ROME (Reuters) – Italy has approved BlackRock, the world's largest asset manager, to take a stake of more than 3% in Italian defence and aerospace group Leonardo, a document seen by Reuters showed on Monday.
The document, sent by the office of Italian Prime Minister Giorgia Meloni to Parliament, addresses the decisions of the so-called “golden power”.
Rome has “golden powers” to block or set conditions on foreign and national investments, as well as governance changes, involving companies operating in strategic sectors such as energy, telecommunications, defense and banking.
“I am happy about BlackRock's interest. It is an important recognition,” Leonardo Chief Executive Roberto Cingolani told Reuters.
Under Italian law, Meloni's office must approve share ownership in any strategic company that is also listed on the Milan Stock Exchange when the stake exceeds thresholds set at 3%, 5%, 10% and various other ranges up to 50%.
The cabinet granted BlackRock the authorization on Sept. 18, although it also imposed some unspecified conditions, according to the document.
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