Since taking power, Giorgia Meloni has stamped her authority on Italy to emerge as one of Europe’s strongest leaders.
From immigration to the economy, her political skills have transformed the country into a European Union leader, winning plaudits from leading figures on the American Right, including Elon Musk and Donald Trump.
But now the 48-year-old is facing a fresh threat to her supremacy from an equally powerful force – a silver-haired Italian dealmaker dubbed “Mr Davos” for his golden Rolodex of contacts.
Andrea Orcel, the suave chief executive of Italian bank UniCredit, is attempting an audacious €10bn (£8.5bn) takeover of a smaller rival – Banco BPM – which has rocked the Meloni government and exposed the fragility of the peace within her coalition.
Since the deal was announced last month, Meloni’s government has launched a political fightback in an attempt to scuttle the 61-year plans for the bank, which has 1,400 branches across the wealthy Lombardy and Veneto regions.
Last week, Meloni allies indicated that they may use so-called “golden powers” to veto or reshape his deal, a tool which allows the government to intervene in takeovers which harm the national interest.
But for Meloni, Orcel’s assault already represents a challenge to her authority and threatens to split her two coalition partners, Forza Italia and the Northern League.
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