Should we fear or hope for Chinese acquisitions? Evidence from Italy

In 2016, Chinese outward FDI exceeded inward investment flows, making the country a net exporter of capital, like the large advanced economies. The majority of Chinese investments are M&As, with the aim to acquire strategic assets (advanced technology and know-how) and access to markets (brands). The rapid growth of Chinese direct investments has raised many concerns among the advanced economies. The most important one is the fear that these investments will not produce the positive effects on the host economy typically associated with FDI from advanced countries, but a one-sided transfer of technology and know-how from acquired European firms to China. However, there does not seem to be any evidence so far of a negative impact of Chinese investors on the acquired companies and the host economies. In particular, accurate studies on the pre and post-acquisition behaviour of European companies acquired by Chinese investors are still lacking. This research intends to offer a contribution in this direction by providing new and detailed data on Chinese investments in Italy and by trying a first and tentative assessment of the performance of Italian companies recently acquired or controlled by Chinese investors. To this purpose, we have built an original database gathering detailed company information on more than 7.000 Italian companies with Chinese shareholders. Second, we have studied the pre- and post- acquisition performance of 198 Italian target firms. Overall the results appear quite positive. Roughly 2/3 of the acquired companies have seen an increase in turnover, total assets, and shareholder’s funds and 50% has had an increase in fixed assets. Revenues show a decrease soon after the acquisition followed by a steady growth starting from the third year. Employment and profitability results appear more balanced. The number of companies which has registered an increase in employment is roughly similar to the number of those that have experienced a decline, but there is some evidence that Chinese shareholders prefer to avoid layoffs even in front of severe reductions in turnover. This attitude is reflected in profitability, which especially in the first years soon after the acquisition tend to decrease, followed by a recovery in the following years. Overall, the analysis suggest a long term orientation of Chinese acquirers which deserves further investigation

Chinese acquisitions in Italy: performance of target companies, political reactions and public perception, future prospects

The rapid growth of Chinese FDI is raising many concerns. The most important is the fear of predatory investments with a one-sided transfer of technology and other strategic assets from acquired Italian firms to China. New regulations in Europe and Italy add to this the risks to national security or public order arising from FDI in specific industries, particularly when the investor is controlled by the government of a third country. This is making the screening of inward FDI increasingly more restrictive. By using detailed post-acquisition performance data, we show that in the last decade Chinese acquisitions in Italy had an overall positive impact on target companies. The majority of them experienced an increase in turnover, employment, and other performance variables. Some case studies illustrate the factors that can turn a Chinese takeover into a success story. We also show how a more cautious attitude of the Italian government towards China is affecting Chinese investments in the country. In particular, the use of the so-called “golden power” has blocked or constrained some recent Chinese takeovers. Some political parties and stakeholders are pressing the government to extend the use of the “golden power” to block foreign acquisitions in "strategic" industries or national champions, even if there are no strict security reasons. This could significantly reduce the opportunities for Chinese investors in the future. On the other hand, greenfield investments are always welcome, but China probably needs more market appeal and technological updating to increase this type of investments in Italy and Europe

Sublethal effects induced by morphine to the freshwater biological model Dreissena polymorpha

Opioids are considered as emerging contaminants in aquatic ecosystems, mainly due to their large illicit consume worldwide. Morphine (MOR) is the main opiate and it was commonly found at measurable concentrations in freshwaters. Even though its occurrence is well documented, just limited information is available regarding its hazard to nontarget organisms. The aim of this study was of the evaluation of sublethal effects induced by MOR to the freshwater bivalve Dreissena polymorpha. We exposed mussels to two MOR concentrations (0.05 \ub5g/L and 0.5 \ub5g/L) for 14 days and we investigated the sublethal effects by a suite of biomarkers. The Neutral Red Retention Assay (NRRA) was used as a test of cytotoxicity, while the oxidative stress was evaluated by the activity of antioxidant and detoxifying enzymes, namely catalase (CAT), superoxide dismutase (SOD), glutathione peroxidase (GPx) and glutathione-S-transferase (GST), and by measuring the levels of lipid peroxidation (LPO) and protein carbonylation (PCC). The genetic damage was assessed by the Single Cell Gel Electrophoresis (SCGE) assay, the DNA diffusion assay and the micronucleus test (MN test). Finally, the filtration rate of D. polymorpha was evaluated in order to investigate possible physiological effects. Both tested concentrations reduced the lysosome membrane stability of bivalves, but only the highest MOR concentration induced significant changes in the activity of antioxidant enzymes (SOD, CAT, and GPx) and increase in lipid peroxidation levels. Slight increase in primary DNA fragmentation was noticed, while no fixed genetic damage and alterations of the filtering rate were found

Direct measurement of DNA-mediated adhesion between lipid bilayers

Multivalent interactions between deformable mesoscopic units are ubiquitous in biology, where membrane macromolecules mediate the interactions between neighbouring living cells and between cells and solid substrates. Lately, analogous artificial materials have been synthesised by functionalising the outer surface of compliant Brownian units, for example emulsion droplets and lipid vesicles, with selective linkers, in particular short DNA sequences. This development extended the range of applicability of DNA as a selective glue, originally applied to solid nano and colloidal particles. On very deformable lipid vesicles, the coupling between statistical effects of multivalent interactions and mechanical deformation of the membranes gives rise to complex emergent behaviours, as we recently contributed to demonstrate [Parolini et al., Nature Communications, 2015, 6, 5948]. Several aspects of the complex phenomenology observed in these systems still lack a quantitative experimental characterisation and fundamental understanding. Here we focus on the DNA-mediated multivalent interactions of a single liposome adhering to a flat supported bilayer. This simplified geometry enables the estimate of the membrane tension induced by the DNA-mediated adhesive forces acting on the liposome. Our experimental investigation is completed by morphological measurements and the characterisation of the DNA-melting transition, probed by in-situ F\"{o}rster Resonant Energy Transfer spectroscopy. Experimental results are compared with the predictions of an analytical theory that couples the deformation of the vesicle to a full description of the statistical mechanics of mobile linkers. With at most one fitting parameter, our theory is capable of semi-quantitatively matching experimental data, confirming the quality of the underlying assumptions.Comment: 16 pages, 7 figure

Removal of metallic elements from real wastewater using zebra mussel bio-filtration process

The metallic element pollution is a serious environmental problem but still unsolved since these contaminants are released mainly by human activity, reaching all the environmental compartments. Traditional wastewater treatment plants are very efficient in removing metallic elements only when their concentration is in the order of mg/L, but are not able to remove them until \u3bcg/L, as it would be needed to cope with the water quality standards in low flow receptors. Therefore, the aim of our study was to evaluate the potential removal of some recalcitrant metallic elements to the classical treatments, by the natural process of bio-filtration performed by the invasive zebra mussel (Dreissena polymorpha). For this purpose we built a pilot-plant at the Milano-Nosedo wastewater treatment plant, where we placed about 40,000 D. polymorpha specimens appointed to the wastewater bio-filtration. The metallic element removal due to zebra mussel activity was evaluated in the treated wastewater with a plasma optical emission spectrometry (ICP-OES). Data obtained in these experiments showed an encouraging metallic element removal due to D. polymorpha activity; in particular, the total abatement (100%) of Cr after one day of bio-filtration exposure is remarkable. Therefore, this study encourages further research related with the use of bivalves as a new tool for the wastewater depuration process; in this regard, the contaminated mollusks used in the bio-filtration could be incinerated or stored in special landfills, as is also the case of traditional sewage sludge

ROLE OF OSCILLATORY BREATHING DURING CARDIOPULMONARY EXERCISE TEST FOR PROGNOSTIC STRATIFICATION OF ELDERLY PATIENTS WITH CHRONIC HEART FAILURE

We sought to determine the prognostic role of EOB compared with other ventilatory parameters in risk stratification of elderly CHF patients capable to perform a maximal exercise test

Effects of an antioxidant protective topical formulation on eye exposed to ultraviolet-irradiation: A study in rabbit animal model

Ultraviolet-radiation exerts a well-known role in the development of various ocular diseases and may contribute to the progress of age-related macular degeneration. Therefore, the use of compounds able to protect the eyes from UV-induced cellular damage is challenging. The aim of this study has been to test the protective effects of an antioxidant topical formulation against UV-induced damage in rabbit eyes. Twelve male rabbits were used. Animals were divided into 4 groups of 3 animals each. Control group (CG) did not receive any irradiation and/or eye drop. The other three experimental groups were treated as follows: the first group received only UVR irradiation for 30 min, without eye drop supplementation (Irradiation group, IG), the second (G30) and the third (G60) groups received UV irradiation for 30' and 60', respectively, and eye drop supplementation (riboflavin, d-α-tocopheryl polyethylene glycol, proline, glycine, lysine and leucine solution) every 15 min for three hours. In the IG group a significant increase of oxidized glutathione (GSSG) and hydrogen peroxide (H2O2) was recorded in the aqueous humor, whereas ascorbic acid levels were significantly lower when compared to control eyes. In the groups exposed to UVR rays for 30 min, and treated with the topical antioxidant formulation, the GSSG, H2O2 and ascorbic acid levels were similar to those recorded in controls, whereas in the G60 group the three markers significantly differ from control group. In the lens, a significant decrease of alpha tocopherol and total antioxidant capacity (TAC) was recorded in IG-animals as compared to control group, whereas malondialdehyde (MDA) levels were significantly higher in UV-induced eye than in control eyes. In the G30 groups the alpha tocopherol, MDA and TAC levels do not significantly differ from those recorded in controls, whereas in the G60 group these three markers significantly differ from control group. Present findings demonstrate that topical treatment with the antioxidant formulation used herein protects ocular structures from oxidative stress induced by UV exposure in in vivo animal model

effects of an antioxidant protective topical formulation on eye exposed to ultraviolet irradiation a study in rabbit animal model

Ultraviolet-radiation exerts a well-known role in the development of various ocular diseases and may contribute to the progress of age-related macular degeneration. Therefore, the use of compounds able to protect the eyes from UV-induced cellular damage is challenging. The aim of this study has been to test the protective effects of an antioxidant topical formulation against UV-induced damage in rabbit eyes. Twelve male rabbits were used. Animals were divided into 4 groups of 3 animals each. Control group (CG) did not receive any irradiation and/or eye drop. The other three experimental groups were treated as follows: the first group received only UVR irradiation for 30 min, without eye drop supplementation (Irradiation group, IG), the second (G30) and the third (G60) groups received UV irradiation for 30' and 60', respectively, and eye drop supplementation (riboflavin, d-α-tocopheryl polyethylene glycol, proline, glycine, lysine and leucine solution) every 15 min for three hours. In the IG group a significant increase of oxidized glutathione (GSSG) and hydrogen peroxide (H2O2) was recorded in the aqueous humor, whereas ascorbic acid levels were significantly lower when compared to control eyes. In the groups exposed to UVR rays for 30 min, and treated with the topical antioxidant formulation, the GSSG, H2O2 and ascorbic acid levels were similar to those recorded in controls, whereas in the G60 group the three markers significantly differ from control group. In the lens, a significant decrease of alpha tocopherol and total antioxidant capacity (TAC) was recorded in IG-animals as compared to control group, whereas malondialdehyde (MDA) levels were significantly higher in UV-induced eye than in control eyes. In the G30 groups the alpha tocopherol, MDA and TAC levels do not significantly differ from those recorded in controls, whereas in the G60 group these three markers significantly differ from control group. Present findings demonstrate that topical treatment with the antioxidant formulation used herein protects ocular structures from oxidative stress induced by UV exposure in in vivo animal model

Polystyrene microplastics ingestion induced behavioral effects to the cladoceran Daphnia magna

Microplastic (\u3bcPs) contamination represents a dramatic environmental problem threatening both aquatic and terrestrial organisms. Although several studies have highlighted the presence of \u3bcPs in aquatic environments, the information regarding their toxicity towards organisms is still scant. Moreover, most of the ecotoxicological studies of \u3bcPs have focused on marine organisms, largely neglecting the effects on freshwater species. The present study aimed at exploring the effects caused by 21-days exposure to three concentrations (0.125, 1.25 and 12.5 \u3bcg/mL) of two differently sized polystyrene microplastics (P\u3bcPs; 1 and 10 \u3bcm) to the Cladoceran Daphnia magna. The ingestion/egestion capability of daphnids (<24 h) and adults, the changes in individual growth and behavior, in terms of changes in swimming activity, phototactic behavior and reproduction, were investigated. Both particles filled the digestive tract of daphnids and adults within 24 h of exposure at all the tested concentrations. Ingested P\u3bcPs remained in the digestive tract even after 96 h in a clean medium. For both particles, an overall increase in body size of adults was noted at the end of the exposure to the highest tested concentrations, accompanied by a significant increase in swimming activity, in terms of distance moved and swimming velocity, and by an alteration of the phototactic behavior. A significant increase in the mean number of offspring after the exposure to the highest P\u3bcPs concentrations of different size was recorded. Polystyrene \u3bcPs can affect behavioral traits of D. magna leading to potentially harmful consequences on population dynamics of this zooplanktonic species

Effects of polystyrene microplastics on early stages of two marine invertebrates with different feeding strategies

Nowadays, microplastics represent one of the main threats to marine ecosystems, being able to affect organisms at different stages of their life cycle and at different levels of the food web. Although the presence of plastic debris has been reported in different habitats and the ability to ingest it has been confirmed for different taxa, few studies have been performed to elucidate the effects on survival and development of marine animals. Thus, we explored the effects of different environmental concentrations of polystyrene microbeads on the early stages of two invertebrate species widespread in the Mediterranean shallow waters: the pelagic planktotrophic pluteus larvae of the sea urchin Paracentrotus lividus and the filter-feeding sessile juveniles of the ascidian Ciona robusta. We evaluated the effects on larvae and juvenile development and determined the efficiency of bead ingestion. The feeding stages of both species proved to be extremely efficient in ingesting microplastics. In the presence of microbeads, the metamorphosis of ascidian juveniles was slowed down and development of plutei altered. These results prompted the necessity to monitor the populations of coastal invertebrates since microplastics affect sensitive stages of life cycle and may have consequences on generation recruitment