No. 1017 - The impact of golden power regulation on M&A activity in the non-financial private sector

Questioni di Economia e Finanza (Occasional papers)
by Antonio Accetturo, Irene Di Marzio, Federico Fornasari and Ivan Triglia
June 2026
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The paper analyses the impact that the Italian legislation on special powers (golden power) has had on merger and acquisition (M&A) transactions in the non-financial private sector. After reconstructing the regulation evolution, as well as trends in notifications and governmental decisions, it identifies the sectors subject to golden power and quantifies the effects of its introduction and subsequent expansion on M&A activity.

The introduction of golden power in 2012 had no discernible effect on M&A activity. By contrast, the expansion of its scope in 2020 led to a significant decline in M&A activity during the 2021-2022 period in the sectors where these powers were exercised, exceeding the number of transactions formally blocked or authorized subject to conditions. The negative effect of the regulation on the number of M&A transactions disappeared in 2023, likely due to reduced uncertainty regarding its practical application.

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  1. 12 June 2026
    No. 1017 - The impact of golden power regulation on M&A activity in the non-financial private sector
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    (only in Italian)

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