[Last updated: 1 January 2025, unless otherwise noted]

As a general rule, CONSOB may not oppose the delisting of an Italian company that is listed on an Italian financial market organized, managed and operated by Borsa Italiana S.p.A., provided that sufficient protection has been given to the investors in and the security holders of the company that is going private. Traditional schemes through which a company may go private and be delisted include: Global Takeover Bids without restoration of the minimum free float; mergers or spin-offs of a listed company in a non- listed company; conversions of listed securities in non-listed securities; and buybacks that reduce the free float below the minimum level. Shareholders who do not agree to the delisting may exercise their withdrawal rights.