Il Government strengthens defenses against hostile takeovers from abroad towards Italian companies considered strategic and intends to expand its veto powers through the so-called Golden power also in favor of small and medium-sized enterprises (SMEs). The decision, which has already been taken politically, will be formalized in one of the next decrees that the Executive will pass to deal with the health and economic emergency that the country is experiencing.
The new rules will extend the government's veto power to insurance, financial and food sectors for a year, as well as on robotics, artificial intelligence and biotech companies, also following the reports previously made by Copasir. The Golden Power has already been valid since 2012 for the defense industry, energy, telecommunications and transport. But for the first time - in addition to extending the protected sectors and defending small and medium-sized enterprises - the Government, as a result of the new regulations about to be issued, will be able also intervene in the face of hostile takeovers or purchases of stakes exceeding 10% from European Union countries.
Basically, with the new turn of the screw the Government wants to defend the large Italian groups – from Generali to Unicredit – which have widespread capital and are more contestable but also intends to protect small and medium-sized Made in Italy companies which are more exposed to hostile takeovers due to the fall of their shares on the Stock Exchange or a general devaluation of assets due to the paralysis caused by the Coronavirus.
Similar measures have already been taken in other European countries as well.
