ROME, May 9 (Reuters) – Italy’s parliament has prolonged Rome’s particular vetting powers to protect its key national assets by together with the hydroelectric sector and new firms that plan to function in industries deemed strategic, lawmakers stated on Monday.
The 15-month previous authorities lead by Prime Minister Mario Draghi has used its so-called “golden powers” to set circumstances on scores of mergers and has blocked a number of makes an attempt by China to prolong its presence within the euro zone’s third-largest financial system.
The modifications, accredited by the Senate in a single day, have been launched in a authorities decree that was initially arrange to strengthen anti-takeover regulation within the telecoms and defence industries.
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The upper-house Senate determined {that a} notification to the federal government will likely be required to arrange an organization working in sectors deemed strategic in case a non-EU agency owns a stake of at the very least 10%, a parliamentary doc seen by Reuters stated.
A separate modification established that the golden powers additionally apply to firms working main hydroelectric concessions, comparable to dams.
“The extension of the golden power to the hydroelectric sector is a decisive step towards the ecological transition and in giving value to economic and energy assets,” stated Andrea Cioffi, a senator with the 5-Star Movement who promoted the measure.
As a part of its plans to beef up the scrutiny of company takeovers, the Italian authorities will quickly set up a devoted division to oversee merger offers involving strategic firms. learn extra
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Reporting by Angelo Amante and Giuseppe Fonte; Editing by Susan Fenton
Our Standards: The Thomson Reuters Trust Principles.
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