The Italian Competition Authority revokes remedies originally imposed to the parties to a merger by interpretating extensively the notion of de facto control (Società Assicuratrice Industriale / La Fondiaria Assicurazioni)

Background Following a specific request by the parties, the Italian Antitrust Authority (Autorità Garante della Concorrenza e del Mercato), at its meeting on 12 June 2003, decided to revoke the conditions originally imposed on Premafin Finanziaria S.p.A. (Premafin) and Mediobanca Banca di Credito Finanziario S.p.A. (Mediobanca) for the clearance of the merger between the two Italian insurance companies, La Fondiaria Assicurazioni S.p.A. (Fondiaria) and Società Assicuratrice Industriale S.p.A. (SAI), on the ground that the joint control of Mediobanca, which based the decision adopted on 17 December 2002, was no longer existent.

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Authors

  • Ashurst (Brussels)
  • Legance - Studio Legale Associato (Rome)
  • Iliad (Milano)

Quotation

Denis Fosselard, Vito Auricchio, Lina Vitolo, The Italian Competition Authority revokes remedies originally imposed to the parties to a merger by interpretating extensively the notion of de facto control (Società Assicuratrice Industriale / La Fondiaria Assicurazioni), 13 June 2003, e-Competitions June 2003, Art. N° 25166

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