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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or



It is estimated that there are about 8,000 companies in Italy whose capital is owned by public administrations (State, Regions, Provinces, Municipalities, etc.…).

Ultimately, the need for spending review has led the Italian Government to intervene (again) in this sector of the Public Administration, by issuing Legislative Decree No. 175/2016 (“the Decree”), which follows other reforms promoted by Minister Marianna Madia pursuant to Law No. 124/2015.

The Decree aims at regulating the participation of public administrations in the share capital of companies, in order to rationalize the number of public companies and make sure that they are duly managed.


In 2009, Italian Law introduced a new legal instrument, Business Network Contracts (‘BNC’), which allow aggregations of commercial entities to work together in an organised and durable manner (without having to establish a new company or a consortium) whilst retaining their own independence and individuality, as well as benefitting from various incentives and tax benefits.

Is it Legal to Point and Click?

With the expansion of the online market, some doubts have arisen about the appropriateness of Italian regulations related to online conditions of sale, with particular reference to restrictive clauses.

Permanent establishment: to be or not to be, that is the question

Recent case law -  A leading low-cost airline has recently been sanctioned by labour inspectors from the local labour office Direzione provinciale del lavoro (DPL), which reportedly imposed an administrative fine for failure to pay social security contributions in Italy.

Earn‐out clauses: advantages and pitfalls

The road to a successful acquisition holds a wide variety of challenges for both acquirer and target. A common area of concern arises from the unavailability of private information, which may lead the parties to assess the target's intrinsic value very differently. Bridging the gap between different estimates of the target's value is a fundamental step towards a successful outcome.

Italian government approves new rules on foreign investment in strategic sectors

On March 9 the Italian Government approved a Law Decree setting forth for the first time a broad set of governmental intervention and veto powers in certain strategic sectors: defense; energy; transportation; communications. 

Corporate capital increases: share premium and minority interests

Purposes and functioning of share premiums

In most corporate capital increases, where new shares are issued the company usually determines the selling price, adding an additional sum to the nominal value of the shares. The difference between the nominal value and the selling price of the shares is known as the share premium.

MAC clauses: drafting, enforceability and alternative remedies

By Antonia Verna and Regina Meo

In times of economic difficulty, parties to M&A transactions are more inclined to adopt mechanisms that allow them to adjust or even terminate their agreements if certain adverse events occur.

Protectionism and Parmalat: analysing the Groupe Lactalis takeover bid

On July 8 2011 French dairy company Groupe Lactalis confirmed the acquisition of 83.3% of Parmalat SpA's stock capital on the conclusion of a !3.4 billion takeover bid. The transaction makes Groupe Lactalis the world leader in dairy products.

Is the validity of a drag-along clause subject to specific requirements

By Antonia Verna and Federica Peres

Drag-along clauses are often found in shareholders' agreements of joint stock companies. They provide an equity capital sale mechanism which ensures that if a third party offers to acquire the entire equity capital of the company, the majority shareholder has the option of benefiting from such offer and may use it to compel the minority shareholder to sell its entire participation to the would-be acquirer.

Supporting independent producers - new regulation on secondary rights

By Ernesto Apa and Federica De Santis

On February 3 2011 AGCOM, the communications regulator, issued a new regulation on the use of secondary rights acquired by media service providers. Article 44(5) of the Audiovisual Media Services Code(1) seeks to support independent producers by providing that where a broadcaster acquires transmission rights for audiovisual content created by an independent producer, AGCOM must limit the period during which such secondary rights may be exploited. The Secondary Rights Regulation(2) determines the maximum duration of such rights.

Dismissal for poor performance: recent Supreme Court decision

April 5, 2011
By Andrea Gangemi and Lucia Ceccarelli

Recent case law In Decision 24361, which was issued on December 1 2010, the Labour Section of the Supreme Court stated that an employer may dismiss an employee for poor performance even if the employee in question has not committed a gross violation of his or her duty of diligence.

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