Italy reserves right to use special powers to protect Milan bourse: document

ROME (Reuters) - The Italian government considers the Milan stock exchange a strategic asset and reserves the right to intervene with special powers if appropriate to protect its interests, according to a draft emergency decree seen by Reuters on Tuesday. The decree, expected to be approved on Thursday, puts into effect measures originally drafted in 2012 giving Rome so-called golden powers over key financial infrastructure.

Reuters September 18, 2019 02:12:13 IST
Italy reserves right to use special powers to protect Milan bourse: document

Italy reserves right to use special powers to protect Milan bourse document

ROME (Reuters) - The Italian government considers the Milan stock exchange a strategic asset and reserves the right to intervene with special powers if appropriate to protect its interests, according to a draft emergency decree seen by Reuters on Tuesday.

The decree, expected to be approved on Thursday, puts into effect measures originally drafted in 2012 giving Rome so-called golden powers over key financial infrastructure.

It will force non-European Union players to notify Rome of any takeover intentions or plans to acquire stakes in such assets.

The powers would allow the government to oppose any move by a non-EU player to acquire an interest in the Milan bourse which is controlled by the London Stock Exchange .

Earlier this month the Hong Kong bourse made an unsolicited takeover bid on the LSE which was rebuffed by the UK group.

But HKEX, the Hong Kong Exchanges and Clearing <0388.HK>, has refused to give up on its bid, insisting it will now hold more talks with LSE investors.

It was not immediately possible to get a comment from the Italian Prime Minister's office.

(Reporting by Giuseppe Fonte and elvira Pollina, writing by Stephen Jewkes)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.