Adopted EU Directive on Takeover Bids - The Target Company Management's Position, Defensive Measures and Insider Dealing PDF Download
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Author: Ljiljana Maurović
Publisher:
ISBN:
Category :
Languages : en
Pages : 13
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Book Description
The defense industry is unlike other industries due to the nature of its products and given the significance of the defense industry for national security. Since the end of the Cold War, the European defense industry has undergone a huge transformation. Decline in demand for military equipment and growing research and development costs for major weapons systems have strengthened economic pressure to concentrate arms-production activities in Europe. Co-operation in the European defense industry sector has taken different forms, shapes and magnitudes. Reconstruction of the European defense industry through mergers, acquisitions and joint-ventures is being shaped by strong market. There is a growing tendency towards greater co-operation and collaboration at the European level (regionalization) in order to create a competitive European defense industry, capable to compete, cooperate and integrate on equal terms with stronger and more productive American arms-producing companies. A combination of liberalism and mercantilism focuses on competition and the need to maintain considerable European capacity and autonomy in the field of armaments production. Such a balance would not only encourage a greater degree of transatlantic competition but also transatlantic co-operation.
Author: Ljiljana Maurović
Publisher:
ISBN:
Category :
Languages : en
Pages : 13
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Book Description
The defense industry is unlike other industries due to the nature of its products and given the significance of the defense industry for national security. Since the end of the Cold War, the European defense industry has undergone a huge transformation. Decline in demand for military equipment and growing research and development costs for major weapons systems have strengthened economic pressure to concentrate arms-production activities in Europe. Co-operation in the European defense industry sector has taken different forms, shapes and magnitudes. Reconstruction of the European defense industry through mergers, acquisitions and joint-ventures is being shaped by strong market. There is a growing tendency towards greater co-operation and collaboration at the European level (regionalization) in order to create a competitive European defense industry, capable to compete, cooperate and integrate on equal terms with stronger and more productive American arms-producing companies. A combination of liberalism and mercantilism focuses on competition and the need to maintain considerable European capacity and autonomy in the field of armaments production. Such a balance would not only encourage a greater degree of transatlantic competition but also transatlantic co-operation.
Author: Jonathan Mukwiri
Publisher: Routledge
ISBN: 1134007809
Category : Business & Economics
Languages : en
Pages : 238
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Book Description
Since the implementation of the European Directive on Takeover Bids, a European common legal framework governs regulation of takeovers in EU Members States. The European Directive on Takeover Bids was adopted in April 2004, and implemented in the UK and in other Member States on 20th May 2006. The Directive seeks to regulate takeovers by way of protecting investors, and harmonising takeover laws in Europe. In facilitating the restructuring of companies through takeovers, the Directive aims at reinforcing the free movement of capital. Takeovers and the European Legal Framework studies the European Community Directive on Takeover Bids, in order to provide greater understanding of both the impact and effect of the European legal framework of takeover regulation. It firstly looks at the Directive from a British perspective, focusing on the impact of the transposition of the Takeover Directive into the UK. The book examines the provisions of the City Code on Takeovers and Mergers, and discusses the takeover provisions in the Companies Act 2006 that implement the Takeover Directive in the UK, arguing that the Directive will provide a new basis for UK takeover regulation, and that the system will work well. Jonathan Mukwiri goes on to consider the Directive in relation to the EU, arguing that despite its deficiencies, in that Member States are free to opt to restrict takeovers, the Directive provides a useful legal framework by which takeovers are regulated in different jurisdictions. Mukwiri highlights how the freedoms of the EC Treaty and EU Directives interact, and the effects of the Takeover Directive on political considerations in the law-making process in European Community. Moreover, he argues that the future of EU takeover regulation is likely to follow the lead of the UK, making this book relevant to a wide range of policy makers and academics across Europe.
Author: Dirk Van Gerven
Publisher: Cambridge University Press
ISBN: 1139484753
Category : Law
Languages : en
Pages : 333
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Book Description
The Council Directive of 21 April 2004 on takeover bids sets forth the general principles applicable to takeover bids and clarifies certain minimum rules with respect to the procedure for a takeover bid, the obligation to make a mandatory bid in the event a minimum threshold is crossed and the majority shareholder's squeeze-out right as well as the minority shareholders' sell-out right. Furthermore, the Directive defines the authority which is competent to approve offer documents and supervise takeover bids, and provides for optional restrictions on the actions of the target company's management and on defence mechanisms. This book discusses the Takeover Directive and its implementing rules in each Member State of the European Union and the European Economic Area, providing companies and their advisors with useful insight into the legal framework and principles applicable to takeover bids in the region.
Author:
Publisher:
ISBN: 9781139809566
Category : Electronic books
Languages : en
Pages : 478
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Book Description
The Council Directive of 21 April 2004 on takeover bids sets forth the general principles applicable to takeover bids and clarifies certain minimum rules with respect to the procedure for a takeover bid, the obligation to make a mandatory bid in the event a minimum threshold is crossed and the majority shareholder's squeeze-out right as well as the minority shareholders' sell-out right. Furthermore, the Directive defines the authority which is competent to approve offer documents and supervise takeover bids, and provides for optional restrictions on the actions of the target company's management and on defence mechanisms. This book discusses the Takeover Directive and its implementing rules in each Member State of the European Union and the European Economic Area, providing companies and their advisors with useful insight into the legal framework and principles applicable to takeover bids in the region.
Author: Dirk van Gerven
Publisher: Cambridge University Press
ISBN: 0521516706
Category : Law
Languages : en
Pages : 333
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Book Description
An examination of the general principles applicable to takeover bids in the European Union and the European Economic Area.
Author: Jan Steinbächer
Publisher: GRIN Verlag
ISBN: 3638803597
Category : Business & Economics
Languages : en
Pages : 93
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Book Description
Bachelor Thesis from the year 2007 in the subject Business economics - Miscellaneous, grade: 94,0 %, International University of Monaco, 65 entries in the bibliography, language: English, abstract: Objective of this thesis was to identify the trends and developments of country-specific defense strategies against hostile takeovers and their determinants. Thus, it was necessary to analyze which possibilities of corporate defense would actually be feasible in certain countries. Defense strategies were subdivided into preventive and ad-hoc strategies. National characteristics and differentiators were shown and analyzed regarding their suitability as a defense measure. Especially in France and Germany the big influential players have been in a process of change: banks and governments are pursuing different investment strategies and companies loose their "systematic protection". The example of Germany illustrates that companies are looking for protective alternatives as old structures like the Rhenish capitalism are breaking up. The growth of M&A activities, especially of hostile takeovers, has affected national legislation to tighten their regulations; France has lifted barriers regarding takeovers (both friendly and hostile) regarding 11 specific industries at the time being. This example illustrates the increasingly protectionist behavior in Europe on a governmental level. Corporate Governance generally takes shareholders more and more into consideration regarding the vote on the adoption of defense measures and golden parachutes. In the US, companies started to diminish golden parachutes as a result of the proposal of activist shareholders. In many European countries, however, there are still enough loopholes to avoid foregone shareholder voting. A contrary trend is to be seen in the US, where poison pills are diminished on a fast pace. In addition, shareholders vote increasingly in favor of declassified boards. Golden parachutes are still prevalent, but not
Author: Christophe Clerc
Publisher:
ISBN: 9789461382344
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Takeovers are an exceptional event in the life of a corporation, fundamentally altering both control and strategy. But the prospect of becoming the target of a bid, even when remote, influences daily corporate decision-making. Takeover rules are therefore central to company law and the balance of power among managers, shareholders and stakeholders alike. To what extent is it possible to balance an active market for corporate control with long-term, firm-specific investments? This book is an abridged version of a comprehensive study carried out by the law firm Marccus Partners and the Centre for European Policy Studies for the European Commission and supplemented by additional policy recommendations. The study analyses the corporate governance considerations driving takeover regulation. It also assesses the implementation of the EU Directive on takeover bids and compares it with the legal framework of nine other major jurisdictions, including the United States. The authors find that similar rules have different effects, depending on company-level and country-level characteristics, and examine the use of modular legislation and optional provisions to cater for these differences. Offering the reader a unique and thorough legal review, this book draws on the work of a global network of law firms and an in-depth economic study, including a survey of the relevant academic literature and an empirical analysis based on a comprehensive dataset on takeovers in Europe dating back to the early 2000s. An analysis of the impact of takeover rules on competitiveness and employment is also provided. Book jacket.
Author:
Publisher:
ISBN: 9780511674204
Category : Law
Languages : en
Pages : 321
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Book Description
The Council Directive of 21 April 2004 on takeover bids sets forth the general principles applicable to takeover bids and clarifies certain minimum rules with respect to the procedure for a takeover bid, the obligation to make a mandatory bid in the event a minimum threshold is crossed and the majority shareholder's squeeze-out right as well as the minority shareholders' sell-out right. Furthermore, the Directive defines the authority which is competent to approve offer documents and supervise takeover bids, and provides for optional restrictions on the actions of the target company's manageme.
Author: Phaedon Kozyris
Publisher: Springer
ISBN:
Category : Business & Economics
Languages : en
Pages : 436
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Book Description
This important new volume contains the National Reports and the General Report on the topic of Corporate Takeovers through the Public Markets , as presented at the XIVth Congress of the International Academy of Comparative Law held in Athens, Greece, between 31 July and 6 August 1994. The main aim of the report is to study public market transactions, with particular emphasis on policy. It presents an up-to-date compilation and examination of the key issues relating to corporate takeovers worldwide and provides invaluable information and policy analysis for the scholar as well as for the legislator and the legal practitioner. The detailed national reports cover the following countries: Argentina, Australia, Canada, Finland, France, Germany, Greece, Israel, Italy, Japan, Sweden, United Kingdom, United States of America, Venezuela and Yugoslavia.
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
ISBN: 1616405414
Category : Political Science
Languages : en
Pages : 692
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Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
