Book contents
- Frontmatter
- Contents
- List of contributors
- Foreword
- PART I Perspectives in company law, SECTION 1: European company law: regulatory competition and free movement of companies
- PART 1 Perspectives in company law, SECTION 2: Corporate governance, shareholders' rights and auditing
- PART 1 Perspectives in company law, SECTION 3: Takeover law
- 19 Adoption of the European Directive on takeover bids: an on-again, off-again story
- 20 Application of the Dutch investigation procedure on two listed companies: the Gucci and ABN AMRO cases
- 21 Obstacles to corporate restructuring: observations from a European and German perspective
- 22 Protection of third-party interests under German takeover law
- 23 Takeover defences and the role of law: a Japanese perspective
- PART II Perspectives in financial regulation, SECTION 1: European perspectives
- PART 2 Perspectives in financial regulation, SECTION 2: Transatlantic perspectives
- PART III Miscellaneous
- Index
- References
21 - Obstacles to corporate restructuring: observations from a European and German perspective
from PART 1 - Perspectives in company law, SECTION 3: Takeover law
Published online by Cambridge University Press: 04 August 2010
Book contents
- Frontmatter
- Contents
- List of contributors
- Foreword
- PART I Perspectives in company law, SECTION 1: European company law: regulatory competition and free movement of companies
- PART 1 Perspectives in company law, SECTION 2: Corporate governance, shareholders' rights and auditing
- PART 1 Perspectives in company law, SECTION 3: Takeover law
- 19 Adoption of the European Directive on takeover bids: an on-again, off-again story
- 20 Application of the Dutch investigation procedure on two listed companies: the Gucci and ABN AMRO cases
- 21 Obstacles to corporate restructuring: observations from a European and German perspective
- 22 Protection of third-party interests under German takeover law
- 23 Takeover defences and the role of law: a Japanese perspective
- PART II Perspectives in financial regulation, SECTION 1: European perspectives
- PART 2 Perspectives in financial regulation, SECTION 2: Transatlantic perspectives
- PART III Miscellaneous
- Index
- References
Summary
In Europe there are still many obstacles to corporate restructuring, even beyond the takeover context. The experience with the implementation of the 13th Directive on Takeovers is sobering indeed. The number of Member States implementing the directive in a seemingly protectionist way is unexpectedly large. This is in line with a growing popular fear of globalization and definite trends toward political protectionism regarding foreign investments in various Member States. Germany is not an exception, as the Risk Limitation Act of July 2008 and the ongoing discussion on further restrictions illustrate. The declaration by Commissioner mccreevy of 3 October 2007 that there will be no European action on the issue of one-share/one-vote should not mean the end of the discussion. The report of the European Corporate Governance Forum Working Group on Proportionality of June 2007 is right in pleading for an enhanced disclosure regime concerning control-enhancing mechanisms. In any case, there is a definite need for more data and further analysis.
Introduction
The topic of this chapter is ‘Obstacles to Corporate Restructuring’, with an emphasis on takeover rules and the market of corporate control. There are two underlying implications to this choice: first, that takeovers play or can play an important role in corporate restructuring; and second, that there are other important parameters for corporate restructuring beyond takeovers. Let me make two preliminary remarks on this.
- Type
- Chapter
- Information
- Perspectives in Company Law and Financial Regulation , pp. 373 - 396Publisher: Cambridge University PressPrint publication year: 2009
References
and , ‘Der Schutz der grenzüberschreitenden Verschmelzung durch die Niederlassungsfreiheit’, Zeitschrift für Wirtschaftsrecht (ZIP) (2006), 210Google Scholar
, ‘Binnenmarktmobilität von Gesellschaften nach “Sevic”’, Zeitschrift für Wirtschaftsrecht (2006), 355.Google Scholar
, , , (eds.), Reforming Company and Takeover Law in Europe (Oxford University Press, 2004), Annex 2, 825–924
and , ‘Chapter on Control Transactions’, in , , , , , , (eds.), The Anatomy of Corporate Law, A Comparative and Functional Approach (Oxford University Press, 2004); the revised and enlarged 2nd edition is to appear in winter 2008/09.Google Scholar
and , ‘Who Writes the Rules for Hostile Takeovers and Why? – The Peculiar Divergence of U.S. and U.K. Takeover Regulation’, Georgetown Law Journal, 95 (2007), 1728–94.Google Scholar
, ‘Konzernrecht: Die Europäische Perspektive’, Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht, 171 (2007), 199–240.Google Scholar
, ‘Takeover Bids and ‘Italian’ Law Reciprocity, European Company Law 5 (April 2008) issue 2, 56–7.Google Scholar
, ‘Editorial, Feindliche Übernahmen, Protektionismus, One share one vote?’, Europäische Zeitschrift für Wirtschaftsrecht, (2007), 257.Google Scholar
, , (eds.), Herausforderungen der Globalisierung (Göttingen: Vandenhoek & Rupprecht, 2003)
, ‘The End of the Globalization Debate: A Review Essay’, Harvard Law Review 121 (2008), 1528.Google Scholar
, ‘Die Umsetzung der EU-Übernahmerichtlinie in Europa, Eine erste Bilanz’, Management Zeitschrift für Corporate Governance, 6 (2007), 241, 243 et seq.Google Scholar
, ‘The Takeover Directive: An Endless Saga?’, European Business Law Review, 13 (2002), 301CrossRefGoogle Scholar
, ‘La treizième directive sur les OPA-OPE et le droit allemand’, in Aspects actuels du droit des affaires, Mélanges en l'honneur de Yves Guyon (Paris: Dalloz, 2003), 529, 537 et seq.Google Scholar
, , , ‘Golden Shares and European Company Law: the Implications of Volkswagen’, European Company Law, 5 (2008) issue 1, 6–12Google Scholar
, ‘Aufsichtsratsverfassung und Kapitalverkehrsfreiheit’, Der Aufsichtsrat (2008), 72–73Google Scholar
and , ‘Auch die Mitbestimmungsregeln im VW-Gesetz sind fragwürdig’, Frankfurter Allgemeine Zeitung, (12 March 2008), No. 61, 23.Google Scholar
, and , ‘The battle for ABN AMRO and certain aspects of cross-border takeovers’, Butterworths Journal of International Banking and Financial Law (April 2008), 171–176.Google Scholar
, and , ‘Fortschritte bei Klagen gegen Hauptversammlungsbeschlüsse? Eine empirische Studie’, Zeitschrift für Wirtschaftsrecht, (2007), 1629Google Scholar
and , ‘Weitere Reform des Rechts der Anfechtung von Hauptversammlungsbeschlüssen’, Zeitschrift für Wirtschaftsrecht, (2008), 145.Google Scholar
, Acting in Concert (Gottmadingen: Jenaer Wissenschaftliche Verlagsgesellschaft, 2007).Google Scholar
, Markt und Wettbewerb über alles? Gesellschaft und Recht im Fokus neoliberaler Marktideologie (Munich: C. H. Beck, 2007).Google Scholar
, Jenseits des sozialen Marktes, Eine notwendige Neuorientierung der deutschen Politik (Munich: Deutsche Verlags-Anstalt, 2005)Google Scholar
, Ist Deutschland noch zu retten?, 3rd edition, (Munich: Econ, 2003); and (eds.), Soziale Gerechtigkeit – eine Bestandaufnahme (Gütersloh: Bertelsmann, 2007).Google Scholar
, ‘Finanzinvestoren im ordnungspolitischen Gesamtgefüge von Aktien-, Bankaufsichts- und Kapitalmarktrecht’, Zeitschrift für Unternehmens- und Gesellschaftsrecht, 2–3 (2008), 185.Google Scholar
, ‘Acting in Concert – Begrenzung der Risiken durch Finanzinvestoren?’, Wertpapier-Mitteilungen, (2007), 2357.Google Scholar
, ‘Das „neue” acting in concert – ein Fall für den EuGH?’, Die Aktiengesellschaft, (2008), 73.Google Scholar
, , and , ‘Sovereign Wealth Funds: A Growing Global Force in Corporate Finance’, Journal of Applied Corporate Finance 19 (2007), 73–83.Google Scholar
and , ‘Staatsfonds ante portas’, Zeitschrift für Gesellschaftsrecht (ZGR), (2008), 12–31Google Scholar
et al. (Kronberger Kreis), Staatsfonds: Muss Deutschland sich schützen? (Berlin 2008).Google Scholar
, ‘Russland verschärft die Regeln für Investoren’, Handelsblatt (26 March 2008), No. 58, 6.Google Scholar
and , ‘Hedge Funds in Corporate Governance and Corporate Control’, University of Pennsylvania Law Review, 155 (2007), 1021–93Google Scholar
, ‘Private Equity, Leverage und die Effizienz des Gläubigerschutzrechts’, Zeitschrift für das gesamte Handelsrecht und Wirtschaftsrecht 171 (2007), 644Google Scholar
, ‘Private Equity und der Schutz deutscher Unternehmen’, Die Aktiengesellschaft, (2007), 461Google Scholar
, DAJV Newsletter (2007), 166
, ‘Die Regulierung von Hedge-Fonds im Kapitalmarkt- und Gesellschaftsrecht’, Wertpapier-Mitteilungen, (2006), 553Google Scholar
, Aufsicht über Hedgefonds im deutschen und amerikanischen Recht (Berlin 2008)CrossRefGoogle Scholar
, ‘Towards Pan-European Hedge Fund Regulation? State of the Debate’, Legal Issues of Economic Integration, 35 (2008) 1, 1–41.Google Scholar
, , ‘One Share – One Vote: The Empirical Evidence’, Review of Finance, 12 (2008), 51–91.CrossRefGoogle Scholar
and , ‘Equity and Debt Decoupling and Empty Voting II: Importance and Extension’, University of Pennsylvania Law Review, 156 (2008), 625–739.Google Scholar
and , European Company Law, Organization, Finance and Capital Markets (Antwerpen/Oxford: Intersentia, 2007)Google Scholar
, ‘Corporate Group Law for Europe’, European Business Organization Law Review, 1 (2000), 165–264.CrossRefGoogle Scholar
- 2
- Cited by