Italy Government Clears ION’s Prelios Deal With Conditions

Italy will allow ION Group’s acquisition of asset manager Prelios SpA to go ahead with some conditions, according to people familiar with the matter.

Following an in-depth review, Prime Minister Giorgia Meloni’s cabinet decided Monday not to use its veto powers on the €1.35 billion ($1.48 billion) acquisition, the people said, without providing details on the conditions.

A spokesperson for the government and a spokesman for ION declined to comment.

Rome considered using its so-called Golden Power provision — which allows the state to block or impose strong conditions on deals involving strategic assets — as part of ...