Local media has reported that the Italian government has given the go-ahead for the sale of the majority of European leading manufacturer of stainless steel long products Cogne Acciai Speciali to the Taiwan’s stain less steel specialist Walsin Lihwa. After activating the golden power, the presidency of the Italy’s Council of Ministers approved the transaction that provides for the transfer of 70% of the Aosta steel plant to the Taiwanese corporation. The closing of the acquisition is expected by 2022 end.Taiwan's Investment Review Committee has also granted approval for stainless and special steelmaker Walsin Lihwa Corporation to establish an investment vehicle in Luxembourg through which the Taipei-based firm will acquire a controlling stake in Cogne Acciai Speciali. The approval allows Walsin Lihwa Europe SARL to be established to invest the equivalent of USD 220 million for a 70% stake in CAS.Based in Aosta and established some 50 years ago, Cogne Acciai Speciali is leading manufacturer of stainless steel and nickel alloy long products, providing manufacturing services of melting, casting, rolling, forging and machining Employing 1,400 people, it has sales bases in 15 countries and a production capacity of about 220,000 tonnes per year. The company's products are mainly used in the automotive, oil and gas, aerospace, medical and mechanical processing industries. In 2021, Cogne Acciai Speciali had a turnover of EUR 645 million.Established in 1966, Walsin is an industrial conglomerate with operations spanning wire and cable, stainless steel, and renewable energy. With over 20 production and sales sites worldwide, Walsin products are widely used across industrial, automotive, oil and gas and consumer sectors.