The deep recession that hit Europe in 2020 spurred on by the global pandemic, concomitant uncertainty (which continues to date), and certain structural factors in the country, all of which have contributed to a significant increase in cross-border European and non-European M&A activity around Italian companies. These factors are still contributing to protectionist barriers that aim to isolate transactions of national strategic importance to the Government of Italy.

For this purpose, the Government of Italy has extended until 31 December 2022 the application of the so called “golden power” rules.