October 24, 2013 / 10:48 AM / 4 years ago

Italy to cut threshold forcing obligatory takeovers

1 Min Read

ROME, Oct 24 (Reuters) - Italy plans to "rapidly" introduce a measure that will lower the threshold for obligatory takeovers, an Economy Minister official said on Thursday, a move that could complicate the takeover of Telecom Italia by Spain's Telefonica.

Under current law, a forced bid for 100 percent of a listed company's shares is required if one party collects more than a 30-percent stake, while the new measure would force a full takeover bid if a controlling stake in a company is acquired, Economy Ministry Undersecretary Pier Paolo Baretta said.

Telefonica is set to gain control of the Italian telecoms group after securing a deal in September that will allow it to gradually increase its stake in Telecom Italia's holding company, Telco, which controls the company with a 22.4 percent stake.

If the theshold is reduced, it would be forced to make an offer to all shareholders in Telecom Italia. (Reporting by Francesca Piscioneri; writing by Steve Scherer.)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below