TY  - UNPD
A1  - Baums, Theodor
T1  - The new draft proposal for a directive on takeovers : the German perspective
T2  - Institut für Handels- und Wirtschaftsrecht (Osnabrück): Arbeitspapiere ; [19]96,10
T2  - Institut für Bankrecht (Frankfurt, Main): Arbeitspapiere ; Nr. 39
N2  - The previous proposal for a company law directive on takeovers in 1990 was rejected in Germany almost unanimously for several different reasons. The new "slimmed down" draft proposal, in the light of the subsidiarity principle, takes the different approaches to investorprotection in the various member states better into account. Notably, the most controversial principle of the previous draft, viz. the mandatory bid rule as the only means of investorprotection in case of a change of control, has been given up. Therefore a much higher degree of acceptance seems likely. The Bundesrat (upper house) and the industry associations have already expressed their consent; the Bundestag (Federal Parliament) will deal with the proposal shortly. The technique of a "frame directive" leaves ample leeway for the member states. That will shift the discussion back to the national level and there will lead to the question as to how to make use of this leeway (cf. II, III, below) rather than to a debate about principles as in the past. It seems likely that criticism will confine itself to more technical questions (cf. IV, below).
T3  - Arbeitspapiere / Johann-Wolfgang-Goethe-Universität, Institut für Bankrecht - 39 
KW  - Deutschland
KW  - Takeover
KW  - Aktienrecht
KW  - Börsenordnung
KW  - Börsenrecht
KW  - Kapitalmarktrecht
Y1  - 1996
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4684
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-8183
UR  - http://www.jura.uni-frankfurt.de/42780841/arbeitspapiere
PB  - Institut für Handels- und Wirtschaftsrecht
CY  - Osnabrück
ER  -