ROME, May 30 (Reuters) – Italy is finalising measures to encourage owners to list their businesses on the Milan stock exchange as part of a broader package to make the country’s capital markets more competitive, Economy Minister Daniele Franco said on Monday.
Among potential steps, Italy is looking at enhancing voting rights in order to make Italy a more attractive location for companies to set up base and list.
With an overall capitalisation of around 800 billion euros ($861.92 billion), Milan’s bourse lags far behind Paris, which boasts a market capitalisation of 3.7 trillion euros and even Amsterdam, with 1.4 trillion euros.
The Treasury earlier this year launched a public consultation open to all major market players on ways to boost Milan’s appeal.
“Efforts to translate proposals into concrete measures are well advanced,” Franco said at a conference, without giving details.
A Treasury document published in February suggested that companies which planned listing could be allowed to issue special shares that give existing investors a right to cast more than three votes for each share owned at shareholder meetings, surpassing the current limit of three.
A regulatory set-up that helps leading shareholders preserve a tight grip on companies has driven a number of top Italian companies in recent years to opt for a Dutch legal domicile – while remaining listed in Milan.
Carmakers Stellantis and Ferrari , drinks group Campari , and MFE , the broadcaster controlled by the family of former Prime Minister Silvio Berlusconi, have all moved their registered offices to the Netherlands where they now hold their shareholder meetings.
($1 = 0.9282 euros)
(Reporting by Giuseppe FonteEditing by Tomasz Janowski)