CONSOB considers threshold for squeeze out provisions

The Commissione Nationale Per Le Societa e La Borsa (CONSOB) has concluded that, in determining if a company making a public offer for all the shares of a target company had acquired at least 98% of the target company’s shares in order to trigger the right to acquire the remainder under Article 111 of the Consolidated Law on Financial Intermediation, it was possible to take account of any shares purchased on the market before the expiry of the public offer.