The Italian Supreme Court publishes its new provisions for mergers and acquisitions transactions for the application of registration tax

1. Share deal or asset deal: the first decision to make in M&A transactions When approaching a M&A transaction, the decision about the structure shall be the first item on the agenda. Choosing between a share deal or an asset deal depends, in the first instance, on the willingness of the buyer. A share deal is aimed at the purchase of all, or part of, the stock of the target company while an asset deal can be limited to a cherry-picking of certain assets, or a branch, of the target. The advisors shall duly assist the parties in evaluating the most suitable structure under every perspective: a good choice cannot be limited to the target only but, keeping in mind that several further consequences can be triggered, it shall be a 360° enquiry on all elements potentially involved.

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Giorgo Ferrero, The Italian Supreme Court publishes its new provisions for mergers and acquisitions transactions for the application of registration tax, 12 March 2017, e-Competitions March 2017, Art. N° 100087

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