The Italian Competition Authority clears a transaction for the creation of a joint venture operating in the banking sector on the basis of the non-applicability of the relevant Italian law provisions governing concentrations between undertakings (Bassilichi / Accenture)

Background The purpose of the transaction at hand was to allow Banca Monte dei Paschi di Siena S.p.A. (“MPS”), one of the major Italian banks, to externalise certain back-office and administrative services, entrusting them to other companies outside its corporate group, as part of its strategic restructuring plan aimed at streamlining and rationalising its day-by-day operations. For the purposes of the above, on 19 July 2013 and on 2 August 2013, respectively, Accenture S.p.A. and Bassilichi S.p.A. (“Bassilichi”) presented an offer to MPS to enter into an agreement for the supply of certain back-office, accounting, bookkeeping and other administrative services. According to that agreement, once completed and executed, the same services which MPS was previously performing internally for

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  • C partners law and tax firm (Milan)

Quotation

Giorgio Vagnoni, The Italian Competition Authority clears a transaction for the creation of a joint venture operating in the banking sector on the basis of the non-applicability of the relevant Italian law provisions governing concentrations between undertakings (Bassilichi / Accenture), 20 December 2013, e-Competitions Mergers & Joint ventures, Art. N° 64343

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