ANNOUNCEMENT 15 Mar 2012In March 2012, the government of Italy announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
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 ).
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 identifiesstrategic 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).