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Milan, March 19th, 2026 – The 68th Industria Felix Award – L'Italia che compete took place at Palazzo Lombardia, an event that celebrated the 70 most competitive companies in Lombardy, a prestigious recognition for the regional business landscape. Among the distinguished participants, a prominent role was played by Dr. Valerio Locatelli, Managing Partner of Studio Locatelli & Associati-Dottori Commercialisti and Partner & Co-Founder of M&L Consulting Group, with his in-depth presentation on recent tax developments in the M&A landscape and a reflection on the most effective legal tools for business generational transition. His speech generated great interest, once again confirming Dr. Locatelli's and M&L Consulting Group's commitment to supporting Lombardy’s companies in staying competitive and at the forefront in an increasingly challenging market.

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The event saw the awarding of the most competitive companies in the Lombardy region, recognized for their economic-financial stability and their virtuous reputation within the market.

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During his first intervention, Dr. Locatelli highlighted the most important developments arising from the 2026 Budget Law, first mentioning “the restriction on the applicability of the benefits of participation and dividend exemption". He then cited another significant development, the deductibility of VAT on transaction costs incurred by the SPV during an MLBO transaction. Finally, he concluded his first speech with the recent judgment established by ruling 42 of 2026 from the Revenue Agency, which "excluded the abusive nature of the creation of a holding company through a conferral in "regime di realizzo controllato", followed by the donation of the shares in the receiving holding company, with clear tax advantages".

During his second intervention, Dr. Locatelli presented to the audience of entrepreneurs the most appropriate legal and tax strategies for planning generational succession, proposing innovative and advantageous solutions. Among these, he highlighted the establishment of a holding company followed by the use of the benefit provided by Article 3, paragraph 4-ter of the TUS, which allows for exemption from the taxation of transfers to the spouse and descendants. He also discussed the "patto di famiglia", which allows the entrepreneur to transfer shares in the family business to one or more descendants without the risk of disputes during the inheritance process.” Finally, Dr. Locatelli delved into how the trust, combined with the option for taxation at the time of endowment, ensures exemption from inheritance taxes for future generations.

 

 

 

 

 

 

 

 

 

 

 

 

 

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During the continuation of the conference, the presence of Dr. Giancarlo Marengo, senior consultant at M&L Consulting Group and Studio Locatelli & Associati, stood out as he intervened as the presenter of the most deserving companies in the region.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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The participation in the Industria Felix Award further strengthened the commitment of M&L Consulting Group and Studio Locatelli & Associati in supporting businesses through cutting-edge strategic, fiscal, and corporate solutions, with a focus on competitiveness and innovation.​​​​

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