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by Tiziana Di Giovannandrea 04 April 2020The Government has new rules on Golden Power to defend Italian companies from foreign climbs in the context of the Coronavirus emergency and prevent the Italian productive and industrial heritage from being brought to its knees and becoming a land of conquest and may end in foreign hands at balance prices.

The new rules on strengthened Golden Power, in addition to the strategic companies so far - defense, energy, transport and communications -, will also be extended to other areas, such as the food, financial and insurance or health sector. The rule will also be applied to operations within the European Union .

The new provision will increase the reporting obligations to the Prime Minister also for the acquisition of shares of SMEs (small and medium-sized enterprises) strategic to defend corporate control from speculative purposes.

Fraccaro: priority is to protect strategic companies. National security depends on them
Undersecretary to the Prime Minister Riccardo Fraccaro explained: "The Government intends to safeguard the country's strategic assets. This is why we have worked on strengthening the existing instruments. The Golden Power regulation is ready and will be approved in the first useful measure. The emergency Coronavirus will not put our productive and industrial heritage at risk, which is a priority to protect because national security also depends on it. The new Golden Power will be our vaccine against the virus of hostile climbing ".

With regard to small and medium-sized enterprises (SMEs), the undersecretary remarked: "They represent the backbone of the country and many of them create value in strategic sectors for the defense of the interests of the country. Italy will overcome this phase and will still emerge from it stronger ", concluded Fraccaro.