Clifford Chance
Sell out: new minimum float criteria
5 September 2011
After a public consultation phase, Consob replaced its notification of 2002 by
issuing notification no. DEM/11065125 of 21 July 2011, which updates the general criteria to exercise the powers granted to it by Legislative Decree No. 58 of 24 February 1998 ("TUF") on amending the float relevant for the obligation to purchase pursuant to article 108, paragraph 2, of the TUF for shareholders holding more than 90% of the voting capital of a listed Italian company.
