The Italian Government’s “Golden Share” – Implementation Measures

The attached memo provides an overview on the Italian government’s measures adopted for the purposes of implementing the new “golden share” rules introduced by Italian Law Decree No. 21 of March 15, 2012 (as amended and ratified by Law No. 56 of May 11, 2012).

Such rules grant to the Italian government certain special powers to veto or condition the purchase of interests in the share capital of, or the implementation of certain extraordinary transactions by, Italian companies that are active in the fields of (i) defense and national security, or (ii) energy, transport, and communications.

The implementation measures adopted thus far are relevant to both the field of defense and national security and the field of communications and, therefore, their effects on the transactions concerning companies active in such fields should be carefully considered.