FROM 25 SEPTEMBER ADVANCE NOTICE PROCEDURE INTRODUCED FOR SMALL-MEDIUM BUSINESS MERGERS
PRESS RELEASE
PRESS RELEASE
ANTITRUST: FROM 25 SEPTEMBER ADVANCE NOTICE PROCEDURE INTRODUCED FOR SMALL-MEDIUM BUSINESS MERGERS
The Italian Competition Authority, at its meeting on 14 September 2006, decided to extend the advance notice procedure to mergers and acquisitions involving small-to-medium businesses, beginning on 25 September next.
The aim is to facilitate matters for smaller businesses that are often not sufficiently knowledgeable about antitrust rules governing mergers and acquisitions, in which cases a preliminary check with the Authority may be particularly useful, considering that the advance notice procedure is in any case an opportunity and not an obligation.
From 25 September, then, companies which are obliged to make an announcement under the antitrust laws by virtue of their exceeding only the second turnover threshold (a total domestic turnover of 43 million euros by the company being acquired) may submit an informal document to the Authority at least 15 days before the date foreseen for the formal announcement.
The extension of the advance notice procedure, which up till now had been limited to larger takeovers, was prompted by the positive results obtained in terms of simplifying administration and speeding up the Authority's findings: advance notice was actually introduced on 20 June last year but was limited to takeovers where both turnover thresholds specified in the antitrust rules were exceeded (combined resulting turnover and turnover of the company being acquired).
Rome, 19 September 2006