Request for a preliminary ruling from the Consiglio di Stato (Italy) lodged on 13 April 2016 — Marco Tronchetti Provera SpA and Others v Commissione Nazionale per le Società e la Borsa (Consob)

(Case C-206/16)

(2016/C 251/08)

Language of the case: Italian

Referring court

Consiglio di Stato

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, Lauro Sessantuno SpA

Defendant: Commissione Nazionale per le Società e la Borsa (Consob)

Question referred

Is the proper application of the second paragraph of Article 5(4) of Directive 2004/25/EC (1) of the European Parliament and of the Council of 21 April 2004 on takeover bids, in the light of the general principles laid down in Article 3(1) thereof, and the proper application of the general principles of European law relating to legal certainty, protection of legitimate expectations, proportionality, reasonableness, transparency and non-discrimination, prevented by a provision of national law such as Article 106(3)(d)(2) of Legislative Decree No 58 of 24 February 1998 (consolidating all provisions in the field of financial intermediation within the meaning of Articles 8 and 21 of Law No 52 of 6 February 1996), as subsequently amended, and Article 47 octies of Decision of the Commissione Nazionale per le Società e la Borsa — Consob No 11971 of 14 May 1999 (Order implementing Legislative Decree No 58 of 24 February 1998 laying down rules applicable to offerees), as subsequently amended, in so far as those provisions authorise Consob to increase the takeover bid as referred to in Article 106 where the condition that ‘there has been collusion between the offeror or the persons acting in concert with it and one or more sellers’ is fulfilled, without identifying the specific actions which constitute such a situation, and thus without determining clearly the conditions and criteria under which Consob is authorised to adjust upwards the price of the takeover bid?

(1)  Directive 2004/25/EC of the European Parliament and of the Council of 21 april 2004 on takeover bids (OJ 2004 L 142, p. 12).

  翻译：

查看mercari原页面

收藏该商品

立即下单