ROME : An Italian administrative court has ruled that a government veto on the purchase of seed producer Verisem by Chinese-owned agrochemicals giant Syngenta was valid, rejecting appeals from both firms, two sources close to the matter said on Wednesday.
Prime Minister Mario Draghi blocked the proposed takeover last October, the second time he used the special"golden power" rules to ward off an undesired bid on a strategic industry. During 14 months in office, he has issued a total of four vetoes. At the time of the government's decision, Italian agriculture lobby Coldiretti said Syngenta's move would have shifted to Asia the world's strategic balance in the control of seeds for vegetable and herb production.
Swiss-based Syngenta, which was bought by state-owned ChemChina for $43 billion in 2017, could not immediately be reached for comment.