Key Changes to Takeover Bids under the Reform of the Italian Consolidated Financial Act

The reform reshapes the balance between flexibility in corporate control transactions, investor protection and enhanced Consob supervisory powers

In the contribution published in the ItaliaOggi and Milano Finanza instant book dedicated to the reform of the Italian Consolidated Financial Act and Civil Code, Marco Pistis analyses the key changes introduced by Legislative Decree No. 47 of 27 March 2026 in the regulation of takeover bids, in light of the new balance between flexibility in the market for corporate control and investor protection. The contribution examines the notion of persons acting in concert, the rules governing mandatory and preventive takeover bids, the squeeze-out right for delisting purposes and the new total acquisition procedure under Article 112-bis of the Italian Consolidated Financial Act, also with reference to the strengthening of Consob’s regulatory and supervisory powers.

Author

IPG, Marco Pistis

Activity area

Banking and Finance Law, Corporate and Commercial Law, Corporate Governance and Social Responsibility

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