The new draft proposal for a directive on takeovers : the German perspective

  • 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).

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Author:Theodor BaumsGND
Parent Title (English):Institut für Handels- und Wirtschaftsrecht (Osnabrück): Arbeitspapiere ; [19]96,10
Parent Title (German):Institut für Bankrecht (Frankfurt, Main): Arbeitspapiere ; Nr. 39
Series (Serial Number):Arbeitspapiere / Johann-Wolfgang-Goethe-Universität, Institut für Bankrecht (39)
Publisher:Institut für Handels- und Wirtschaftsrecht
Place of publication:Osnabrück
Document Type:Working Paper
Year of Completion:1996
Year of first Publication:1996
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2005/04/11
GND Keyword:Deutschland; Takeover; Aktienrecht; Börsenordnung; Börsenrecht; Kapitalmarktrecht
Page Number:7
Institutes:Rechtswissenschaft / Rechtswissenschaft
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
3 Sozialwissenschaften / 34 Recht / 340 Recht
Licence (German):License LogoDeutsches Urheberrecht