CELEX: 62016CA0206
Language: en
Date: 2017-07-20 00:00:00
Title: Case C-206/16: Judgment of the Court (Third Chamber) of 20 July 2017 (request for a preliminary ruling from the Consiglio di Stato — Italy) — Marco Tronchetti Provera SpA and Others v Commissione Nazionale per le Società e la Borsa (Consob) (Reference for a preliminary ruling — Company law — Directive 2004/25/EC — Takeover bids — Second subparagraph of Article 5(4) — Possibility of changing the price of the offer in specific circumstances and according to clearly determined circumstances and criteria — National law providing an option for the supervisory authority to increase the price of a takeover bid in the event of collusion between the offeror or the persons acting in concert with it and one or more sellers)

11.9.2017   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 300/5
            
         Judgment of the Court (Third Chamber) of 20 July 2017 (request for a preliminary ruling from the Consiglio di Stato — Italy) — Marco Tronchetti Provera SpA and Others v Commissione Nazionale per le Società e la Borsa (Consob)
   (Case C-206/16) (1)
   
   ((Reference for a preliminary ruling - Company law - Directive 2004/25/EC - Takeover bids - Second subparagraph of Article 5(4) - Possibility of changing the price of the offer in specific circumstances and according to clearly determined circumstances and criteria - National law providing an option for the supervisory authority to increase the price of a takeover bid in the event of collusion between the offeror or the persons acting in concert with it and one or more sellers))
   (2017/C 300/06)
   Language of the case: Italian
   
      Referring court
   
   Consiglio di Stato
   
      Parties to the main proceedings
   
   
      Applicants: Marco Tronchetti Provera SpA, Antares European Fund Limited, Antares European Fund II Limited, Antares European Fund LP, Luca Orsini Baroni, UniCredit SpA, Camfin SpA
   
      Defendant: Commissione Nazionale per le Società e la Borsa (Consob)
   
      Intervenening parties: Camfin SpA, Generali Assicurazioni Generali SpA, Antares European Fund Limited, Antares European Fund II Limited, Antares European Fund LP, Luca Orsini Baroni, Marco Tronchetti Provera & C. SpA, UniCredit SpA
   
      Operative part of the judgment
   
   The second subparagraph of Article 5(4) of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids must be interpreted as not precluding a national law, such as that at issue in the main proceedings, which enables a national supervisory authority to adjust upwards the price of a takeover bid in the event of collusion without setting out the specific conduct that characterises that notion, provided that the interpretation of that notion can be deduced in a sufficiently clear, precise and foreseeable manner from that law, using methods of interpretation recognised by national law.
   
      (1)  OJ C 251, 11.7.2016.