Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Russia Announces Takeover of Italian Group “Ariston”

Sun 28 Apr 2024 | 05:47 AM
Taarek Refaat

Moscow announced that it would place the Ariston Termo Group subsidiary under the control of the giant Russian public energy company "Gazprom" as announced by Italian Foreign Minister Antonio Tajani.

In this regard, Italy summoned the Russian ambassador on Saturday.

“The government is demanding clarification regarding the nationalization of Ariston Thermo Group,” which specializes in heating equipment and hot water production, Tajani wrote.

He added, "We are also working with Brussels in coordination with Germany," after the Bush group was also targeted, according to what was reported by AFP.

In another message, Tajani said he had spoken with Ariston officials and that Rome “stands by the companies, and is ready to protect them in all international markets.” The seizure was formalized under a Russian decree published on Friday.

The text requires the transfer of control of 100% of Ariston's shares in Russian companies - "Ariston Thermo Rus", owned by "Ariston Holding NV", and "BSH" for household appliances, owned by BSH Hausgerate GmbH - to Gazprom Home Systems, a subsidiary of the state giant Gazprom Group.

Since the invasion of Ukraine, Moscow has seized control of the subsidiaries of a number of Western companies, including Danone and the Danish beer maker Carlsberg, and placed them under what it describes as “temporary control.”

These measures were presented as a response to Western sanctions imposed on Russian companies.