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Die Regelung von Übernahmeangeboten und deren Umsetzung für den europäischen Binnenmarkt

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  • Eymann, Angelika
  • Menichetti, Marco J.

Abstract

Anlaß dieses Beitrags bildet der im Januar 1989 präsentierte Kommissionsvorschlag zu einer Richtlinie bezüglich der Übernahme von Unternehmen in den Mitgliedstaaten. Zunächst werden theoretische Überlegungen zur Gestaltung von institutionellen Rahmenbedingungen diskutiert, die die Preisbildung der Übernahme, die Organisation der Ange-botsabgabe, die mögliche Verzerrung des Abstimmungsergebnisses und den Umfang von Übernahmeangeboten beinhalten. Nach einer kurzen Darstellung der wichtigsten Grundgedanken der EG-Direktive erfolgt eine kritische Beurteilung, die auf die zu Beginn entwickelten theoretischen Überlegungen Bezug nimmt. Als Ergebnis kann festgehalten werden, daß insbesondere geringere Mitteilungspflichten der Bieter, ein schärferes Verbot von Verteidigungsstrategien des Ziel-Managements, die Abkehr von "any or all-bids" sowie ein umfassender Geltungsbereich wünschenswert wären.

Suggested Citation

  • Eymann, Angelika & Menichetti, Marco J., 1990. "Die Regelung von Übernahmeangeboten und deren Umsetzung für den europäischen Binnenmarkt," Discussion Papers, Series II 115, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    • Handle: RePEc:zbw:kondp2:115
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    References listed on IDEAS

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    1. Sanford J. Grossman & Oliver D. Hart, 1980. "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 42-64, Spring.
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