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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 offered by the parties or imposed by the ICA (or both). 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 if:

  • the conditions are not complied with;
  • a blocked transaction is implemented; or
  • parties do not restore competition conditions once a transaction has already taken place.

On request by the parties, the ICA can amend remedies previously imposed or accepted in its clearance decision (for a recent example in Case C8660B Unicredit/Capitalia (26132/2016)).

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