On August 2, 2017, the Italian Parliament approved the Law on Market and Competition ("Law"), which provides a new set of premerger filing thresholds that became applicable on August 29, 2017.
The Law, which amends the text of Article 16 (1) of Law No. 287/1990, provides the following new cumulative thresholds for notifying a transaction:
- The combined Italian turnover of all the undertakings concerned exceeds €492 million (approximately US$545 million); and
- The individual Italian turnover of each of at least two undertakings involved in the transaction exceeds €30 million (approximately US$33.2 million).
Apart from the slight decrease of the first threshold (from €499 million to €492 million), there is a significant twofold change with respect to the second threshold, namely: (i) while the threshold is lowered from €50 million to €30 million, (ii) it now applies to at least two of the undertakings concerned (e.g., buyer and target), instead of just the target undertaking. It is anticipated that this will result in increasing notifiable transactions, particularly for the creation of greenfield JVs, albeit modestly.