La chip crisis it will not end soon but somehow each country must do its part. There policy plays a fundamental role in this and Italy is talked about internationally. In the last few hours, in this regard, a very important rumor has been made known. President Draghi would have imposed the veto (suggested by Minister Giorgetti) about "the intrusion of China" in microchip market in Italy. Let's go and see the story.
The microchip crisis will continue for a long time but borders must be defended: President Draghi has decided to impose his veto on China
It is the second time that we have talked about our country and about microchips. The first time was over there "Court" he was making to Intel. But now let's talk about an Italian company (born as an Italian to be honest), that is Applied materials (formerly Baccini SpA). This company is active in the production of chips and specifically of materials for photovoltaics. Why are we talking about it? President Draghi has rightly decided to do not allow the purchase of a company engaged in a strategic sector such as that of microchips by China.
It is the second time that the Italian premier has blocked an acquisition of a Chinese company in the microchip sector. The decision was made at a cabinet meeting on 18th November, they reported to Reuters two government sources, adding that the Minister of Industry Giancarlo Giorgetti had recommended the veto. The reason was that the acquisition could have had consequences in the strategic semiconductor sector.
Among the products of Applied Materials there are machinery used to manufacture semiconductors and other components high-tech. Italy reserves the right to use the so-called Golden Power, to avoid unwanted offers in sectors considered to be of strategic importance such as banking, energy, telecommunications and healthcare.
Il Golden Power it applies to non-EU groups and - in a temporary framework introduced in 2020 which is expected to expire this year - to attempts by EU suitors to buy strategic companies. One of the sources stated that Rome plans to extend the situation until 30 June 2022. This would include a measure that would force suitors from the EU and third countries to seek government approval to purchase a stake of at least 10% in strategic companies.
