(Alliance News) - The Stellantis case and UniCredit's operations, compared to BPM and Commerzbank, have no similarities, except for the aspect of national interests, however, treated with different approaches, writes Milano Finanza on Wednesday.

For Stellantis, the government, though without direct attributions, can intervene in economic policy, public finance and international relations, especially in view of the Dec. 17 confrontation with the company, to draw up a plan with possible measures of "rewards and sanctions," taking into account the EU, the financial daily further writes.

For UniCredit, Premier Meloni declared a neutral stance, but stressed the government's readiness to act if the deal would harm national interests.

Although golden power was not made explicit, the premier clarified the limits of possible intervention, although the Treasury, as a shareholder in MPS, has some influence, the newspaper reported.

Measures must still comply with competition regulations.

In Germany, they oppose the merger with UniCredit, fearing an outflow of resources to Italy. Also in Italy, there are fears that UniCredit may move its headquarters to Germany.

The ECB, along with other authorities, has sole authority to intervene in market operations, but exceptions could be made on domestic operations.

Golden power, invoked for national security, is difficult to apply in this case.

Operations can be countered with market measures, respecting the "passivity rule," if Banco BPM will defend its independence.

By Claudia Cavaliere, Alliance News reporter

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