CASES IN BUSINESS LAW
Obiettivi formativi
The course aims at providing students with a comprehensive knowledge of the main elements of business law – including corporate law and
securities regulation - in order to enable them to recognize in the future the main issues generally arising from such kind of business transactions.
The course deals also with practical structures and implications, looking at the actual transactions consummated in the international market
context.
In particular, the course pursues the following specific objectives:
- to give students a knowledge and understanding of the main elements of corporate law, banking, insurance and securities regulation, also on an
international basis;
- to give students an understanding of the corporate issues concerning Italian listed companies;
- to increase awareness and understanding of the main items regarding corporate governance, with specific regard to banks, insurance
companies, financial intermediaries and listed companies;
- to learn and apply skills developed during the course also moving from the significant cases discussed during the classes.
Risultati di apprendimento attesi
At the end of the course, students should have an overview of the most controversial topics regarding business law and they should be able to:
- understand and describe the main arguments analyzed during the classes (Knowledge and understanding);
- analyze and explain the issues connected to the matters discussed during the course (Applying knowledge and understanding);
- understand and use major terms and concepts in order to communicate ideas, proposals, analysis and critical reasoning in the field of business law in the most effective and appropriate way (Communications Skills).
Contenuti Del Corso
The course deals with the following contents:
- preliminary introduction on the main Italian and European business laws and regulations, with particular focus on listed companies and financial
institutions;
- financial markets’ dynamics, principles, players and main rules;
- regulation on the issuers of listed financial instruments;
- transactions in control;
- related parties’ transactions and conflict of interests;
- market abuse regulation and insider trading;
- extraordinary transactions;
- cross-border transactions;
- golden powers’ and foreign direct investments regulation;
- corporate governance rules and best practices;
- Italian and European corporate and securities law: trends and perspectives.
Testi Di Riferimento
VV. AA., Commentaries and Cases on Italian Business Law, directed by A. Sacco Ginevri, CEDAM, III ed., 2025.
Please refer to the contents of each lecture for details on the book’s chapters associated to each single week as indicated during the course.
Metodologie Didattiche
Traditional lectures, weekly case discussions and weekly written assessments.
Modalità di verifica dell'apprendimento
1/3 of the final grade will be determined based on active participation to classes, weekly case discussions and weekly written assessments (continuous assessment).
The remaining 2/3 of the final grade will be determined based on (1) the mid-term written exam and (2) the final oral exam on certain selected
topics treated during the entire course.
The mid-term written exam is not mandatory and will consist in 3 open ended questions on matters discussed during the classes until the date of
the mid-term exam.
All the students – including those who took the mid-term written exam – shall take the final oral exam.
The combination of continuous assessment (one-third) and the exam (two-thirds) is valid only in the examination dates scheduled at the end of the semester in which the course is taught. In subsequent examination sessions (retake sessions), students are evaluated exclusively through a single final examination (100%), thus losing the continuous assessment grade.
Students who are exempted from compulsory attendance or are non-compliant, shall take a final examination that corresponds to 100% of the
overall evaluation, and which is based on an appropriate study load that can compensate for the missed knowledge acquisition over the semester.
Criteri per l’assegnazione dell’elaborato finale
The formal request for the final dissertation could be filed by students who achieved an high final score at the end of the course (more than 28/30) and demonstrated during the course attitude in analyzing business cases and materials also from a practical perspective. Any request will be discussed with the Professor and accepted if the above mentioned criteria are satisfied.
Settimana 1
- Preliminary course introduction;
- general overview of Italian law of public companies.
Settimana 2
Starting up a business:
- establishing a company;
- article of Association and shareholders' agreement;
- functions of the share capital;
- differences between equity and debt;
- transactions on share capital.
Case discussion:
The KR Energy case (Court of Milan, January 3, 2018).
Settimana 3
Groups of companies:
- different notions of corporate control;
- direction and coordination activity;
- information flows within the corporate group.
Case discussion:
Consob Communication No. DCG/0079962 of October 9, 2013 on Isagro S.p.A.
Settimana 4
Extraordinary transactions: mergers and demergers.
Case discussion:
Merger by incorporation of Unipol Assicurazioni S.p.A., Premafin S.p.A. and Milano Assicurazioni S.p.A. into Fondiaria-SAI S.p.A. completed on January 6, 2014.
Settimana 5
Take-over bids:
- ownership structures;
- regulation of the take-over bids;
- mandatory take-over vs voluntary take-over;
- persons acting in concert;
- loyalty shares.
Case discussion:
Consob Communication of April 18, 2019 no. 0214548.
Settimana 6
Sources of financing for listed companies: equity vs debt.
Case discussion:
The Futura case (Court of Cassazione No. 7919, April 20, 2020).
Mid-term written exam.
Settimana 7
Delisting of listed companies: mechanisms to take private.
Case discussion:
The AS Roma delisting case.
Settimana 8
Tunneling transactions:
- implications of tunneling for corporate finance;
- regulation of related parties’ transactions;
- the role of financial advisors in the context of related parties’ transactions.
Case discussion:
The Parmalat case (Court of Parma, March 29, 2013).
Settimana 9
Market abuse regulation:
- corporate disclosure and market protection;
- market abuse regulation;
- due diligence on Listed Companies and Equal treatment rule;
- insider trading.
Case discussion:
The Cremonini case (Court of Cassazione, October 16, 2017, no. 24310).
Settimana 10
Foreign Direct Investments:
- Italian Regulation on “golden powers”;
- the European framework on FDI screening;
- trends, tools and perspectives.
Case discussion:
The Vivendi / TIM Case.
Settimana 11
Corporate governance of listed companies.
Case discussion:
The Banca Carige case (Court of Genova, September 17, 2018).
Settimana 12
Slate voting mechanism and appointment of directors in listed companies.
Case discussion:
The BPM case.