I'm writing a thesis degree on Italian and U.S. mergers. In Italy, mergers generate deficits ("Disavanzi") or surplus("Avanzi"). We have two types of these called "da annullamento" and "da concambio". The first one is generated due to the cancellation of the shareholding in the built-in; the second one represents the largest book value of net assets acquired over the nominal value of shares issued as consideration (surplus case) or represents the highest price paid by the acquiring company in terms of its own shares issued in relation to book value of net assets of the merged company(deficit case). Can anyone give the English translation of these 2 terms, or any references to laws, acts or other where these types are governed?
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