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EU Law and the Harmonization of Takeovers in the Internal Market

26 Aug 2010-
TL;DR: In this article, the authors present a legal base for the Harmonization of Company Law and Capital Markets Law on EU Level, as well as the Permissible Limits of Harmonization: Subsidiarity issues.
Abstract: Foreword. Acknowledgements. Preface. 1. The Fundamental Freedom of Establishment of Companies. 2. Legal Bases for the Harmonization of Company Law and Capital Markets Law on EU Level. 3. Aspects of EU Company Law Harmonization. 4. The Permissible Limits of Harmonization: Subsidiarity Issues. 5. Weaknesses and Difficulties in Harmonization Efforts in the Field of EU Company Law. 6. Establishing an Internal Market for Companies: Market Integration in the Area of EU Company Law. 7. The Relationship between the Treaty Provisions on Freedom of Establishment of Companies and Takeover Bids. 8. The Significance of the Corporate Mobility Case Law for the Takeover Process. 9. The EU Takeover Bid Directive: An EU Company Law Instrument with Strong Links to EU Capital Markets Law. 10. Market in Corporate Control: Essential Definitions. 11. An Overview of the Takeover Bid Directive in the Context of the Internal Market. 12. Direct Effect of the Fundamental Freedoms in EU Law. 13. Horizontality after Viking and Mangold. 14. The Extent to which Conduct of the Board and Articles in the Corporate Constitution Might Be Said to Constitute Restrictions on the Freedom of Establishment and on the Free Movement of Capital. 15. Conclusion. Bibliography. Appendix: Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on Takeover Bids (Text with EEA relevance).
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DissertationDOI
08 Sep 2016
TL;DR: Notre et. al. as discussed by the authors analyse depasse le cœur du gouvernement d’entreprise et inclut des parties who relevent du droit des marches de capitaux and du des environnement.
Abstract: Le gouvernement d’entreprise a subi une modification radicale en Europe a partir des annees 1990. Le changement est aujourd’hui consolide et il fait partie du droit des societes modernes. Le droit bresilien s’est toujours inspire des legislations europeennes. Notre etude pose la question de savoir, a partir d’une vue comparative, si le droit bresilien des societes se rattache au gouvernement d’entreprise europeen. On se centre en Europe sur le droit allemand, le droit anglais, le droit francais et le droit communautaire. Notre analyse depasse le cœur du gouvernement d’entreprise et inclut des parties qui relevent du droit des marches de capitaux et du droit de l’environnement, qui ont evidemment aussi un lien avec le gouvernement d’entreprise et le droit des societes. Pour comprendre le cœur du gouvernement d’entreprise, a savoir l’organisation des organes d’administration de la societe anonyme cotee sur un marche reglemente, il faut s’appuyer sur l’analyse du traitement juridique de sujets a la fois accessoires et rattaches, comme le regime de la responsabilite des administrateurs. Le gouvernement d’entreprise se partage principalement en gouvernements d’entreprise interne et externe. Le gouvernement d’entreprise interne est celui qui traite l’organisation des organes d’administration, les relations entre les administrateurs et les actionnaires. Il se preoccupe surtout des affaires internes des societes anonymes. Le gouvernement d’entreprise externe a plutot a voir avec la societe anonyme et ses relations externes, dans le cadre du droit des marches de capitaux et du droit de l’environnement. La reglementation bresilienne n’a pas accompagne les evolutions du gouvernement d’entreprise interne, sauf par rapport a certains mecanismes de base, comme la publicite. Il y a une plus grande synchronicite dans le gouvernement d’entreprise externe, qui releve de sujets majoritairement pousses en priorite par un consensus international. Le Bresil devra, en fonction de l’evolution de la deconcentration de la structure de l’actionnariat, s’appuyer sur le droit europeen et introduire davantage de concepts du gouvernement d’entreprise moderne.

19 citations

Journal ArticleDOI
01 Jan 2011
TL;DR: In this article, the authors consider European economic integration from the perspective of different types of capitalism and assess the likelihood of damage to the different models following the Lisbon Treaty, and argue descriptively that both types of markets can continue to coexist in the European Union, and normatively that it is vital that the integration project is managed in a way that does not fundamentally endanger them.
Abstract: This chapter considers European economic integration from the perspective of varieties of capitalism. It notes the main threats that integration potentially entails both for liberal and coordinated market economies, and assesses the likelihood of damage to the different models, in particular following the Lisbon Treaty. It is argued descriptively that both types of capitalism can continue to coexist in the European Union, and normatively that it is vital that the integration project is managed in a way that does not fundamentally endanger them.

11 citations

Journal ArticleDOI
TL;DR: In this article, the authors compared 10 of the most established regional trade agreements in the world and document three types of responses to the challenge of regulatory misalignments among the member states.
Abstract: Regional trade agreements (RTAs) constitute one of the most important elements of the international economic order. Researchers have accordingly embarked on comparative analyses of their design. Yet one fundamental question remains unanswered: how have officials in different RTAs responded to the challenge of regulatory misalignments among the member states? In this article, I turn to 10 of the most established RTAs in the world and document three types of responses. Some RTAs rely on the principle of mutual recognition or references to existing international standards; the same agreements also rely on technical dispute resolution mechanisms. Other RTAs, by contrast, make use of extensive harmonization and permanent courts charged with interpreting law. Yet a third group exhibits a hybrid design. This heterogeneity in legislative and judicial design invites explanation. I show that there is a remarkable correspondence between the legal traditions of the member states (common vs. civil law) and the design of RTAs. This correspondence undermines the claims of world polity theorists about the nature of the international order, but is consistent with other strands of sociological institutionalism and certain elements of rationalist and neoliberal institutionalism. I conclude by reflecting on the implications of different RTA designs for the regulation of everyday life in the member states, the World Trade Organization as an international regulatory body, and national sovereignty and democracy.

5 citations

01 Jan 2011
TL;DR: This presentation explains how mergers and acquisitions have been categorized by changes in the global economy and how changes in legislations have brought forward so called wave ...
Abstract: Background: Throughout the last century mergers and acquisitions have been categorized by changes in the global economy. Globalization and changes in legislations has brought forward so called wave ...

1 citations

Book ChapterDOI
01 Jan 2013
TL;DR: In this article, a vue of the Cour de justice of l'Union europeenne de l'autre cote de l’Atlantique is presented.
Abstract: Le present article est destine a fournir une vue de la Cour de justice de l’Union europeenne de l’autre cote de l’Atlantique. Sans aspirer a l’exhaustivite de ce sujet vaste, il procede a une comparaison des principales caracteristiques de la Cour de justice et de la Cour supreme des Etats-Unis afin de donner au lecteur une idee generale sur la perception de la Coure de justice par les juristes americains. L’accent est mis, d’une part, sur les elements institutionnels et le role de chaque Cour au sein de son propre ordre juridique, et, d’autre part, sur l’apport de leurs jurisprudences respectives dans le developpement de l’integration juridique et politique.