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Investing.com -- The Italian government is monitoring news about a possible sale of truckmaker Iveco Group to India’s Tata Motors (NYSE:TTM), Industry Minister Adolfo Urso said during a parliamentary hearing on Wednesday.
Urso did not mention whether the government might use its "golden power" legislation, which allows Rome to set conditions on deals involving companies considered strategically important to national interests.
Tata Motors has approached the Agnelli family, which controls Iveco through investment company EXOR (AS:EXOR), regarding a potential acquisition of the Italian truck and bus manufacturer, according to reports last week.
Iveco shares have surged over 25% since the news emerged last Friday.
Any potential sale would exclude Iveco’s IDV defence business, which the group is currently separating through either a spin-off or sale.
Urso emphasized that Rome recognizes the importance of the commercial and industrial vehicle industry, particularly Iveco, to Italy’s economy and employment.
"Our policy line is clear. We strongly support foreign investments of quality, as long as our technology, production and jobs are preserved," Urso stated.
The minister added that the government had agreed to meet with unions about Iveco "to monitor any developments and, if necessary, prepare appropriate