Italy to Expand Takeover Shield to SMEs, Financials: Patuanelli

(Bloomberg) -- Italy will broaden defenses against hostile takeovers as the fallout from the coronavirus pandemic lowers valuations and leaves key industries vulnerable.

The government is planning to strengthen the so-called Golden Power protections to protect “a heritage that must not be sold off,” Economic Development Minister Stefano Patuanelli said in a message on his Facebook page. “It will be extended to the food, financial and insurance sector” and can also be extended to SMEs and internal EU deals.

Patuanelli’s remarks follow Prime Minister Giuseppe Conte’s opening to a review of the rule on takeovers. Last week the premier said the government is ready to defend the country’s industrial and business assets.

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