by Veronica Pinotti and Martino Sforza
The Italian Competition Authority today updated its merger control turnover thresholds.
As of 27 July 2009, Section 16(1) of Law no. 287 of 10 October 1990, requires prior notification of all mergers and acquisitions involving the following:
- aggregate turnover in Italy of all undertakings involved above EUR 461 million (revised under the terms of the same Section 16(1)); or
- aggregate turnover in Italy of the target company above EUR 46 million (as revised)
No notification is required if the target is a foreign company, which did not generate any turnover in Italy in the last 3 years, and it is not expected to do so as a result of the transaction.
Thresholds are adjusted each year to take account of increases in the GDP deflator index. The resolution is published in the Authority’s Bulletin after the increase in the index has been officially announced (as to the thresholds in force, see the Authority’s resolution No.20074, published in Italian language in the Bulletin No. 27 of 27 July 2009).