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Italy defends key companies from foreign takeovers

Italy defends key companies from foreign takeovers

The Italian government has approved measures to protect companies in strategic sectors from foreign takeovers.
The action is a response to French corporate moves on Italian companies. Dairy company Lactalis this week came closer to gaining majority control of Italy's Parmalat, LVMH Group bought Bulgari jewelers and France's Edf has sought to increase its ownership in the Edison power company.
Italian news agencies say the measures approved Wednesday include the ability to delay shareholder meetings in targeted companies.
A Parmalat shareholders' meeting is scheduled for next month, at which time the new controlling shareholder Lactalis could push for management changes. The new rules could delay it until June.
Parmalat shares rose 1.22 percent to (EURO)2.32 after the news.


Updated : 2021-04-15 07:07 GMT+08:00