Italy has been an enthusiastic recipient of Chinese investment. It even signed up to the controversial Belt and Road Initiative. Might it be whiplashing in the opposite direction?
Prime Minister Giorgia Meloni’s government is scrutinising Sinochem’s shareholding in tyremaker Pirelli. Any limitation of the shareholder rights of the Chinese chemicals giant would be unprecedented, with implications for other Italian companies with big Chinese investors.
The legal basis for any Italian intervention would be its “golden power”. This means the government must be notified when foreign investors make a move on strategic Italian companies. Ministers can veto transactions or impose remedies.
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