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Case C-206/16: Judgment of the Court (Third Chamber) of 20 July 2017 (request for a preliminary ruling from the Consiglio di Stato — Italy) — Marco Tronchetti Provera SpA and Others v Commissione Nazionale per le Società e la Borsa (Consob) (Reference for a preliminary ruling — Company law — Directive 2004/25/EC — Takeover bids — Second subparagraph of Article 5(4) — Possibility of changing the price of the offer in specific circumstances and according to clearly determined circumstances and criteria — National law providing an option for the supervisory authority to increase the price of a takeover bid in the event of collusion between the offeror or the persons acting in concert with it and one or more sellers)
ECLI:EU:UNKNOWN:62016CA0206
62016CA0206
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11.9.2017
Official Journal of the European Union
C 300/5
(Case C-206/16) (<a id="ntc1-C_2017300EN.01000501-E0001" href="#ntr1-C_2017300EN.01000501-E0001"> (<span class="super note-tag">1</span>)</a>
((Reference for a preliminary ruling - Company law - Directive 2004/25/EC - Takeover bids - Second subparagraph of Article 5(4) - Possibility of changing the price of the offer in specific circumstances and according to clearly determined circumstances and criteria - National law providing an option for the supervisory authority to increase the price of a takeover bid in the event of collusion between the offeror or the persons acting in concert with it and one or more sellers))
(2017/C 300/06)
Language of the case: Italian
Referring court
Parties to the main proceedings
Applicants: Marco Tronchetti Provera SpA, Antares European Fund Limited, Antares European Fund II Limited, Antares European Fund LP, Luca Orsini Baroni, UniCredit SpA, Camfin SpA
Defendant: Commissione Nazionale per le Società e la Borsa (Consob)
Intervenening parties: Camfin SpA, Generali Assicurazioni Generali SpA, Antares European Fund Limited, Antares European Fund II Limited, Antares European Fund LP, Luca Orsini Baroni, Marco Tronchetti Provera & C. SpA, UniCredit SpA
Operative part of the judgment
The second subparagraph of Article 5(4) of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids must be interpreted as not precluding a national law, such as that at issue in the main proceedings, which enables a national supervisory authority to adjust upwards the price of a takeover bid in the event of collusion without setting out the specific conduct that characterises that notion, provided that the interpretation of that notion can be deduced in a sufficiently clear, precise and foreseeable manner from that law, using methods of interpretation recognised by national law.
(<a id="ntr1-C_2017300EN.01000501-E0001" href="#ntc1-C_2017300EN.01000501-E0001">(<span class="super">1</span>)</a> <a href="./../../../../legal-content/EN/AUTO/?uri=OJ:C:2016:251:TOC">OJ C 251, 11.7.2016</a>.)
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