Italy Vetoed Three Acquisitions by Chinese Communist Party to Protect Strategic Industries

Translated by: MOS Translation Group – Snorlax

On November 18, 2021, the Italian government vetoed the application of a joint venture with a Chinese Communist background to acquire the screen-printing equipment business of the company “Applied Materials” in Italy, in accordance with the 2012 Golden Power Act, on the grounds of protecting “assets of strategic importance to the national interest.” It is understood that the joint venture company is established by the Chinese Communist Party’s Zhejiang Jingsheng Mechanical and Electrical Co. and semiconductor equipment factory Applied Materials Hong Kong Inc.

Last month, Italian Prime Minister Mario Draghi vetoed the acquisition of vegetable seed producer Verisem by Chinese Communist Party company Syngenta Group. And in April this year, he also vetoed the application of the Chinese Communist Party’s Shenzhen Chuangjiang Investment Holding Company to acquire a semiconductor equipment manufacturer in Milan.

In addition, the authorities are investigating the case of a Chinese company that tried to conceal the source of funds to acquire an Italian military drone manufacturer three years ago. If the investigation confirms that the company is indeed controlled by the Chinese Communist Party, the acquisition will also be rejected.

(This article represents the views of the author only)


Proofread by: Lakers
Edited by: Lakers
Posted by: Lakers

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