Verisem, italian Council of State confirms veto of sale to Syngenta
The government had exercised golden power over the seeds company
Maybe it's the first case for the application of golden power to the agri-food sector: the sale of Verisem, an italian jewel in the seed sector (albeit controlled for years by an American fund) to Syngenta, has not to be done. This is because Syngenta's controlling group is the state-owned giant ChemChina and the Chinese government could exploit the production potential of Italian companies to its own advantage.
After the exercise of golden power by the Draghi government (see EFA News's article of 10/27/2021), the Lazio TAR rejected Syngenta's appeal last April. Now it's the turn of the Council of State which, as reported by Il Sole 24 Ore, has rejected another appeal by the target company Verisem.
Thus, the way seems cleared for the purchase of Verisem by Bf, the controlling holding company of Bonifiche Ferraresi, which lost in the audiction for the sale of the Romagna's company by the American fund Paine Schwarz Partners.
EFA News - European Food Agency