Italy approves BlackRock holding more than 3% in Leonardo By Reuters

ROME (Reuters) -Italy has approved BlackRock (NYSE:), the world’s biggest asset manager, holding a stake of more than 3% in Italian defence and aerospace group Leonardo, a document seen by Reuters showed on Monday.

The document, sent by Italian Prime Minister Giorgia Meloni’s office to parliament, deals with so-called “golden power” decisions.

Rome has “golden powers” to block or set conditions on foreign and domestic investments, as well as governance changes, involving companies that operate in strategic sectors such as energy, telecoms, defence and banking.

“I am happy for the interest of BlackRock. It is an important recognition”, Leonardo chief executive Roberto Cingolani told Reuters.

Under Italian legislation, Meloni’s office must approve share ownership in any strategic firm which is also listed on the Milan stock exchange when the stake crosses thresholds set at 3%, 5%, 10%, and various other intervals up to 50%.

The cabinet granted the authorisation to BlackRock on Sept. 18 while also imposing some unspecified conditions, according to the document.