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Report: Italy to approve decree granting it powers to protect Milan bourse

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Report: Italy to approve decree granting it powers to protect Milan bourse

Italy is expected to approve Sept. 19 an emergency decree that will allow it to use special powers to protect its interests in key financial infrastructures, such as the Milan stock exchange, Reuters reported, citing a draft of the decree.

The move comes after Hong Kong Exchanges & Clearing Ltd. proposed to take over London Stock Exchange Group PLC, an offer that was swiftly rejected by the LSE last week. LSE controls Milan-based Borsa Italiana SpA, and the deal would have seen a Chinese company acquire the primary equity markets of both the U.K. and Italy.

The Italian government views the Milan bourse as a strategic asset, according to the decree, which will put measures, originally drafted in 2012, to effect. The new regulations will force firms outside the European Union to notify the Italian government first of any takeover intentions or acquisition plans for such assets and allow it to reject any move by a non-EU firm to acquire a stake in Borsa Italiana, according to the report.