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 entering into force on 16 March 2012, 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 material prejudice to the essential interests of defence and national security' (Article 1, section 1).