Consob has suspended the terms of inquiry for the approval of the offer document for the takeover bid launched by Honeywell on Civitanavi Systems pending the completion of the information framework related to the transaction.

The suspension was ordered as a result of the Authority's request for some additional information, reads a note that stresses that the procedure is part of the ordinary authorization process.

In any case, the suspension period may not exceed 15 days from yesterday's date.

Honeywell had announced at the end of March its intention to acquire the entire share capital of Civitanavi Systems, listed on Euronext Milan, through the launch of a voluntary tender offer at a price of 6.30 euros per share in cash, aimed at delisting.

The U.S.-based company has already obtained a commitment from Civitanavi's controlling shareholder, which owns about 66 percent of the outstanding shares, to bring its own shares to the tender offer.

(Andrea Mandalà, editing Francesca Piscioneri)