ROME, April 19, 2025 (BSS/AFP) - Italy's cabinet will exercise its so-called "golden powers" to set special conditions on UniCredit's takeover bid for its smaller rival Banco BPM, the government said on Friday in a statement.

UniCredit, Italy's second-largest bank, plans to launch its buyout offer for Banco BPM on April 28, following the approval of the European Central Bank and Italy's market watchdog.

Italy's golden powers provision allows the government to set certain conditions on takeovers in strategic sectors, such as banking.

There were no conditions specified in the short statement published by the prime minister's office following a meeting of cabinet ministers.

But Reuters reported earlier this week, citing a government official, that the provisions called for UniCredit to exit its Russian business in order for the 14 billion euro ($16 billion) bid to go through.

UniCredit's offer runs until June 23.