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€4.8 0.0  0.2%

Last Trade - 10/08/20

Mid Cap
Market Cap £736.7m
Enterprise Value £1.45bn
Revenue £195.9m
Position in Universe 166th / 721

Italy to use vetting powers in Molmed acquisition by Japan's AGC

Tue 7th July, 2020 1:44pm
MILAN, July 7 (Reuters) - Italy's government said it would
apply special vetting powers on the planned acquisition of
Molmed  MLMD.MI  by Japan's AGC  5201.T , sending shares in the
Italian biotech company shares down 10% on Tuesday. 
    After the coronavirus outbreak, Rome bolstered so-called
"golden power" legislation against foreign takeovers by
extending it to more sectors - including banking, insurance,
health and food - and applying it to investors from other
European Union countries.
    The rules give the government the power to halt or impose
conditions on investments made by foreign companies in
industries or infrastructure deemed of strategic interest.
    In March AGC launched a takeover bid for Molmed in a deal
worth up to 240 million euros.
    Molmed is focused on research, development, production and
clinical validation of gene and cell therapies for the treatment
of cancer and rare diseases.
    Fininvest, the holding company of the family of former Prime
Minister Silvio Berlusconi, agreed to tender its 23% stake in
    Rome did not give details on what it would do with regards
to the Molmed-AGG deal. 
    Two sources close to the matter said Rome could ask AGC to
agree to certain conditions for the takeover, but would not halt
the offer, which is set to close on July 24. 
    Molmed declined to comment.  
    The government said it would also apply its vetting powers
to the merger between Banca Farmafactoring  BFF.MI  and
DEPObank, which the specialised lender bought from a group of
private equity firms.
    Banca Farmafactoring's main shareholder is private equity
firm Centerbridge with a 12% stake.
    The government also said it would use its special powers "in
the form of prescriptions" in the planned acquisition of IT
services provider Engineering by private equity firms Bain
Capital and NB Renaissance. 

 (Reporting by Elisa Anzolin and Elvira Pollina; editing by
Jason Neely)
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