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Italian Competition Authority launches investigation to assess Intesa Sanpaolo’s takeover and exchange bid for Monte dei Paschi di Siena
Authority to assess the possible effects on competition across a large number of different local and national banking and insurance markets
On Monday, 14 September, the Italian Competition Authority opened an investigation, pursuant to Article 16(4) and (6) of Law 287/1990, into the transaction by which Intesa Sanpaolo S.p.A. intends to acquire sole control over Banca Monte dei Paschi di Siena S.p.A. The transaction takes the form of a takeover and exchange bid launched on 8 June 2026.
Given the significance of the parties to the transaction and the range of competitive dimensions at play, the Authority’s investigation aims to assess the possible effects on competition across a large number of different local and national banking and insurance markets.
Rome, 15 September 2026
The Italian Competition Authority’s advocacy interventions between 2023 and 2025 delivered positive results in the separate waste collection sector
The Authority commissioned an impact analysis of its advocacy interventions in the local public services sector, focusing particularly on municipal waste management and local public transport.
The Italian Competition Authority commissioned the consulting firm Lear to develop an ex ante impact assessment methodology designed to estimate the potential benefits of its advocacy interventions in the local public services sector. The methodology focuses particularly on municipal waste management and local public transport (“LPT”). The Authority’s advocacy reports in these sectors mainly involve cases where the granting authority chose not to use a competitive tendering procedure to select the concessionaire, failing to provide adequate justification for this decision.
The analysis shows a clearly positive potential ex ante impact on the quality of municipal waste management services, when considering the Authority’s advocacy reports issued between 2023 and 2025. These interventions could result in an average increase of around 16% in the overall separate waste collection rate, with an estimated saving on the average aggregate cost of collecting and transporting separately collected waste of 20%, equivalent to approximately € 120 million. Lear’s analysis estimated the potential benefits of these interventions from an ex ante perspective, measuring them in terms of lower costs for society and improvements in service quality. The methodology is based on a comparison between a group of granting authorities that received an advocacy report or warning letter from the Authority (so-called “non-virtuous” authorities) and a group that used efficient awarding methods (so-called “virtuous” authorities). The difference in outcomes between these two groups therefore provides an estimate of the potential ex ante benefit of the Authority’s intervention. The breadth, granularity, and standardisation of the data available in the waste management sector made it possible to compare the outcomes of the two groups of contract awards through detailed and robust econometric analysis.
As regards the LPT sector, two case studies were developed – again based on a comparison between non-virtuous and virtuous granting authorities – to provide useful information for a qualitative assessment of the potential ex ante impact of the Authority’s advocacy interventions. These comparisons, which covered awards with comparable socioeconomic and territorial characteristics, revealed a potential ex ante benefit consisting primarily in the virtuous authority’s greater ability to attract per capita demand (i.e., the annual number of passengers carried per inhabitant) and to manage expenditure efficiently.
Rome, 9 September 2026
Italian Competition Authority accepts commitments offered by Federconsorzio Dolomiti Superski and its adhering twelve valley consortia
Commitments include the discontinuation of coordinated pricing and a EUR 30 million redress package for consumers
The Italian Competition Authority has concluded, by accepting commitments, the proceedings opened in July 2025 against Federconsorzio Dolomiti Superski and its adhering twelve valley consortia (Consorzio esercenti impianti a fune Cortina d’Ampezzo, S. Vito di Cadore, Auronzo/Misurina; Consorzio esercenti impianti a fune Skirama Plan de Corones - Kronplatz; Consorzio impianti a fune Alta Badia; Consorzio esercenti impianti a fune Val Gardena - Alpe di Siusi; Consorzio impianti a fune Val di Fassa e Carezza; Consorzio esercenti il trasporto di persone a mezzo impianti a fune Alpe Lusia - San Pellegrino; Consorzio impianti a fune Civetta; Consorzio impianti a fune Arabba - Marmolada; Consorzio 3 Zinnen Dolomites; Consorzio impianti a fune Val di Fiemme - Obereggen; Consorzio impianti a fune San Martino di Castrozza e Passo Rolle; Consorzio Rio Pusteria - Bressanone) for an alleged infringement of Article 2 of Italian Law No. 287/1990 and Article 101 of the Treaty on the Functioning of the European Union (TFEU).
The investigation concerned provisions of Federconsorzio's by-laws that could have resulted in two appreciable restrictions of competition: first, the setting within Federconsorzio of the prices for local consortia's ski passes; second, restrictions imposed on valley consortia on the sale of their ski passes through third-party. Fully addressing the competition concerns identified in the opening decision, Federconsorzio and its adhering twelve valley consortia have committed, first, including through amendments to their by-laws, to remove any future form coordination in pricing and distribution policies for valley ski passes. They also offered substantial financial redress measures for consumer skiers. Consumers who purchased one-day or multi-day valley ski passes during the 2022/2023, 2023/2024 and 2024/2025 ski seasons will be eligible for financial redress totalling EUR 30 million, comprising EUR 18 million in discount vouchers and EUR 12 million in direct refunds. Consumers will be able to choose between a discount voucher for future purchases equal to 30% of their previous expenditure or a direct refund equal to 20% of the amount previously paid. In addition, promotions and concessions already introduced for the Dolomiti Superski ski pass will be maintained for the next five winter seasons, with an overall value of approximately EUR 20 million.
For further information on the procedures and eligibility criteria for accessing these measures, consumers are invited to consult the websites of Federconsorzio Dolomiti Superski and the adhering valley consortia, as well as the notices displayed at all ticket offices throughout the ski area and in local newspapers in North-Eastern Italy. The Authority considered these compensatory measures capable of mitigating any adverse effects on consumer skiers arising from the alleged agreement.
Rome, 7 August 2026
Rome: The Italian Competition Authority fines micromobility service operators (e-bikes and e-scooters) a total of almost EUR 2.7 million
Bird, Dott and Lime hindered access to the free ride packages reserved for subscribers to Rome’s local public transport system.
The Italian Competition Authority has concluded the investigations, launched in November 2025, into three operators authorised to provide micromobility services (e-bikes and e-scooters) within the territory of the Roman municipality for the 2023-2026 period.
Bird, Dott and Lime were fined a total of almost EUR 2.7 million for preventing holders of the Metrebus card (the annual pass for Rome’s local public transport system) from using the free ride packages (so-called Passes) that the operators had undertaken to provide when bidding for the service.
In particular, the Authority found that the three companies had adopted inadequate measures and organisational arrangements for handling users' requests. This made the activation process burdensome, caused lengthy delays in issuing the Passes and, consequently, reduced the period during which users could benefit from them.
In the case of Bird, the Authority also established a further unfair commercial practice consisting of the arbitrary deactivation of user accounts, without providing prior information about the circumstances that could justify such action or giving users an opportunity to be heard.
The practices had a significant impact on consumers, as the three companies restricted access to a more sustainable mobility service that complements local public transport through to the use of less polluting vehicles.
Rome, 6 August 2026
The Italian Competition Authority accepts Trenitalia's commitments to remove obstacles to refunds for long delays and train cancellations
Under the commitments, the company will remove the requirement for prior confirmation of the decision not to travel and enhance the existing channels for refund requests. In addition, it will create a dedicated section on its website providing key information in the event of disruptions affecting rail services.
The Italian Competition Authority has closed with commitments an investigation into Trenitalia's refund policy launched in December 2025. The proceedings concerned the company's alleged practice of hindering passengers' right to a full refund of the ticket price when they decide not to travel because it is reasonably foreseeable that the train will arrive at its final destination with a delay of 60 minutes or more, whether due to a delayed departure, a missed connection, or the cancellation of a service. In particular, to obtain a full refund, Trenitalia imposed on passengers a disproportionate requirement that is not provided for by the rules on rail passengers' rights: passengers had to obtain formal confirmation of their decision not to travel by contacting the company's call center or a station ticket office shortly before the disruption.
The Authority has closed the investigation without a finding of infringement and has made the commitments submitted by Trenitalia binding, as they are deemed sufficient to address the issues raised. The company committed to remove the requirement for passengers to obtain the mentioned formal confirmation for any refund request, and to enhance the existing channels through which refund requests can be submitted. In addition, Trenitalia will create a dedicated section on its website providing passengers with key information in the event of disruptions affecting rail services. Within three months, Trenitalia must report to the Authority on the measures it has taken to implement the commitments.
Rome, 30 July 2026
Italian Competition Authority: Saverio Valentino takes office as President of the Authority
Mr. Saverio Valentino, who was appointed as President of the Italian Competition Authority by the President of the Senate, Ignazio La Russa, and the President of the Chamber of Deputies, Lorenzo Fontana, took office yesterday as Chairman of the Authority. “I am deeply grateful to the Presidents of the two Houses of Parliament for entrusting me with this role. For me, this represents the culmination of a professional career entirely devoted to competition law,” commented the newly appointed President.
Mr. Valentino, a lawyer born in Rome in 1971, has served as a Commissioner of the Italian Competition Authority since 13 June 2023. Admitted to the Rome Bar since 1999 – and qualified to practise before the Court of Cassation since 2013 – as well as to the New York Bar since 2001, he has mainly specialised in Italian and EU competition law. He has acted before the courts of the European Union, Italian administrative and civil courts, the European Commission, the Italian Competition Authority and other competition Authorities in several countries around the world.
After graduating with honours in Law from Sapienza University of Rome in 1995, Mr. Valentino obtained a Master’s in EU law (LL.M.) from the College of Europe in Bruges in 1996 and a Master of Laws (LL.M.) from the University of Chicago Law School in 2000. He also worked with the European Commission’s Directorate-General I, within the unit responsible for multilateral trade policies and issues relating to the World Trade Organization and the Organisation for Economic Co-operation and Development.
Rome, 17 July 2026
Milan-Cortina 2026: the Italian Competition Authority issues fines of over €2.5 million for ambush marketing
Milan-Cortina 2026: the Italian Competition Authority issues fines of over €2.5 million for ambush marketing
The fined companies conducted advertising campaigns and promotional activities which frequently featured or evoked the Olympic symbols and emblems, and/or official names such as “Milano-Cortina/Milano-Cortina2026”. Investigations prompted by the monitoring activities of the Special Antitrust Unit of the Italian Financial Police.
The Italian Competition Authority has closed its investigations launched starting from January 2026 into Harmont&Blaine S.p.A., Rialto S.p.A. (“Il Gigante” supermarkets), MD S.p.A. (“MD” supermarkets), Magazzini Gabrielli S.p.A. (“Oasi” supermarkets), RetailPro S.p.A. (“Pro7” supermarkets) and Butan Gas S.p.A., finding the companies to have breached the prohibition against ambush marketing. The companies have been fined over 2.5 million euro in total.
The investigations were launched following monitoring activities carried out by the Special Antitrust Unit of the Italian Financial Police (Guardia di Finanza). The Authority exercised its powers under Law Decree 16/2020 (converted by Law 31/2020) concerning ambush marketing. In particular, the Authority found that, despite not being the official sponsors of the Milan-Cortina 2026 Olympic Winter Games, the companies Harmont&Blaine S.p.A., Rialto S.p.A., MD S.p.A., Magazzini Gabrielli S.p.A., RetailPro S.p.A. and Butan Gas S.p.A. created an association between their brand and the Olympics, thereby misleading the public as to the identity of the official sponsors.
During the Olympic Games, the companies conducted advertising campaigns and promotional activities which frequently featured or evoked, in different forms, the Olympic symbols (five rings) and emblems, and/or official names such as “Milano-Cortina/Milano-Cortina2026”. These elements were found to amount to ambush marketing, in breach of the prohibition laid down in article 10 of Law Decree 16/2020.
Rome, 17 July 2026
Text of the decision Harmont & Blaine
Text of the decision Il Gigante
The Italian Competition Authority launches investigation into the “Microsoft 365” subscription price increase
Authority concerned that Microsoft may have failed to make it sufficiently clear that its subscription service had been integrated with the “Copilot” and “Designer” artificial intelligence services
The Italian Competition Authority has launched an investigation into Microsoft Ireland Operations Ltd. and Microsoft S.r.l. over an unfair commercial practice relating to the information provided to consumers about the increase in the subscription price for the “Microsoft 365” service. This information appears to have been provided in a fragmented manner, without making it sufficiently clear that the subscription service had been integrated with the “Copilot” and “Designer” artificial intelligence services. Moreover, it seems that consumers were placed, by default, on a new subscription plan at a higher price, unless they exercised their right of withdrawal.
In the Authority’s view, this conduct may be contrary to consumer rules, since Microsoft appears to have failed to provide consumers with sufficient information to assess the changes made to the service offered and, as a consequence, make an informed decision as to whether or not to renew their subscription. The way in which the information was communicated may also constitute an aggressive practice, as it appears to have unduly restricted consumers’ freedom of choice.
Rome, 26 June 2026
E-commerce: the Italian Competition Authority fines Deghi S.p.A. €2 million for unfair commercial practice
The company misleadingly advertised time-limited promotions and discounts, including through the use of a “countdown timer”.
The Italian Competition Authority has imposed a 2 million euro fine on Deghi S.p.A. for engaging in an unfair commercial practice. The Authority found that between January 2024 and the end of December 2025, the company repeatedly used a “countdown timer” to advertise time-limited discounts which, once expired, were renewed under the same pricing conditions with a new “timer”. In doing so, Deghi misleadingly presented the prices and discounts of many products advertised as being “on promotion” on its website https://www.deghi.it/.
The practice is particularly insidious, as it is based on a manipulation technique known as a “dark pattern”: it imposes a fake time limit on promotional product offers in order to pressure consumers to make a purchase, thereby exploiting the so-called “scarcity heuristic”.
Rome, 25 June 2026
The Italian Competition Authority launches market investigation and call for inputs into competition concerns in the motor insurance sector
The inquiry, to be conducted jointly with IVASS, will focus primarily on the functioning of risk allocation systems (e.g. bonus-malus systems and merit classes) and of the direct compensation procedure, as well as on possible barriers to consumer switching (e.g. black boxes and price comparison tools)
The Italian Competition Authority has launched a market investigation to examine possible competition concerns in the motor insurance sector. The investigation will be carried out jointly with the Italian Institute for the Supervision of Insurance (IVASS), responsible for regulating and overseeing the insurance sector, within the framework of the Memorandum of Understanding between the two institutions.
The motor insurance sector is substantial in size, given the mandatory nature of motor insurance and the widespread use of motor vehicles, with premiums of around €13,5 billion in 2025. Over the years, the legal and regulatory framework governing motor insurance has been amended on several occasions, including following recommendations made by the AGCM through its advocacy work. These changes were aimed at making the system more efficient and increasing competition between insurers. However, there may still be some unresolved concerns, which the Authority and IVASS consider should be examined further as part of the market investigation.
The inquiry aims to assess whether, under the current legal and regulatory framework, there are factors in the motor insurance sector that may be hindering the development of competition for the benefit of end consumers. It also seeks as to identify any measures that could address those factors.
In particular, the market investigation will focus on how risk allocation systems (e.g. bonus-malus systems and merit classes) and the direct compensation procedure operate. It will also examine the role of devices that monitor driving behaviour and vehicle activity, such as black boxes, and whether these may hinder consumer switching. The inquiry will further consider how the complexity of commercial offers and discounting practices affect the proper functioning of price comparison tools, including Preventivass.
Alongside the inquiry, a public consultation (Call for inputs) has been launched to gather feedback from stakeholders on the issues at hand, described in greater detail in the decision opening the market investigation. Feedback may be submitted no later than 31 July 2026 at the following e-mail address: [email protected].
Rome, 18 June 2026