Italian state could use golden power for STX/Fincantieri and Telecom Italia (translated)
03 AUG 2017
The Italian government would “firmly” apply the Golden Power rule, reported Italian-language daily Il Sole 24 Ore, citing the Italian minister of Economical Development, Carlo Calenda, yesterday.
The paper noted the Golden Power rule would apply to both the STX/Fincantieri saga as well as for Telecom Italia [BIT:TIT].
The Golden Power refers to Article 1 (defence and national security) and 2 (communication). The Power involves strategic companies that are of national interest and imposes a notification be made to the Italian government within 10 days.
When asked about Telecom Italia, Calenda said they asked the Italian Parliament whether the French media group Vivendi [EPA:VIV], majority shareholder of TI, has to notify its intentions involving the Italian telecom.
As of yesterday, Vivendi has yet to notify its intentions. The report said that between today and tomorrow, the Vivendi committee could meet to decide on a conclusion to be submitted to the Italian Parliament, which has then 15 days to reply.