“Saved by the French”. Meloni’s move with the Italian company Microtecnica

The Italian government exercised the golden power on the acquisition of the company Microtecnicacontrolled by Collins Aerospace, which deals with aerospace components, to the French group Safran, of which the French state holds 11% of the shares. The French company itself, informed of Rome’s intervention, announced this in a press release.

“Following this decision, we remain committed to the sale and are working with all parties to determine the appropriate next steps to take.“, we read in a note published by Safran. “The completion of this acquisition – continues the company – It also remains subject to obtaining other customary regulatory approvals and deal closing conditions“.

Italy has applied the golden power, an instrument that confers special and veto powers and which can be invoked by the executive in the case of acquisitions of companies in sectors of strategic importance such as defence, national security, energy, telecommunications and transport. The French multinational had been in negotiations for several months with Microtecnica, a company founded in Turin in 1929. Safran plans to take over the flight control systems of Collins Aerospace (which belongs to the American Raytheon) for approximately 1.8 billion dollars by 2024 and Rome’s “no” does not seem to have changed the company’s intentions one millimeter. “We remain committed to the transaction and are working with all parties involved to determine the most appropriate next steps. Further information will be provided when necessary“, they explain from France.

A source cited by Reuters and from Financial Times reports on a consultation that took place between the Meloni government and the German government, concerned about the implications that this stop could have on the next supplies of components for European fighters Eurofighter e Tornado. The Prime Minister will meet Chancellor Olaf Scholz in Berlin on Wednesday, while on Tuesday the Minister of Economy and Finance Giancarlo Giorgetti will have a face-to-face meeting with his French counterpart Bruno Le Maire in Paris.

The negotiation therefore did not fail completely, but it is rare for Italy to stop an allied country that is a member of the EU and NATO: the golden power has in fact been used in the past to block acquisitions by Russian or Chinese companies in technology 5G and energy. However, it happened with reversed roles in the naval sector, with Paris, supported by Brussels, which officially scuttled the agreement for the passage of the Saint-Nazaire shipyards under the control of Fincantieri. The decision at the time was made by President Emmanuel Macron, who later ordered the nationalization of Chantiers de l’Atlantique (formerly Stx).