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http://hdl.handle.net/10419/25396
  

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dc.contributor.authorSchmid, Frank A.en_US
dc.contributor.authorWahrenburg, Marken_US
dc.date.accessioned2009-07-24T13:34:41Z-
dc.date.available2009-07-24T13:34:41Z-
dc.date.issued2003en_US
dc.identifier.piurn:nbn:de:hebis:30-10331-
dc.identifier.urihttp://hdl.handle.net/10419/25396-
dc.description.abstractThe paper describes the legal and economic environment of mergers and acquisitions in Germany and explores barriers to obtaining and executing corporate control. Various cases are used to demonstrate that resistance by different stakeholders including minority shareholders, organized labour and the government may present powerful obstacles to takeovers in Germany. In spite of the overall convergence of European takeover and securities trading laws, Germany still shows many peculiarities that make its market for corporate control distinct from other countries. Concentrated share ownership, cross shareholdings and pyramidal ownership structures are frequent barriers to acquiring majority stakes. Codetermination laws, the supervisory board structure and supermajority requirements for important corporate decisions limit the execution of control by majority shareholders. Bidders that disregard the German preference for consensual solutions and the specific balance of powers will risk their takeover attempt be frustrated by opposing influence groups.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2003/28en_US
dc.subject.jelG34en_US
dc.subject.ddc330en_US
dc.subject.keywordMergers and Acquisitionsen_US
dc.subject.keywordGerman Corporate Governance Systemen_US
dc.subject.stwFusionen_US
dc.subject.stwÜbernahmeen_US
dc.subject.stwRegulierungen_US
dc.subject.stwKartellrechten_US
dc.subject.stwCorporate Governanceen_US
dc.subject.stwDeutschlanden_US
dc.titleMergers and acquisitions in Germany: Social-setting and regulatory frameworken_US
dc.typeWorking Paperen_US
dc.identifier.ppn373541430en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200328-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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