The Italian Competition Authority has updated its merger control turnover thresholds. Effective from 10 March 2014, Section 16 (1) of Law No 287 of 10 October 1990 requires prior notification of all mergers and acquisitions where:
- Aggregate turnover in Italy of all undertakings involved is above EUR 489 million, and
- Aggregate turnover in Italy of the target company is above EUR 49 million.
Italy’s merger control thresholds are adjusted annually to take into account increases in the gross domestic product deflator index. The updated thresholds are published in the Authority’s Bulletin once the index is announced officially.
Recently, the Authority launched a consultation on its proposed amendments to the Italian merger control thresholds, namely:
- The reduction of the current second merger control threshold
- The amendment to the second threshold, whereby it would refer to the turnover of each of at least two of the parties to the transaction (rather than the target’s turnover)
For more information, please contact your regular McDermott Will & Emery lawyer or an author.