Italy’s Draghi Vetoes 3rd Chinese Takeover This Yearon November 24, 2021 at 7:53 am

ROME—Italy’s Prime Minister Mario Draghi has vetoed the third Chinese takeover in the country since his government took office in February, an official Hong Kong filing by the rebuffed group showed on Tuesday. Zhejiang Jingsheng Mechanical said Rome had blocked its attempt to set up a joint venture with the Hong Kong arm of Applied Materials to buy the U.S.-based group’s screen printing equipment business in Italy. The decision was taken at a cabinet meeting on Nov. 18, two government sources told Reuters, adding Industry Minister Giancarlo Giorgetti had recommended the veto, arguing the takeover could have had consequences in the strategic semiconductor sector. Among Applied Materials’ products are machines used to manufacture semiconductors and other high-tech components. The filing said the joint venture was also intended to take on Applied Materials’ wafer equipment business in Singapore and its assets in China. Italy reserves the right to use its anti-takeover …

Reuters

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