Italy has not yet implemented the Directive on Takeover Bids (Directive 2004/25/EC, the "Directive") in its internal legal system. However, Italian tender offer rules currently in force, as set forth in Legislative Decree no. 58 of February 24, 1998, and CONSOB Regulation no. 11971 of May 14, 1999, already provide for many of the concepts set forth in the Directive, since the Italian legislation, when enacted, was based on a previous draft of the Directive.