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Italy’s Draghi vetoes third Chinese takeover this year -Breaking

by Mike Robinson

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© Reuters.

ROME, (Reuters) – Mario Draghi is the Italian Prime Minister and has vetoed the third Chinese takeover since February when his government assumed office. The official Hong Kong filing was made by the rebuffed organisation.

Zhejiang Jingsheng Mechanical said on Tuesday Rome had blocked its attempt to set up a joint venture with the Hong Kong arm of Applied Materials (NASDAQ:) to buy the U.S.-based group’s screen printing equipment business in Italy.

Rome retains the rights to apply its anti-takeover laws, also known as “golden power”, in order to prevent unwelcome bids from industries that are deemed strategic, such as health, banking, telecoms, and energy.

The reason why the Italian government prevented screen printing equipment from being purchased in Italy was unclear.

Five times has Rome so far blocked foreign interest from Italy since 2012, when the golden powers were introduced.

These episodes were four more than the Chinese bids. Draghi has three episodes, one of which was adopted by Giuseppe Conte’s predecessor Giuseppe Conte in 2020.

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