Chapter

Mechanisms of Ownership Control and the Issue of Disproportionate Distribution of Power

Ulf Bernitz

in Company Law and Economic Protectionism

Published in print December 2010 | ISBN: 9780199591459
Published online May 2011 | e-ISBN: 9780191595578 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199591459.003.0009
Mechanisms of Ownership Control and the Issue of Disproportionate Distribution of Power

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The Takeover Directive is based on the view that takeovers should be encouraged as an instrument for EU company restructuring plans. Takeovers have even been considered to be a ‘condition for the survival’ of European undertakings within the context of international competition and a condition for the establishment of a European financial market. This chapter is organized as follows. Section II gives a description of the Directive and its aims and limits, with particular reference to the so-called breakthrough rule. Section III presents different European mechanisms of ownership control, based on the 2007 Report on the Proportionality Principle. Section IV discusses the system of multiple voting rights as applied in the Nordic countries, using Sweden as example, while Section V concludes.

Keywords: Takeover Directive; European company law; company restructuring; ownership control; multiple voting rights; Sweden; breakthrough rule

Chapter.  7825 words. 

Subjects: Company and Commercial Law

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