FEE TO BE PAID BY COMPANIES FILING A MERGER SET AT 1%
PRESS RELEASE
PRESS RELEASE
ANTITRUST: 1% FEE TO BE PAID BY COMPANIES FILING A MERGER
Figure to be based on the value of the transaction: minimum and maximum fees set at 3,000 and 50,000 euros.
The Italian Competition Authority, at its meeting on 28 December 2005, set the level of filing fees to be paid by companies making obligatory submissions of proposed mergers: this decision was reached under the terms of the Government’s 2006 Budget. The Authority decided that for 2006 the fee is to be 1% of the value of notified mergers, with minimum and maximum figures set at 3,000 and 50,000 euros respectively. The Budget, in fixing the criteria for partial self-financing by the Authority, establishes that the parameters for determining fees are to be commensurate with the overall costs of carrying out controls on mergers, up to a limit of 1.2% of the transaction value.
The Authority also approved the instructions for companies submitting mergers, ordering the publication of those instructions in the institute’s bulletin and on its website www.agcm.it., along with the decision as to the criteria for determining the fee. The filing fee is to be paid by companies at the time the operation is submitted. As a transitional arrangement, for mergers announced in the period 1-31 January 2006, the payment is due within 30 days from the submission.
The Authority, in the light of these new rules, also approved the necessary changes to the Form used by the companies involved when a merger is submitted. Those changes are also available on the website.
Rome, 30 December 2005