Italy’s market watchdog recently introduced major reforms to rules governing takeover bids. Freshfields’ 
Luigi Verga and Francesca Flego report

On 5 April 2011, the Italian market regulator Commissione Nazionale per le Societa e la Borsa (CONSOB) issued a resolution amending the provisions of the regulations that apply to public tender offers in Italy. The new provisions apply to all offers launched on or after 2 May 2011.