Difese antiscalata e acquisizioni cross-border in Europa: situazioni e prospettive

Translated title of the contribution: [Autom. eng. transl.] Anti-climbing defenses and cross-border acquisitions in Europe: situations and perspectives

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Abstract

[Autom. eng. transl.] Cross border operations of merger and acquisition meet numerous obstacles; a body of common rules is missing which allows the existence of a level playing field at European level. Various mechanisms mainly attributable to the area of company law make it difficult to change the control in a non-friendly way. The EU harmonization process in the abstract may affect this situation; however, the OPA Directive project, in its multiple versions, seems to offer a limited contribution to the removal of these obstacles. This paper intends to offer three contributions: a) provides a framework of the factors that affect the mechanisms of transfer of control from a European comparative perspective. The octave is similar to that followed in the High Level Group of Company Law Experts report; b) analyzes the main European cross-border mergers and acquisitions in recent years, showing the effects of the factors identified in the regulatory analysis; c) critically discusses the prospects for changing the institutional framework following the possible adoption of proposals for regulatory harmonization at the EU level.
Translated title of the contribution[Autom. eng. transl.] Anti-climbing defenses and cross-border acquisitions in Europe: situations and perspectives
Original languageItalian
Pages (from-to)17-58
Number of pages42
JournalRIVISTA BANCARIA. MINERVA BANCARIA
Publication statusPublished - 2002

Keywords

  • Acquisizioni cross border
  • Operazioni di fusione

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