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Clifford Chance

Clifford Chance


Consob approves the new takeover bid regulations

27 May 2011

Following implementation in Italy of EC Directive 2004/25 on takeover bids, Consob has approved new secondary regulations which aim to implement the powers delegated to it by Legislative Decree no. 58, 24 February 1998 and to render Consob Regulation No. 11971 of 14 May 1999 consistent with the newly amended legislative provisions.

Regulatory intervention by Consob, adopted following a dual consultation phase with the market and with the declared objectives of strengthening protection for minority shareholders and improving transparency and efficiency in the market for corporate control, also provided the opportunity to deal with issues that have arisen following application of the takeover bid rules, and to consider the comparative analysis of the applicable regulations in the principal European countries.

Because the intervention is of a broad nature, and several of the provisions are entirely new, a transitional regime has been created to allow the regulations to take effect gradually and in various phases.

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