Clifford Chance
New liability management opportunities
14 April 2011
Following a market consultation process commenced on 6 October 2010 and
concerning takeover bid regulations in general, Consob issued Resolution no.
17731 on 5 April 2011, approving new secondary regulations
which aim to ensure that rules on takeover bids and exchange offers concerning debt securities are consistent with European regulations.
The amendments are contained in Title II, Part II of the Regulation approved by
Consob by way of resolution no. 11971, as subsequently amended.
The amendments described below will take effect on the day following publication
of the Resolution in the Gazzetta Ufficiale.
