6. Le operazioni straordinarie - lumsa.it Le fasi del... · 1. cessione di tutta o parte della...

!

"6. Le operazioni straordinarie

!"#$%&'#(")"*%+'#,"+#-*./"&&.#,'#',"%0'.)"#",#"&"/10'.)"

1

2+ -*./"&&. ,' %331%0'.)" !"##" $%&"'()*%+* ,-'(%'!*+('*". &'","+-( /(,* #( 01* ,"21"+)( #%3*0( !*

,4%#3*5"+-% &' -*"&")3% /.41)"6 ( &'",0*+!"'" !(##( ,-'1--1'()*%+" 3*1'*!*0( &'",0"#-(7

!" 4.,%+'35 0%+ #" 21(#* ,* !('8 0%',% (! %3+* ,*+3%#( /(," 9 +%+0:; * '*,1#-(-* " 3#* !"#$"#

21(#*-(-*4* " 21(+-*-(-*4*6 (+0:" !%015"+-(#* < -.3*%)). /"*3%4")3" 6%*'%*" ') $1)0'.)"

,"++7.-"*%0'.)"7

=%5" (+0:" &%-'">>" 4"'*/*0(',* 0:" %+/1)% ,"++" $%&' -.&&% *'6"+%*&' ).) 13'+" (##%

,4%#3*5"+-% !"# &'%0",,% +"# ,1% *+,*"5" ?>(,-* &"+,('" (##( %"& %'(')&*+& .",-"'+(. +"3#*

(15"+-* !* =(&*-(#" ,%0*(#"@7

26. Le operazioni straordinarie!"#$%&'#(")"*%+'#,"+#-*./"&&.#,'#',"%0'.)"#",#"&"/10'.)"


A8"$')'0'.)"#,"++7.9'"33'6.#&3*%3"('/.#:&-"/'$'/.;

<%&"#=

A!%#!"#$%&'&(#)*#>')3"*)%;

<%&"#?

A!%#,"$')'0'.)"#,"+#>-"*'4"3*.;#

<%&"#@

A!%#,"$')'0'.)"#,"+#>6%+.*"#,'#3*%&$"*'4")3.;

<%&"#AA!7'),'6',1%0'.)"#,"++%#$.*4%#3"/)'/%#,%#%,.33%*"

<%&"#B

A!%#!"#$%&'&(#)*#>"&3"*)%;

<%&"#C

A!7"&"/10'.)"#,"++7.-"*%0'.)"

<%&"#D

3

,*-./'0'!*&.)&*&1-(&.%&(.$1!+&00!

BC 21",-( #( /(," +"##( 21(#" ,* *+!*4*!1( #(?"@ 4.3'6%0'.)"E'F (##( >(," !"##C%&"'()*%+"

,-'(%'!*+('*(7

D1",-( /(," &1E (4"'" (44*% &"' 1)7%)%+'&' &3*%3"('/% ')3"*)% (# ,%33"--% "0%+%5*0% %&&1'"

",,"'" $,-*5%#(-(. !( /'*/.&3%)0" >"&.(")"; ?#( !"0*,*%+" !* 1+ 0%+0%''"+-" !* 0"!"'" *# &'%&'*%

'(5% !C()*"+!( %&"'(+-" +"# ,"--%'" !C*+-"'",,"@7

F* 0%+0'"-*))( 0%+ 1+ %+,-. +"# 21(#" 4"+3%+% ",&'",,* 3#* .9'"33'6' &3*%3"('/' >&-"/'$'/';6

1+*-(5"+-" (! 1+( &'*5( %)%+'&' ,"++% -*.&-"33'6% ,' /.)6")'")0% "/.).4'/% 0:" ,* &%-'8

!"-"'5*+('" 21(#%'( ",,* 4"+*,,"'% 0%+,"31*-*7


2-0&.3.4.(-.%&5'*'6'!*&.%&((7!8'&##'/!.0#1-#&)'+!.90$&+'5'+!:

G, "&"4-'. G

;8'&##'/! 0#1-#&)'+! 90$&+'5'+!: G ='",0*-( !*5"+,*%+(#"

<*-('0' %&' 0"8 !8'&##'/' G (15"+-% !"# 4%#15" !* /(--1'(-%H (15"+-% !"* 5('3*+* !* &'%!1)*%+"H

'*!1)*%+" !"* 0%,-* 3"+"'(#* !* ,-'1--1'( &"' 1+*-8 &'%!%--(

=!*/&*'&*6- &+!*!>'+- G (15"+-% !"##( '"!!*-*4*-8H 0'"()*%+" !* 4(#%'" &"' 3#* ()*%+*,-*

?&%,,*>*#*-8 !* 21%-()*%+"H !* 0",,*%+" !* -1--( % &('-" !"##( &('-"0*&()*%+" (! *+4",-*-%'*

&'%/",,*%+(#* I7@


2-0&.3.4.(-.%&5'*'6'!*&.%&((7!8'&##'/!.0#1-#&)'+!.90$&+'5'+!:

BC 21",-( #( /(," +"##( 21(#" ,* 4"'*/*0( 0:" 3#* %>*"--*4* ,-'(-"3*0* $,&"0*/*0*. *+!*4*!1(-* G

(@ ,*(+% '"(#*))(>*#* *+ '(3*%+" !"##" 0%+!*)*%+* ",*,-"+-*6 ,*( *+-"'+" (# ,%33"--% "0%+%5*0%

?(!"31(-"))( (##% ,0%&% !* G ,-'1--1'( %'3(+*))(-*4(H ,-'1--1'( &'%!1--*4(H 0%+%,0"+)" -"0+*0:"H

'*,%'," /*+(+)*('*" "-0@6 ,*( ",-"'+" (! ",,% ?0%+!*)*%+* " &'%,&"--*4" !"# 5"'0(-%J,"--%'"H 4*+0%#*

(##C(021*,*)*%+" !"##" 5(-"'*" &'*5" +"0",,('*"H #*5*-* &%,-* !(##" +%'5" *+ 5(-"'*( !* (+-*-'1,- "-0@H

>@ &%,,(+% &%-"+)*(#5"+-" !"-"'5*+('" *# 4"'*/*0(',* !"##" 0%+!*)*%+* &"' '"(#*))('" #C%>*"--*4%

,-'(-"3*0% 3"+"'(#" ?#( $0%+4"+*"+)( "0%+%5*0(.7


2-0&.?.4.(-.@"&.%'(')&*+& 9'*#&1*-:

H1"&3% $%&" ,.6*"99" /I'1,"*&' /.) 1)7'-.3"&' ,' >-'%). '),1&3*'%+"; 0:" !"/*+*,0( ?*+ 1+ ('0%

-"5&%'(#" !* KJL (++* " -*"&/'),"),. ,%++% $.*4% 3"/)'/% ,"++7.-"*%0'.)"6 0:" ,('8 *+!*4*!1(-(

*+ ,"31*-%@6 3#* "//"--* "0%+%5*0*6 &(-'*5%+*(#*6 /*+(+)*('*6 %'3(+*))(-*4*6 ,-'1--1'(#* "-0 (--",*

!(##C%&"'()*%+" ,-'(%'!*+('*( " *+!*4*!1* #" ()*%+*J(--*4*-8 $0%''"--*4". "J% .*+-"3'(-*4". !(

&%''" *+ ",,"'" &"' &%-"' '"+!"'" &%-"+)*(#5"+-" &"',"31*>*#* " '"(#*))(>*#* 3#* %>*"--*4*

*+!*4*!1(-*7


2-0&.?.4.(-.@"&.%'(')&*+& 9'*#&1*-:

G, "&"4-'. G

/#,'&00,1&'&.2 %#''341&#..&56 7.+,.#(&*6 879#*&-&*6: ;+#7*&., %&<#)7&6),'# = >),'&7& = #C(15"+-% !"##" 21%-" !* 5"'0(-%

+%+ &1E '"(#*))(',* 0%+ #C(--1(#" ,-'1--1'( &'%!1--*4(6 +%+ *+ 3'(!% !* ,1&&%'-('" #C*+0'"5"+-% !"* 4%#15* !* 4"+!*-(H

#C%'3(+*))()*%+" M6 *+4"0"6 *+ 3'(!% !* *+-"3'('" ,-'1--1'" &'%!1--*4" 3*8 ",*,-"+-*7 D1(#%'( #" 0%+!*)*%+* &'%!1--*4" ,*

'"(#*))(,,"'%6 #" 0%+!*)*%+* 3"+"'(#* !"# 5"'0(-% " !"##( 0%+0%''"+)( ?4*,-" +"##( &'%,&"--*4( !* 5#-@ 0%+,"+-*'">>"'% *#

'"(#*))(',* !"3#* %>*"--*4* ,-'(-"3*0* 3"+"'(#*7 NC (33'"3()*%+" !* '"(#-8 "0%+%5*0:" 3*8 ",*,-"+-* !('">>" &%,,*>*#*-8 !*

0'",0*-( *55"!*(-( 5"+-'" #C"//"--1()*%+" !* +1%4* *+4",-*5"+-* *+ ,-'1--1'" !* &'%!1)*%+" '*0:*"!"'">>" 1+ -"5&% !*

'"(#*))()*%+" +%+ *+/"'*%'" ( KO 5",*7 F1,,*,-%+% #" 0%+!*)*%+* &"' 1+ *+0'"5"+-% !"* 5('3*+* !* &'%!1)*%+" " !* '*!1)*%+"

!"# 0%,-% !* ,-'1--1'( &"' 1+*-8 !* &'%!%--% &"' "//"--% !* "0%+%5*" !* ,0(#( !"'*4(+-* !( 0(&(0*-8 !* (,,%'>*5"+-% !"##"

/1+)*%+* 0%55"'0*(#*6 #%3*,-*0:" " 0"+-'(#*7


2-0&.?.4.(-.@"&.%'(')&*+& 9'*#&1*-:

-*.&"(1"G

490&6)& 9677&1&'& 4 (021*,*)*%+" !"##" (--*4*-8 !"##( ,%0*"-8 P ?0!7 F%0*"-8 A-1)&#@ .66"*. "//"--1()*%+" !"3#*

*+4",-*5"+-* " 0'",0*-( &"' #*+"" *+-"'+"

>0&6)& &).#(+,.&5# )#*#77,+&# G 1+( 0'",0*-( &"' #*+"" *+-"'+" 0%5&%'-"'">>" #C"//"--1()*%+" !* +1%4*

*+4",-*5"+-* *+ ,-'1--1'" -"0+*0:" '"(#*))(>*#* *+ 1+ #(,,% -"5&%'(#" +%+ *+/"'*%'" ( KO 5",* " &"' 1+

(55%+-('" 4(#1-(>*#" *+ Q ?III@7

!#-&)&0&6)# %#''3&96.#7& %& 9&,)6 &)%"7.+&,'#= (,,1+)*%+* " &'"4*,*%+* "0%+%5*0:"6 &(-'*5%+*(#*6 /*+(+)*('*"

"! %'3(+*))(-*4" ,*( +"##C%&)*%+" !* 0'",0*-( &"' #*+"" $",-"'+". 0:" &"' #*+"" $*+-"'+".


2-0&.?.4.(-.@"&.%'(')&*+& 9'*#&1*-:

-*.&"(1" %)/.*%G

?, :*6)5#)&#)0, #*6)6<&*,: %#''369#+,0&6)# 4 R# S*(+% *+!1,-'*(#" &'"4*,*%+(#" "4*!"+)*( * &%,,*>*#* '*,1#-(-*

21(+-*-(-*4* *+ '(3*%+" !"##" -00">$#'!* 21(#*-(-*4" ,1 5"'0(-%6 %'3(+*))()*%+" "-07 " !"##" !*4"'," *&%-",* !*

0'",0*-( ?&"' #*+"" ",-"'+" %! *+-"'+"@

!#*&7&6)# %#''36+(,)6 ,<<&)&7.+,.&56 @ ,77#<1'#,+# *6<9#.#).# 9#+ '#((# 6 7.,.".6= 0'",0*-( &"' #*+""

$",-"'+". 0%+ (021*,*)*%+" !"##" (--*4*-8 %&"'(-*4" !"##( ,%0*"-8 A-1)&#


2-0&.?.4.(-.@"&.%'(')&*+& 9'*#&1*-:

T&&1'(-( #( ,1,,*,-"+)( !"##" 0%+!*)*%+* !* %&&%'-1+*-8 &"' #( '"(#*))()*%+" !"##C%&"'()*%+" ,-'(%'!*+('*(6

%00%''" '),'6',1%*" '+ >-"*'4"3*. ,7')3"*"&&"; !"# 0%5&#",,% ()*"+!(#" 0:" !%4'8 ",,"'" %33"--% !"#

-'(,/"'*5"+-% G

! ' >9")'; G 5(-"'*(#* "! *55(-"'*(#*6 -(+3*>*#* "! *+-(+3*>*#* ?>"+* ,-'15"+-(#*6 !*'*--*6 >'"4"--*6 0%+0",,*%+*6

B*!C D!C /%'5(#*))(-% II@

! ' >*%--.*3'; G '(&&%'-* 3*1'*!*0* $,-'1--1'(-*. 0%+ &"',%+(#"6 0#*"+-*6 /%'+*-%'*6 /*+(+)*(-%'*6 S1>>#*0:"

(55*+*,-'()*%+* I77 R4* 0%5&'"," #" &%,*)*%+* 0'"!*-%'*" "J% !">*-%'*" (//"'"+-* *# 0%5&#",,% ()*"+!(#" %

0:" ,('(++% !",-*+(-" (! ",,"'" -'(,/"'*-" 0%+ ",,%


2-0&.E.4.(-.%&5'*'6'!*&.%&(.F&1'>&#1!.%&((7!$&1-6'!*&

! +" *"+%0'.)' G '(&&%'-* +%+ ,-'1--1'(-* 3*1'*!*0(5"+-" 5( 0:" ,%+% '*#"4(+-* (* /*+* !"##C(--*4*-8 ,4%#-(

!(##C*5&'",( #-1)&# GB*!C D!C *!* 5!1>-('66-#!H -//'->&*#!H $1!)&##' ! -##'/'#I %' 1'+&1+- '* +!10! %'

1&-('66-6'!*& JJK

H1"&3% $%&"J ') *"%+35J &' ,"6" *"%+'00%*" 3"4-.*%+4")3" ') 6'% /.4-+"4")3%*" /.) +% -*"/",")3"K R

'*,1#-(-* !( ",,( !"'*4(+-* 0%,-*-1*'(++%6 *+/(--*6 &('-" *+-"3'(+-" !"##C'-.3"&' ,' >-'%). '),1&3*'%+";

-*"6'&'.)%+"

U#* ,-",,* "#"5"+-* !%4'(++% < ,100",,*4(5"+-" "! *+ (+(#*-*0% < (+!('" ( 0%5&%''" +7"$$"33'6. >-"*'4"3*. ,'

3*%&$"*'4")3.. 1+( 4%#-( 0%+0#1,(,* #( @"& %'(')&*+& $",-"'+(.7


2-0&.E.4.(-.%&5'*'6'!*&.%&(.F&1'>&#1!.%&((7!$&1-6'!*&

G, "&"4-'. L

L- 0!+'&#M 9#-1)&#: D- "* -##'/! $-#1'>!*'-(& +!0#'#"'#! %- JJNN &% "* $-00'/! +!0#'#"'#! %- JJJJJJJJN

G1'5&1'>&*#! -((- 0'#"-6'!*& $-#1'>!*'-(& $'O 1&+&*#& >&00- - %'0$!0'6'!*& !% -+P"'0'#- %-((& 8-*+D& %-#' "55'+'-('K

Q( +!>$(&00! -6'&*%-(& %7'*#&1&00& R +!0#'#"'#! %- 4

3K S&*' G&(&*+! %&((& -##'/'#M $-#1'>!*'-(' %7'*#&1&00&KT

?K U-$$!1#' )'"1'%'+' G$&10!*-(& %'$&*%&*#&H +!*#1-##! %' (!+-6'!*&H +!*#1-##' %' 5!1*'#"1- -##'/' & $-00'/'K

EK U&(-6'!*' G"*7'*/&*6'!*& '*%"0#1'-(& +D& R '* +!10! %' 81&/&##!K


2-0&.E.4.(-.%&5'*'6'!*&.%&(.F&1'>&#1!.%&((7!$&1-6'!*&

2),'6',1%3. '+ >-"*'4"3*. ,7')3"*"&&"; !"# 0%5&#",,% ()*"+!(#" 0:" !%4'8 ",,"'" %33"--% !"# -'(,/"'*5"+-%6

*+ 21",-( /(," #" &('-* &'%0"!%+% G

" -*'4% ') 6'% %13.).4%6 (##( !"/*+*)*%+" ,*( !"# $4(#%'" !* 5"'0(-%. 0:" !"# &%,,*>*#" $4(#%'" !*

*+4",-*5"+-%.H

" -.' ') /.)3*%,,'33.*'.6 (##( !"/*+*)*%+" !"# $&'"))%.7


2-0&.V.4.(-.%&5'*'6'!*&.%&(./-(!1&.%'.#1-05&1'>&*#!.

M%#/.&%#*%--*"&")3%).#'+#$4(#%'"V!*V5"'0(-%.6V*#V$4(#%'"V!C*+4",-*5"+-%.V"V*#V$&'"))%.VW.

W&+!*%!.'.F1'*+'$'.Q#-('-*'.%'.X-("#-6'!*&.GF-1#&.$1'>-.YN3NK.4

" A,'6+#$%&$<#+*,.6$=$'(.$1&66!.$'O./&1!0'>'(&.%-.0!0#&*&1&.$&1.(7&/&*#"-(&.-+P"'0'6'!*&.%&((7-##'/'#M.1&-(&.!.5'*-*6'-1'-.%-.$-1#&.

%'."*.$-1#&+'$-*#&.-(.>&1+-#!

" A,'6+#$%3&)5#7.&<#).6$=$'.8&*&5'+'.&+!*!>'+'.!55&1#'.%-((7-##'/'#M.>&%&0'>-.-(.$-1#'+!(-1&.0!))&##!.+D&.-##"-(>&*#&.(-.%&#'&*&.!.

+D&.$!#1M.%&#&*&1(-.G/-(!1&.%7'*/&0#'>&*#!K

" B+#006$ =$ Q(.$1&66!.R. '(.+!11'0$&##'/!.1'+D'&0#!H.!55&1#!.!.$-)-#!.$&1. (7-+P"'0'6'!*&.%&((7-##'/'#-Z. 1&-(&.!. 5'*-*6'-1'-.%-./-("#-1&N.W'.

#1-##-.%'."*-.)1-*%&66-.&>$'1'+-H. '*5("&*6-#-.%-.#"##&. (&./-1'-8'('.+D&. '*+'%!*!.0"((-.%!>-*%-.&.0"((7!55&1#-.&.+D&H.$&1#-*#!H.$"I.

%'0+!0#-10'.%-(./-(!1&.%&((7-##'/'#M


2-0&.V.4.(-.%&5'*'6'!*&.%&(./-(!1&.%'.#1-05&1'>&*#!.

2) &.&3%)0% L

" C' A,'6+# %& <#+*,.6 5!1*'0+& "*- 1-$$1&0&*#-6'!*& %&( /-(!1& '( $'O $!00'8'(& 0+&/1- %- :'*#&15&1&*6&: %' &(&>&*#'

%7'*#&1&00& 9$-1#'+!(-1':H %' *-#"1- 0!))&##'/-

" C' A,'6+# %3&)5#7.&<#).6 5!1*'0+& "*- 1-$$1&0&*#-6'!*& %&( /-(!1& :+!*%'6'!*-#-: %- &(&>&*#' %7'*#&1&00& %'

*-#"1- 0!))&##'/- $1!$1' G& 0$&+'5'+'K %&((& $-1#' '*#&1&00-#& -((7!$&1-6'!*&

" C' B+#006 1-$$1&0&*#- (7&55&##'/! $"*#! %7'*+!*#1! #1- (& $-1#' '*#&1&00-#& -((7!$&1-6'!*& &H $&1#-*#!H 1'0&*#& *!*

0!(! %' &(&>&*#' %' *-#"1- 0!))&##'/- >- -*+D& %' #"##& (& /-1'-8'(' %' "*- 9#1-##-#'/-:


2-0&.V.4.(-.%&5'*'6'!*&.%&(./-(!1&.%'.#1-05&1'>&*#!.

2).+3*"6V+"##"V 0%''"--(V 0%+/*31'()*%+"V!"#VX(#%'"6V%00%''"'8V(+0:"V -"+"'V 0%+-%V,"(+'#1+3"*'.*'#%33*'913'#0:"V

",,%V&1EV",&'*5"'"VL

" C'$ A,'6+#$ 8&)$ ,..6:D$ +D&. #'&*&. +!*#!. %&'. 8&*&5'+'. &+!*!>'+'. %&((7-##'/'#M. G-6'&*%-. !. $-1#&+'$-6'!*&K. +D&. )'-Z. 0'.

0#-**!.>-*'5&0#-*%!H.!.+D&.$!#1-**!.>-*'5&0#-10'.$&1.&55&##!.%'.-6'!*'.)'M.*#1-$1&0&T

EF C'$A,'6+#$896.#)0&,'#:H.+D&.#'&*&.'*/&+&.+!*#!.-*+D&.%'.$!00'8'('.0/'("$$'.5"#"1'H.$&1.&55&##!.%'.-6'!*'.-*+!1-.%-.

'*#1-$1&*%&1&N


2-0&.V.4.(-.%&5'*'6'!*&.%&(./-(!1&.%'.#1-05&1'>&*#!.

!" 4"3.,.+.('" ", ' /*'3"*' -"* +% 6%+13%0'.)" ,' %0'"),"J *%4' ,7%0'"),% " -%*3"/'-%0'.)' ).) &.).

.(("33. ,"+ N.*&.K

G3 )#*#77,+&6 9#+H 76..6'&)#,+# *6<# ', *6++#.., &)%&5&%",0&6)# %#'', 8*6)-&("+,0&6)#: %#' A,'6+# 7&,

#77#)0&,'# 9#+ '3,77")0&6)# %#''# %#*&7&6)& # ('& #--#..& I#*6)6<&*&D *6).,1&'& # -&7*,'&J %#''# 69#+,0&6)&

7.+,6+%&),+&#F


2-0&.V.4.(-.%&5'*'6'!*&.%&(./-(!1&.%'.#1-05&1'>&*#!.

C' A,'6+# %& <#+*,.6 1-$$1&0&*#&1M '( $"*#! %' 1'5&1'>&*#! $&1 (7!1)-*! %&+'0'!*-(& -( 5'*& %' 9-$$1&66-1&: '* #&1>'*'

P"-*#'#-#'/' '( %'55&1&*6'-(& +!* '( X-(!1& %7'*/&0#'>&*#! &% '( F1&66!H -*+D& -' 5'*' %&((- )'"0#'5'+-6'!*& /&10! )('

0D-1&D!(%&10 %&((& 0+&(#& & %&' /-(!1' &+!*!>'+' %&((7!$&1-6'!*& 0#1-!1%'*-1'-N

C' A,'6+# %3&)5#7.&<#).6 1-$$1&0&*#&1MH $&1 (7!1)-*! %&+'0'!*-(&H '( $!00'8'(& :('>'#&: %&((- +!*/&*'&*6- &+!*!>'+-

%&((7!$&1-6'!*& >&*#1& '( B+#006 %&5'*'1M '( $"*#! %' &P"'('81'! &+!*!>'+![5'*-*6'-1'! %&)(' '*#&1&00' %&((& $-1#'

G+!*#1-$$!0#' ! 0'*&1)'+'H '* 5"*6'!*& %&((- *-#"1- & %&((& >!#'/-6'!!*' %&((7!$&1-6'!*& 0#1-!1%'*-1'-KN


2-0&.V.4.(-.%&5'*'6'!*&.%&(./-(!1&.%'.#1-05&1'>&*#!.

BC 21",-( #( /(," +"##( 21(#" ,* ,-1!*( " !"/*+*,0" #( ,-'1--1'( ?-"0+*0( " 3*1'*!*0(@ &*Y *!%+"( (#

0%+,"31*5"+-% !"3#* %>*"--*4* ,-'(-"3*0* $,&"0*/*0*. *+!*4*!1(-* "! (##C%--*5*))()*%+" !"3#* *5&(--* "0%+%5*0*6

/*+(+)*('*6 &(-'*5%+*(#*6 %'3(+*))(-*4* "! *+!1,-'*(#* !"##C%&"'()*%+" ,-'(%'!*+('*(7

;)*' 0#1"##"1- #&+*'+! \ )'"1'%'+- %' "*7!$&1-6'!*& 0#1-!1%'*-1'- D- '>$-##' 0" "*! %&' #1& 9('/&((': *&' P"-(' $"I

&00&1& 90+!>$!0#!: "* 0!))&##! )'"1'%'+! 4


2-0&.].4.L7'*%'/'%"-6'!*&.%&((-.5!1>-.#&+*'+-.%-.-%!##-1&

Soci Società Azienda

1. cessione di tutta o parte della partecipazione (Valorizzazione)

- Cessione di partecipazioni

- Quotazione in borsa

- Liquidazione

- Recesso

2. Modificazione della compagine societaria con diluizione o rafforzamento della partecipazione (Partnership industriale o finanziaria)

- Fusione

- Scissione

- Scambio di partecipazioni

- Aumenti di capitale sociale

- Cessioni di partecipazioni

3. Trasferimento di parte del patrimonio detenuto indirettamente (Divisione)

- Scissione

-

-

-

Soci

Estinzione

- Fusione (società fuse o incorporate)

- Scissione totale

- Liquidazione

Modificazione giuridica

- Trasformazione

Modificazione patrimoniale

- Scissione parziale

- Fusione per incorporazione (incorporante)

- Aumento di capitale sociale

- Conferimento

Società Azienda


Concentrazione

(orizzontale o verticale)

- Fusione- Scissione

Conferimento- Cessione d’azienda

Diversificazione

- Fusione

- Scissione parziale- Conferimento- Cessione d’azienda

Valorizzazione

- Conferimento- Cessione d’azienda

L7-1)!>&*#! 0-1M !))&##! %' "*- 0$&+'5'+- #1-##-6'!*&


2-0&.Y.4.(-.@"&.%'(')&*+& 9&0#&1*-:.[ 1'*/'!

L7-1)!>&*#! 0-1M !))&##! %' "*- 0$&+'5'+- #1-##-6'!*&


2-0&.^.4.L7&0&+"0'!*& %&((7!$&1-6'!*&.[ 1'*/'!

6. Le operazioni straordinarie - lumsa.it Le fasi del... · 1. cessione di tutta o parte della...

Documents

Transcript of 6. Le operazioni straordinarie - lumsa.it Le fasi del... · 1. cessione di tutta o parte della...