November 8, 2017 / 12:35 PM / a month ago

Italy says ready to soften Golden power sanctions if companies cooperate

ROME, Nov 8 (Reuters) - Italian Industry Minister Carlo Calenda said on Wednesday the government is preparing a proposal to reduce sanctions envisaged under so-called “golden power” rules protecting strategic firms from takeovers if the companies cooperate with regulators.

Italy last month activated its golden power on Telecom Italia (TIM) after Vivendi, now TIM’s biggest investor with a 24 percent stake, tightened its grip on the company.

Answering a question on Telecom Italia, Calenda told reporters that by Friday the government will present a measure in parliament offering an incentive for companies to comply with rules laid down under the golden power legislation.

“It’s structured so that if there is cooperation (with regulators) so that an accord is reached, the current level of sanctions can be reduced,” he said. (Reporting by Antonella Cinelli, writing by Gavin Jones)

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