The Italian government cannot intervene in a future sale of a stake in fashion group Armani, using its "golden powers", even if a deal involved a foreign company, Italy's industry minister has told Reuters.
"(Armani) doesn't fall in the perimeter of national security," Adolfo Urso said on the sidelines of an event late on Tuesday, when asked whether Rome could use such measures.
The so-called golden powers allow Italy's government to block or set conditions on foreign and domestic corporate acquisitions in strategic sectors such as energy, telecoms and banking.
Urso added that the late Giorgio Armani's plans for the company he led for 50 years were pretty clear and were contained in his will, indicating that current regulations did not allow government action.
In his will, Armani left instructions to sell an initial 15% stake in the fashion house within 18 months of his death and later to transfer an additional 30% to 55% stake to the same buyer, or seek a market listing.
The will said priority should be given to luxury conglomerate LVMH, beauty group L'Oreal, and eyewear maker EssilorLuxottica, with which the fashion house has a commercial partnership.
Giorgio Armani died last month at the age of 91.
