reviewed by the British newspaper.

The new regulatory program therefore aims to favor the single market.

The document refers to two specific cases: Germany opposing UniCredit's acquisition of Commerzbank, Italy opposing UniCredit's acquisition of BPM, and Spain opposing the merger between BBVA and Banco Sabadell.

European leaders are expected to join the debate during a summit in Brussels on Thursday. In her letter to heads of state and government, Commission President Ursula von der Leyen stated that the updated rules "will support mergers that create economies of scale, encourage single market integration, and promote the presence of pan-European players."

UniCredit shares are trading up 0.1% at EUR64.22, while Banco BPM is in the green by 1.5% at EUR11.84 per share.

By Michele Cirulli, Alliance News reporter

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