The Italian Competition Authority fines a bank for gun-jumping in a merger (Banca Sviluppo / BRC)

In the merger case Banca per lo Sviluppo della Cooperazione di Credito/Banca Romagna Cooperativa-Credito Cooperativo Romagna Centro e Macerone the Italian Competition Authority (ICA) found that a bank, trading nationwide in Italy, finalized and executed the purchase of a smaller regional bank before notifying the merger operation as required by the Italian Competition Act no. 287/1990 [1]. The ICA found the purchasing bank guilty of gun-jumping as it implemented the transaction before notifying the merger to the ICA. Consequently, the ICA imposed a pecuniary penalty on that bank. The legal background and the facts of the case Pursuant to Article 16 of the Italian Competition Act no. 287/1990, a merger operation meeting the statutory jurisdictional thresholds must be notified to the

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  • Desogus Law Office (Cagliari)

Quotation

Michele Giannino, The Italian Competition Authority fines a bank for gun-jumping in a merger (Banca Sviluppo / BRC), 24 September 2016, e-Competitions Bulletin September 2016, Art. N° 81977

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