06:49 AM EDT, 09/24/2024 (MT Newswires) -- BlackRock ( BLK ) has received approval from Italy for holding a more than 3% stake in Leonardo, Reuters reported Monday, citing a government document sent by Italian Prime Minister Giorgia Meloni to parliament.

The Italian cabinet granted the authorization to BlackRock ( BLK ) on Wednesday while also imposing some unspecified terms, the report said, citing the document.

BlackRock ( BLK ) was anticipated to reduce its stake in a short time, as Leonardo's bylaws explain that no investor outside the public administration can hold over 3% of capital, Reuters said, citing an unnamed source familiar with the matter.

"I am happy for the interest of BlackRock ( BLK ). It is an important recognition," the report quoted Leonardo Chief Executive Roberto Cingolani as saying.

Neither BlackRock ( BLK ) nor Leonardo immediately responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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