Italy Government Clears ION's Prelios Deal With Conditions [Financial Post (Toronto, Ontario, Canada)]
SAFRAN SA UNSPON/ ADR (SAFRY)
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Source: Financial Post
Author of the article: (Bloomberg) — Italy will allow ION Group's acquisition of asset manager Prelios SpA to go ahead with some conditions, according to people familiar with the matter. Following an in-depth review, Prime Minister Giorgia Meloni's cabinet decided Monday not to use its veto powers on the €1.35 billion ($1.48 billion) acquisition, the people said, without providing details on the conditions. Article content Article content A spokesperson for the government and a spokesman for ION declined to comment. Rome considered using its so-called Golden Power provision — which allows the state to block or impose strong conditions on deals involving strategic assets — as part of its broader focus on the activities in the country of Andrea Pignataro's ION, Bloomberg reported in December. The transaction would still require an approval from Italy's central bank. A requirement that ION submit a new request for deal approval after lining up financing was one of Rome's i
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