Italy Watchdog Unwinds Sale Of Military Drones Firm To Chinese Firm

Italy annulled the sale of a military drones company to Chinese investors, three government officials told Reuters.

Rome opened an investigation last year into the 2018 sale to the Chinese players of a 75% stake in Alpi Aviation, based in northern Italy.

The government decided to annul the deal after the probe concluded that those involved should have informed it about the transaction under Italy’s so-called “golden power” regulations aimed at shielding strategically important assets, the sources said.

The Chinese groups involved in the takeover are China Corporate United Investment Holding (CCUI) and CRRC Capital Holding, which are in turn controlled by the Management Committee of Wuxi Liyuan Economic Development Zone and SASAC. (Reporting by Giuseppe Fonte and Angelo Amante, editing by Gavin Jones).

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.