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The TAR Lazio (Regional Administrative Court of Lazio) recently ruled on UniCredit’s appeal against the Prime Ministerial Decree of 18 April 2025, which applied Italy’s so-called Golden Power (special governmental powers to safeguard national strategic interests) in connection with UniCredit’s voluntary exchange offer for Banco BPM.

In partially upholding the appeal, the judgment confirmed the legitimacy of the overall Golden Power framework, recognizing its consistency with EU law and highlighting the concept of “economic security” as an integral part of “national security.