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What are the potential outcomes of the merger investigation? Please include reference to potential remedies, conditions and undertakings.

The Italian Competition Authority (ICA) may block a merger or clear it subject to conditions that can either be offered by the parties or imposed by the ICA itself (or both). If conditions are not complied with, or a blocked transaction is nevertheless implemented, or parties do not restore the conditions of competition once a transaction has already taken place, the parties may be subject to a fine ranging between 1% and 10% of their turnover of the business forming the object of the transaction.

Upon a motivated request by the parties, the ICA can amend remedies previously imposed/accepted in its clearance decision (for a recent example, see Decision 26132/2016 in Case C-8660B).

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