Mutamenti degli assetti proprietari in ambito bancario. Il difficile connubio tra disciplina di settore, normativa sull’OPA e Golden Powers

The question concerning the methods and limits within which the legal system defines the transfer of qualified shareholdings in the capital of banks, in particular when the acquisition takes place through the takeover bid, involves both the interests of a general nature connected with the exercise of the banking activity, and the issues concerning the negotiating autonomy and the freedom of enterprise that characterizes those belonging to the credit sector. The disciplinary framework is made even more complex by the golden powers that allow the executive to determine the fate of the acquisition project for industrial policy purposes. The aim of this paper is to offer some guidelines for carrying out a systematic review of the current regulation so as to favor the homogeneity and unity of the various disciplinary bodies that interact in banking takeover bids.