June 13, 2018 / 5:20 PM / a year ago

Retelit to challenge government's use of 'golden powers'

MILAN (Reuters) - Italy’s Retelit plans to challenge the new government’s decision to use so-called ‘golden powers’ reserved for strategically important companies over the fibre-optic group.

Retelit has come under the spotlight after Italy’s anti-establishment coalition last week applied special powers to demand it safeguard its network - beefing up investments if necessary - and keep its management and security operations in Italy.

One senior banker speaking on condition of anonymity told Reuters the move over Retelit had been seen in financial circles as fresh evidence of the new executive’s anti-market stance.

Retelit said it had mandated its lawyers to challenge the government’s decision in court.

Reporting by Francesca Landini, editing by Valentina Za

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