Italy has given a green light to the takeover bid Credit Agricole Italia plans to launch for small lender Credito Valtellinese (Creval), two government sources told Reuters on Monday, February 15.
The offer by the Italian division of France’s Credit Agricole needed approval by the Rome government, which reserves the right to block unwanted bids in strategic industries such as banking, telecoms, and health.
The so-called “golden powers” allow Rome to ward off or set strict prescriptions on takeovers in key industries from non-European Union and – under a temporary framework in place until June 30 – also EU groups.
The Treasury last week sent to the cabinet office of former Prime Minister Giuseppe Conte a recommendation saying such special powers should not be exercised in Creval’s case.
But the outgoing government decided on Friday to leave the task in the hands of former European Central Bank President Mario Draghi, who was sworn in as prime minister on February 13.
The new cabinet met immediately after taking office and agreed to comply with the Treasury’s request, the two sources said.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
College Sports Leaders in Intensive Talks to Settle NIL Antitrust Case Against NCAA
Apr 30, 2024 by
CPI
EU Investigates Facebook’s and Instagram’s Handling of Disinformation Ahead of Elections
Apr 30, 2024 by
CPI
Antitrust Lawsuit Targets Hotel Giants for Alleged Price Fixing with AI
Apr 30, 2024 by
CPI
ABA Seeks to Join FTC Lawsuit Against Amazon Over Antitrust Concerns
Apr 30, 2024 by
CPI
Google Agrees to Pay News Corp for AI-Related Content
Apr 30, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI