Italy set for foreign takeover restrictions
By Giuseppe Fonte and Antonella Ciancio |
March 25, 2011, Friday
|
Print Edition
Print Edition
ROME is poised to bolster Italian food, energy, defence and telecoms firms against foreign takeovers, in a move that could stymie a bid by French dairy giant Lactalis to gain control of rival Parmalat.
The restrictions, first mooted by Italian Economy Minister Giulio Tremonti last week, would permit target companies to use similar defences to those allowed in the country of the buyer, a government source said.
They come as Italy's biggest listed food maker Parmalat and No.2 power group Edison are engaged in battles for control with French shareholders. French luxury group LVMH Moet Hennessy Louis Vuitton SA is also buying Italian jeweller Bulgari.
The measure would "identify certain sectors the government believes to be strategic on which it reserves the right to intervene when the investors come from protected markets," junior industry minister Stefano Saglia said.
Foreign investors acquiring Italian firms need government approval 60 days in advance, Italian newspapers said. They would also give Italy's stock market regulator Consob powers to require clarification of potential hostile offers.
"This continues a recent trend in Europe to provide greater protections for target companies," Professor Scott Moeller, of London's Cass Business School, said.
In another move, Italian antitrust officials have asked Parmalat and Lactalis for more information about possible changes in control of Parmalat. A group of Italian firms are looking at ways of preventing Parmalat falling under foreign control.
The restrictions, first mooted by Italian Economy Minister Giulio Tremonti last week, would permit target companies to use similar defences to those allowed in the country of the buyer, a government source said.
They come as Italy's biggest listed food maker Parmalat and No.2 power group Edison are engaged in battles for control with French shareholders. French luxury group LVMH Moet Hennessy Louis Vuitton SA is also buying Italian jeweller Bulgari.
The measure would "identify certain sectors the government believes to be strategic on which it reserves the right to intervene when the investors come from protected markets," junior industry minister Stefano Saglia said.
Foreign investors acquiring Italian firms need government approval 60 days in advance, Italian newspapers said. They would also give Italy's stock market regulator Consob powers to require clarification of potential hostile offers.
"This continues a recent trend in Europe to provide greater protections for target companies," Professor Scott Moeller, of London's Cass Business School, said.
In another move, Italian antitrust officials have asked Parmalat and Lactalis for more information about possible changes in control of Parmalat. A group of Italian firms are looking at ways of preventing Parmalat falling under foreign control.
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