Law  of 11 May 2012, n. 56: In the sectors of energy, transport, and communications the goverment's special powers consist in: the veto on or the authorisation of, under specific conditions, decisions, acts, or operations concerning strategic assets; the imposition of specific conditions to make affective acquisitions by non EU investors of companies owning strategic assets. In exceptional cases and when the above-mentioned acquisitions determines control rights, the Government has the right of opposition to the entire acquisition by buyers from outside the EU (in compliance with article 49 of the treaty of the Functioning of the European Union). This system was put in place to overcome the retirement of the "golden share" system contested by the EU. With respect to the Energy, Transportation and Communications sectors, the Decree requires that a company notify the Italian Government of any resolutions it adopts that would have the effect of changing such company's ownership structure or purpose, or winding up such company's business. The Italian government is entitled to impose specific conditions to those resolutions, acts or transactions that would give rise to an exceptional situation of an actual threat of serious injury to public interests relating to the security and functioning of networks and systems and the continuity of supplies.
"Art. 1
Special powers in the fields of defense and national security
1. [...]  the following special powers may be exercised in the event of a threat of serious harm to the essential interests of national defence and security:
a) imposition of specific conditions relating to security of supplies, information security, technology transfers, export control in the case of purchase, for any reason, of shares in companies that carry out activities of strategic importance for the national defense and security system;
b) veto on the adoption of resolutions by the assembly or the administrative bodies of a company referred to in letter a), having as their object the merger or split of the company, the transfer of the company or of branches thereof or of controlled companies, the transfer abroad of the registered office, the change of the corporate purpose, the dissolution of the company, the modification of statutory clauses possibly adopted pursuant to Article 2351, third paragraph, of the Civil Code or introduced pursuant to Article 3, paragraph 1, of Legislative Decree No. 332 of 31 May 1994 , converted, with amendments, by Law No. 474 of 30 July 1994 , as lastly amended by Article 3 of this decree, the transfer of real rights or rights of use relating to tangible or intangible assets or the assumption of constraints that condition their use;
c) opposition to the purchase, for any reason, of shares in a company referred to in letter a) by a party other than the Italian State, Italian public bodies or entities controlled by them, if the purchaser comes to hold, directly or indirectly, including through subsequent acquisitions, through a third party or otherwise connected parties, a level of participation in the capital with voting rights capable of compromising in the specific case the interests of national defense and security. [...]
3. In order to assess the threat of serious harm to the essential interests of national defence and security, resulting from the purchase of the shares referred to in letters a) and c) of paragraph 1, the Government, in compliance with the principles of proportionality and reasonableness, considers, in light of the potential influence of the purchaser on the company, also in light of the size of the shareholding acquired:
a) the adequacy, also taking into account the methods of financing the acquisition, the economic, financial, technical and organizational capacity of the purchaser as well as the industrial project, with respect to the regular continuation of the activities, the maintenance of the technological assets, also with reference to key strategic activities, the security and continuity of supplies, as well as the correct and timely execution of the contractual obligations undertaken towards public administrations, directly or indirectly, by the company whose shares are the object of the acquisition, with specific regard to the relationships relating to national defense, public order and national security;
b) the existence, also taking into account the official positions of the European Union, of objective reasons which suggest that there may be links between the purchaser and third countries which do not recognise the principles of democracy or the rule of law, which do not respect the rules of international law or which have assumed risky behaviour towards the international community, inferred from the nature of their alliances, or have relations with criminal or terrorist organisations or with subjects in any way connected to them. [...]
4. For the purposes of exercising the power of veto referred to in paragraph 1, letter b), the company shall notify the Presidency of the Council of Ministers of complete information on the resolution or act to be adopted in order to allow the timely exercise of the power of veto. [...]
5. For the purposes of any exercise of the powers referred to in paragraph 1, letters a) and c), anyone who acquires a shareholding in companies that carry out activities of strategic importance for the national defense and security system shall notify the acquisition within ten days to the Presidency of the Council of Ministers, at the same time transmitting the necessary information, including a general description of the acquisition project, of the purchaser and of its scope of operations, for the assessments referred to in paragraph 3. In the event that the acquisition concerns shares of a company admitted to trading on regulated markets, notification must be made if the purchaser comes to hold, following the acquisition, a shareholding exceeding the threshold set out in Article 120, paragraph 2, of the consolidated text referred to in Legislative Decree no. 58 of 24 February 1998., and subsequent amendments, and acquisitions that result in exceeding the thresholds of 3 percent, 5 percent, 10 percent, 15 percent, 20 percent and 25 percent are subsequently notified. The power to impose specific conditions pursuant to paragraph 1, letter a), or to oppose the acquisition pursuant to paragraph 1, letter c), is exercised within fifteen days of the date of notification. 
[...]
Art. 2
Special powers relating to strategic assets in the energy, transport and communications sectors
1. One or more regulations, adopted pursuant to Article 17, paragraph 1, of Law No. 400 of 23 August 1988, and subsequent amendments, upon proposal by the Minister of Economy and Finance, the Minister of Economic Development and the Minister of Infrastructure and Transport, in agreement with the Minister of the Interior and the Minister of Foreign Affairs, as well as with the Ministers responsible for the sector, after consulting the competent Parliamentary Committees, shall identify the networks and facilities, including those necessary to ensure the minimum supply and operation of essential public services, the assets and relationships of strategic importance for the national interest in the energy, transport and communications sectors, as well as the type of acts or transactions within the same group to which the provisions of this Article do not apply. The regulations referred to in the first period shall be adopted within one hundred and twenty days of the date of entry into force of the law converting this decree and shall be updated at least every three years.
1-bis. The opinions referred to in paragraph 1((and, in the case of an operation carried out by a subject outside the European Union, 1-ter))shall be expressed within twenty days of the date of transmission of the draft regulations to the Chambers. After this period, the regulations may still be adopted. 
[...]
Art. 3
Repeals and general and transitional provisions
1. Without prejudice to the provisions of Article 1, paragraph 1, letter c), and Article 2, paragraph 6, the purchase, for any reason, by a person outside the European Union as defined in Article 2, paragraph 5, last sentence, of shares in companies that hold one or more of the assets identified as strategic pursuant to Article 1, paragraph 1, and Article 2, paragraph 1, is permitted on condition of reciprocity, in compliance with the international agreements signed by Italy or the European Union. [...]" (DECREE-LAW of 15 March 2012, n. 21, "Rules on the special powers over corporate assets in the sectors of defence and national security, as well as over the activities of strategic importance in the fields of energy, transport and communications", converted into law by LAW of 11 May 2012, n. 56; last amended by Decree Law, 16 October 2017, n. 148; Articles 1, 2, and 3 [google translation])
DECREE-LAW of 15 March 2012, n. 21, "Rules on the special powers over corporate assets in the sectors of defence and national security, as well as over the activities of strategic importance in the fields of energy, transport and communications", converted into law by LAW of 11 May 2012, n. 56; last amended by Decree Law, 16 October 2017, n. 148
[<a href="https://www.normattiva.it/esporta/attoCompleto?atto.dataPubblicazioneGazzetta=2012-03-15&atto.codiceRedazionale=012G0040">Decree-Law</a>]