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Company Law and Economic ProtectionismNew Challenges to European Integration$
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Ulf Bernitz and Wolf-Georg Ringe

Print publication date: 2010

Print ISBN-13: 9780199591459

Published to Oxford Scholarship Online: May 2011

DOI: 10.1093/acprof:oso/9780199591459.001.0001

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

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

Chapter:
(p.191) 9 Mechanisms of Ownership Control and the Issue of Disproportionate Distribution of Power
Source:
Company Law and Economic Protectionism
Author(s):

Ulf Bernitz (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199591459.003.0009

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

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