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E-raamat: Takeovers in English and German Law

Edited by (University of Oxford, UK)
  • Formaat: 208 pages
  • Ilmumisaeg: 07-Nov-2002
  • Kirjastus: Hart Publishing
  • Keel: eng
  • ISBN-13: 9781847312365
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Takeovers in English and German LawSuurem pilt
  • Formaat: 208 pages
  • Ilmumisaeg: 07-Nov-2002
  • Kirjastus: Hart Publishing
  • Keel: eng
  • ISBN-13: 9781847312365
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This book arises out of the second Anglo-German Law Conference in Oxford,held under the auspices of the Oxford Law Faculty and with the support of two leading law firms. The law regarding takeovers has recently taken on a new dimension in Europe, and nowhere more so than in England and Germany. These two jurisdictions have had to consider a number of issues, including the ramifications of the Vodafone/Mannesmann takeover, the proposed Takeover Act in Germany, and the impact of the Financial Services and Markets Act 2000 in England. This collection examines the law regarding takeovers in England and Germany, taking account of these new developments, among others. It also deals specifically with the issues arising from cross-border mergers between the two jurisdictions. This collection will be indispensable to practising lawyers and in-house counsel whose practice touches on Anglo-German business affairs. It will also be of real interest to legal academics in this field.

Arvustused

The contributors are distinguished and diverse academics and practitioners who are recognized experts on the English and German laws about which they write. Mark D. Engsberg International Journal of Legal Information May 2004

Foreword ix
Roy Goode
Introduction
1(8)
Jennifer Payne
The Notion of Equality in European Takeover Regulation
9(24)
Paul L. Davies
The Potential Scope of Equality Rules in Takeover Regulation
9(4)
Rationales for Equality Rules
13(17)
Undistored Choice
14(4)
Protection of Those Not Close to the Market
18(2)
Protection of Non-Controlling Shareholders
20(10)
Conclusion
30(3)
Takeovers, Secrecy and Conflicts of Interest: Problems for Boards and Banks
33(32)
Klaus J Hopt
The German Draft Act on Public Securities Offers and Takeovers of 11 July 2001
33(5)
General Observation on the New Rules of the Draft Takeover Act and on their Relation to German Law of Groups of Companies
33(4)
Special Problems concerning Secrecy and Conflicts of Interest
37(1)
Secrecy and Disclosure
38(12)
Secrecy Before an Offer
38(1)
Instant Disclosure of Takeover Plans
39(6)
Mandatory Disclosure of Shareholdings
45(1)
Selected Problems of Information and Liability of the Offeror and the Offeree
46(2)
White Knights, Inside Information and Due Diligence
48(2)
Conflicts of Interest of Boards and Banks
50(10)
Board Responsibility Beyond Shareholders' Interests Under General Company Law
50(2)
Inducement Fees, Views of the Board and Conflicts of Interest
52(2)
Conflicts of Interest of Banks in Takeovers: A Special Problem for Continental European All-Purpose Banks
54(2)
Possible Solutions: Preventing Future Conflicts or Solving Present Conflicts
56(2)
Rule of Law and Self-Regulation: Differences in History, Corporate Governance and Financial Culture Between the UK and Germany
58(2)
Summary
60(5)
Regulatory Structures: The Relationship Between the Takeover Panel, the FSA and the Courts
65(10)
Patrick Drayton
Introduction
65(1)
Legislative Changes
66(1)
Market Abuse
67(8)
The Substantive Overlap with Takeover Regulation
67(1)
The FSA's Powers
68(1)
Safe Harbours
69(1)
FSA's Policies
70(2)
Practical Implications
72(3)
Regulatory Structures
75(12)
Thorsten Potzsch
Introduction
75(1)
A Brief Look at the Economic Situation
76(1)
Prior Takeover Regulation in Germany: The `Soft Law' Approach
76(2)
Key Points of the Government Draft on Takeovers
78(8)
General Aim
78(1)
Scope of Application
79(1)
General Principles
79(1)
Timetable
80(1)
The Offer Document
80(1)
Consideration
81(1)
Mandatory Bid
81(1)
`Cooling Off' Period
82(1)
Duties of the Target's Management
82(2)
Sanctions
84(1)
Supervisory Authority
84(1)
Relationship Between the Supervisory Authority and the Courts
85(1)
Ensuring Flexibility of the Regulations with the Use of Ordinances
86(1)
Outlook
86(1)
Defence Tactics
87(36)
William Underhill
Andreas Austmann
Introduction
87(3)
Hostile Takeovers in the UK
87(1)
Hostile Takeovers in Germany
87(3)
Legal and Regulatory Framework
90(8)
Legal and Regulatory Framework in the UK
90(4)
Legal and Regulatory Framework in Germany
94(4)
Defence Tactics---Before the Bid
98(8)
Staggered Board
98(1)
Board Designation Rights
99(1)
Shark Repellents, Maximum Voting Rights and Enhanced Voting Rights
100(2)
Cross Shareholdings
102(1)
Restrictions on Share Transfers
103(1)
Poison Pills
104(2)
Defence Tactics---After the Bid
106(15)
Sale of `Crown Jewels'
106(1)
Significant Acquisition
107(1)
Pacman
108(1)
Recapitalisation
109(1)
Standstill Agreements
110(1)
Golden Parachutes
111(1)
White Squire
112(2)
White Knight
114(2)
Anti-trust
116(1)
Litigation
117(1)
`Winning the Argument'
118(3)
Conclusion
121(2)
Legal Issues On Cross-Border Mergers between UK Companies and German Companies
123(30)
Ulrich Blech
Robert Stern
Introduction
123(1)
UK Holding Company Structure
124(6)
German Implications of UK Holding Company Structure
124(4)
UK Implications of UK Holding Company Structure
128(2)
German Holding Company Structure
130(7)
UK Implications of German Holding Company Structure
131(3)
German Implications of German Holding Company Structure
134(3)
Index Considerations
137(1)
Summary of the Advantages/Disadvantages of Various Single Holding Company Structures
138(3)
Dual-Headed Structures
141(9)
Introduction
141(1)
The Joint Venture Structure
141(4)
The Parallel Structure
145(3)
Combining Joint Venture and Parallel Structures
148(1)
Further Tax Considerations Relevant to Dual-Headed Structures
149(1)
The Discount Problem
150(1)
Conclusions
150(3)
Appendix 1 The German Takeover Act 153(20)
Appendix 2 A New Takeover Regime for Germany: German Act on Acquisition of Securities and Takeovers 173


Jennifer Payne is the Professor of Corporate Finance Law at the University of Oxford and a Fellow of Merton College.
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