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Bloomberg
Italy’s government expanded its powers to block foreign takeovers and prepared a massive injection of liquidity into companies that risk bankruptcy amid the world’s deadliest coronavirus outbreak.
Prime Minister Giuseppe Conte announced new economic measures as the country enters its fifth week of lockdown, with all non-essential businesses shuttered and still no plan to relax restrictions. Italy reported 3,599 new infections, the lowest in nearly three weeks.
The government will back loans to companies for a total of more than 809 billion, expanding previously agreed guarantees by 400 billion euros. No aid will be given to companies that pay out dividends.
“This is a huge sum, both for the internal market and for exports,†Conte said at a news conference in Rome. The prime minister also said Italy’s so-called Golden Power rules against foreign takeovers will be significantly extended.