🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

UPDATE 1-Italy to extend until mid-2021 vetting powers to block takeovers from EU groups

Published 12/12/2020, 03:47 am
Updated 12/12/2020, 03:48 am
© Reuters.
CAGR
-
PCVI
-

(Adds details, background)

ROME, Dec 11 (Reuters) - Italy is set to extend until mid-2021 the government's special powers to block attempts by European suitors to buy Italian companies in strategic sectors, including banks and insurers, lawmakers said.

Rome in April strengthened existing anti-takeover powers in the financial, credit, insurance, energy, defence, telecommunications, transport, water, health, semiconductors and cybersecurity industries. measure was approved after the coronavirus crisis hit share prices, potentially making unsolicited acquisitions easier. It allowed Rome to ward off unwelcome takeovers in key sectors from non-EU and - on a temporary basis until Dec 31 - EU groups.

The upper house Senate will vote later on Friday to extend the temporary intra-EU regime by a further six months, Vincenzo Presutto, a lawmaker from the co-ruling 5-Star Movement, told Reuters.

The six-month extension also applies to a measure obliging strategic Italian companies to inform the government of any changes in the ownership, control or use of their assets.

Rome has the right to block such changes or impose conditions to preserve its strategic interests.

The Italian parliament's security committee had urged the government to extend the year-end deadline.

The takeover bid announced by the Italian arm of French bank Credit Agricole CAGR.PA for rival Creval PCVI.MI will be subject to the government's vetting powers, should the offer be successful. Europe, Australia's Macquarie will also need government clearance before clinching any deal to buy Ital Gas Storage, which is deemed of strategic importance with its maximum capacity of around 1 billion cubic metres (bcm).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.