[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|
|Number of pages||42|
|Journal||RIVISTA BANCARIA. MINERVA BANCARIA|
|Publication status||Published - 2002|
- Acquisizioni cross border
- Operazioni di fusione