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ARTICLE · 20 SEPTEMBER 2017

New Merger Thresholds For Italian Transactions

Jones Day
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On August 2, 2017, the Italian Parliament approved the Law on Market and Competition, which provided a new set of pre-merger filing thresholds.

ItalyCorporate/Commercial Law
Mario Todino
Mario Todino
Giuseppe Mezzapesa
Giuseppe Mezzapesa
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In Short

The Background: On August 2, 2017, the Italian Parliament approved the Law on Market and Competition, which provided a new set of pre-merger filing thresholds. After publication of the law in the Official Gazette on August 14, 2017, the new thresholds entered into force on August 29, 2017.

The Issue: The amendment provides a twofold change in the second set of thresholds: the turnover required for filing obligation is now down to €30 million, and the threshold applies to at least two of the undertakings concerned.

The Outcome: The law is likely to increase the number of notifiable transactions in Italy.

The Existing Thresholds

According to previous legislation, a merger was reportable to the Italian Competition Authority ("ICA") if two cumulative thresholds were met:

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