The Commission for Corporations and Stock Exchange (CONSOB) has issued a Communication concerning the privatisation of public entities. In CONSOB’s view, if the public entity that sold part of its holding and the private company (buyer) entered into a shareholders' agreement which triggered the conditions for a mandatory tender offer (exceeding the 30% threshold), the public entity and the buyer are jointly and severally under an obligation to make a full tender offer (articles 106 and 109 of the Consolidated Law on financial intermediation (Legislative Decree no. 58 of 1998)).
Source: CONSOB Communication no. 2068311 of 21st October, 2002. Giovanni Carotenuto, Studio Legale Ughi e Nunziante email: g.carotenuto@unlaw.it