Coronavirus
Out of context: Reply #2017
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Italy plans to extend special powers to protect key industries from unwelcome foreign interest, a government official has said.
There is allegedly concern in the Italian government that foreign investors might try to take advantage of the collapse of share prices caused by the coronavirus pandemic to buy assets in Italian industries.
Cabinet undersecretary Riccardo Fraccaro said on Saturday that Rome would expand its vetting powers to the whole banking and insurance sector, alongside the health and food industry.
The scheme would allow the government to oppose any move by non-EU and EU players to buy a stake in companies considered to be strategically important.
A draft will soon be proposed to Italy’s cabinet, and measures would also apply to transactions within the EU, Fraccaro said.
Since Italy imposed the first set of restrictive measures on 23 February, Milan’s all-share stock index has fallen by close to 35%
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