Italy's antitrust authority will investigate the 2002 acquisition by Electricite de France and AEM SpA's of the controlling interest in Edison SpA. The agency's investigation will focus on whether the acquisition violates "rules limiting state ownership of certain electricity generators.'
In other news from Italy, the acquisition of Fonti del Vulture by Coca-Cola Co. and Coca-Cola Hellenic Bottling Company has been cleared by Italy's antitrust agency. The European Commission cleared the deal last year--subject to conditions. Italy's clearance is subject to the same conditions.
Deal-makers targeting Chinese companies will find this news discouraging. According to China looking closely at foreign mergers, acquisitions, "China's ministry of commerce plans to keep a close watch on foreign mergers and acquisitions in important sectors to ensure the country's industrial and economic integrity." This "close watch" has resulted in the delay of the proposed acquisition of the Xugong Group, China's biggest construction machinery manufacturer, by American-based Carlyle Group.
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