oa Investing in Italy: Key legal issues for investors in the Gulf

Recent market data and press reports seem to confirm a growing interest, including from the Gulf, for investments in private and listed companies in Italy. In taking advantage of the opportunities presented by the Italian market (including the disposal plans announced and in part already enacted by the Italian government), investors should be aware of some key legal issues and practical factors. This article briefly outlines some of these key legal issues and factors as they may apply to investors from the Gulf region. It first addresses some of the disclosure and mandatory tender offer obligations that may be triggered in connection with investments in companies listed in Italy. It then provides some legal and practical insights regarding shareholders' agreements, including certain related merger control considerations. It also provides a general overview of the new foreign investment control regime applicable to investments in the sectors of defense and national security, and in certain assets in the sectors of energy, transport and communications. Finally, it makes brief reference to the potential regulatory-specific approvals that may be required for investments in certain sectors and industries or in respect of certain assets. This article condenses the presentations and discussions that took place at the seminars hosted on this topic by Cleary Gottlieb in Abu Dhabi and Dubai in May 2014.