Italy: Investment protection of companies operating in certain sensitive sectors from foreign takeovers
On 15 March 2012, the Italian government introduced Law Decree No 21 of 2012 for the protection of companies operating in certain sensitive sectors from foreign takeovers. While already in force, this Act is submitted to Parliament for approval within 60 days.
The Law Decree identifies strategic industry sectors or assets in respect of which the Italian Government has powers to veto or impose conditions on both the investment operation, and the substantive corporate decisions. The Government is granted wide powers with respect to companies operating in sectors presenting “an actual threat of a material prejudice to the essential interests of defense and national security” (Article 1, section 1).
Any Evidence-Based Deliberation:
|Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations?|
|Is there any evidence that alternatives to the proposed measure were considered?|
|Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government?|
|Was such evidence identified?|
|Is such evidence publicly available?|
|Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives?|
|Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken?|
|Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory?|
|Did the government state its intention to review the measure within one year of implementation?|
Date of inception: 15 Mar 2012
GTA Evaluation: Red
Law Decree No. 21 of 2012, Norme in materia di poteri speciali sugli assetti societari nei settori della difesa e della sicurezza nazionale, nonche' per le attivita' di rilevanza strategica nei settori dell'energia, dei trasporti e delle comunicazioni. (12G0040) (GU n. 63 del 15-3-2012 ).