Italy Government Cannot Use Golden Powers In Armani Stake Sale, Minister Says

The Italian government cannot intervene in a future stake sale of fashion group Armani, using its golden powers, even if this should involve a foreign company, Italy's industry minister told Reuters.

"(Armani) doesn't fall in the perimeter of national security," Adolfo Urso said on the sidelines of an event late on Tuesday, when asked whether Rome could use its golden powers.

So-called golden powers allow Italy's government to block or set conditions on foreign and domestic corporate acquisitions in strategic sectors such as energy, telecoms and banking.

(This is a developing story)