CELEX: 62016CB0655
Language: en
Date: 2017-10-24 00:00:00
Title: Joined Cases C-655/16 and C-656/16: Order of the Court (Eighth Chamber) of 24 October 2017 (requests for a preliminary ruling from the Tribunale Amministrativo Regionale per il Lazio — Italy) — Hitachi Rail Italy Investments Srl (C-655/16), Finmeccanica SpA (C-656/16) v Commissione Nazionale per le Società e la Borsa (Consob) (Reference for a preliminary ruling — Article 99 of the Rules of Procedure of the Court of Justice — 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 in line with clearly determined criteria — National legislation providing an option for the supervisory authority to increase a takeover bid in the event of collusion between the offeror and the seller)

8.1.2018   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 5/16
            
         Order of the Court (Eighth Chamber) of 24 October 2017 (requests for a preliminary ruling from the Tribunale Amministrativo Regionale per il Lazio — Italy) — Hitachi Rail Italy Investments Srl (C-655/16), Finmeccanica SpA (C-656/16) v Commissione Nazionale per le Società e la Borsa (Consob)
   (Joined Cases C-655/16 and C-656/16) (1)
   
   ((Reference for a preliminary ruling - Article 99 of the Rules of Procedure of the Court of Justice - 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 in line with clearly determined criteria - National legislation providing an option for the supervisory authority to increase a takeover bid in the event of collusion between the offeror and the seller))
   (2018/C 005/21)
   Language of the cases: Italian
   
      Referring court
   
   Tribunale Amministrativo Regionale per il Lazio
   
      Parties to the main proceedings
   
   
      Applicants: Hitachi Rail Italy Investments Srl (C-655/16), Finmeccanica SpA (C-656/16)
   
      Defendant: Commissione Nazionale per le Società e la Borsa (Consob)
   
      Interveners: Amber Capital Italia Sgr SpA, Amber Capital Uk Llp, Bluebell Partners Limited, Elliot International Lp, The Liverpool Limited Partnership, Elliot Associates L.P.
   
      Operative part of the order
   
   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 national legislation, such as that at issue in the main proceedings, which allows 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, on condition that the interpretation of that notion can be deduced in a sufficiently clear, precise and foreseeable manner from that legislation, using methods of interpretation recognised by national law.
   
      (1)  OJ C 121, 18.04.2017.