Judgment of the Court (Tenth Chamber) of 12 February 2026.#GT and Others v Valora Effekten Handel AG.#Request for a preliminary ruling from the Bundesgerichtshof.#Reference for a preliminary ruling – Directive 2004/109/EC – Harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market established or operating in a Member State – Notification of the acquisition of major holdings in companies – Acquisition of such holdings by persons acting in concert – Article 3(1a), fourth subparagraph – Concept of ‘more stringent’ requirements – Laws, regulations or administrative provisions adopted in relation to takeover bids, merger transactions and other transactions affecting the ownership or control of companies.#Case C-864/24.