Author
Listed:
- Thierry Walrafen
- François Jonchère
Abstract
[fre] Le marché financier allemand ignore encore les OPA. Cette technique de prise de contrôle se heurte en effet à de nombreux obstacles structurels, qui tiennent, plus ou moins directement, à l'importance particulière de l'intermédiation bancaire. Le marché des actions n'est pas à la mesure de la puissance de l'industrie allemande : guère plus de 2000 sociétés anonymes, dont moins de 500 sont cotées. D'autre part, les entreprises cotées sont bien protégées : 50% du capital, en moyenne, est contrôlé par un actionnariat stable où les particuliers allemands ne détiennent guère que 16% des actions. Ensuite, les concentrations d'entreprises sont strictement contrôlées au nom du respect de la concurrence. Enfin, la prédominance des banques favorise la pratique des restructurations industrielles hors marché. [eng] The German experience : the causes of the lack of takeover . Takeover bids still lacks on the German capital market. This equity investment device come up against several structural barriers, whose origin is to be found, more or less directly, in the special importance of financial intermediation. First, the significance of the stock market is to some extent not so great as the power of the German industry : there are 2000 corporations, and less than 500 are listed. Secondly, the listed corporations are well protected : 50 percent of equity is in the hands of stable owners (households and banks). On this market dominated by institutional investors, German households possess only 15 percent of shares. Thirdly, the concentration of corporations is stictly regulated in order to enforce competition. Last, the bank leadership promotes off-market industrial restructuring through the selling of ownership blocks.
Suggested Citation
Thierry Walrafen & François Jonchère, 1988.
"L'expérience allemande : les raisons de l'absence d'OPA,"
Revue d'Économie Financière, Programme National Persée, vol. 5(2), pages 147-150.
Handle:
RePEc:prs:recofi:ecofi_0987-3368_1988_num_5_2_4651
DOI: 10.3406/ecofi.1988.4651
Note: DOI:10.3406/ecofi.1988.4651
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