(Bloomberg) -- The Italian government is considering restrictions on French retailer Fnac Darty SA’s offer for one of the country’s largest electronics chains over concerns about sensitive data on millions of customers, people familiar with the matter said.
Premier Giorgia Meloni’s government is weighing steps to limit the French retailer’s influence over Unieuro SpA to protect the Italian company’s trove of data on digital payments and people. Italy’s so-called Golden Power legislation enables Rome to stop or modify deals among companies in strategic sectors.
The review is ongoing and no final decision has been made, said the people, who asked not to be identified because they weren’t authorized to speak publicly.
A spokesman for Unieuro declined to comment. Representatives of the Italian government and Fnac Darty didn’t immediately respond to requests for a comment.
Fnac Darty, whose largest shareholder is billionaire Daniel Kretinsky, unveiled a plan to buy Unieuro in July, valuing the electronics retailer’s equity at about €250 million ($277 million). After a preliminary review, Unieuro’s board raised some critical issues regarding the reasons for the offer and the suitor’s future plans.
Fnac Darty Chief Executive Officer Enrique Martinez said his company won’t raise its Unieuro offer, which was at a 42% premium to mid-July prices, Corriere della Sera reported earlier this month.
Unieuro reported revenue of €2.6 billion in the fiscal year ended in February, down 6% from a year earlier, according to a company statement. The retailer employs 5,400 workers and runs around 500 shops across the country, according to the firm’s website.
--With assistance from Donato Paolo Mancini.
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