More than 2 months ago the Italian Government issued certain measures[1] with the purpose of expanding its power to veto or impose conditions on acquisitions of, or other transactions involving, Italian targets operating in certain strategic sectors.
Recently[2] the abovementioned measures have been converted into Law and have been partially amended in the conversion process.
One of the amendments consists of specifying that, on a temporary basis (i.e. until the issuance of the relevant implementing decrees), acquisitions of controlling stakes in Italian target companies operating in business of production, import and wholesale distribution of medical devices, medical/surgical devices and personal protective devices must be notified to the Italian Government under the foreign investment control regime.
We note that the same clarification has not been made with respect to those provisions (included in the same set of measures) aimed specifically at hindering the COVID-19 emergency which expand/strengthen significantly the Italian Government’s control power (providing duties to notify acquisitions of controlling stakes also by EU acquirors, etc.) until December 31, 2020.
For more information please see our article on “The Expansion of Italian Foreign Investment Control in the COVID-19 era” available at this link.
[1] Articles 15 and following of Law Decree no. 23 of April 8, 2020.
[2] By means of Law no. 40 of June 5, 2020.
