Italy’s Top Court Backs ION Unit’s Appeal of Golden Power Ruling

Italy’s top court annulled a golden power ruling that imposed a series of restrictions on Cedacri SpA, the financial services unit of ION Group.

Cedacri had appealed a government order to reinvest proceeds from a bond issuance into the business. The Consiglio di Stato ruled in favor of the company, restricting the application of the state’s golden power — a mechanism which allows it to veto sensitive corporate transactions — in this case, according to a ruling Friday seen by Bloomberg.