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Title:Schaeffler KG/ Continental AG im Lichte der CSX Corp.-Entscheidung des US District Court for the Southern District of New York: Meldepflichten bei öffentlichen Übernahmen und deren Umgehung durch Einsatz von derivativen Finanzinstrumenten PDF Logo
Authors:Schanz, Kay-Michael
Issue Date:2008
Series/Report no.:Working paper series // Frankfurt School of Finance & Management 100
Abstract:This report analyses the possibility to outflank disclosure obligations under the German Securities Trading Act as well as the German Takeover Act by using derivative instruments in the context of the attack of Schaeffler KG on Continental AG. Irrespective of a limited knowledge of the complete facts it comes to the conclusion that, under certain conditions, there are good reasons to assume violations of legal obligations that would entitle the Federal Financial Supervisory Authority to fix hefty fines but not to prohibit the offer.
Subjects:Public takeovers
hostile takeovers
notification requirements
cash-settled equity total return swaps
cash swaps
equity options
options
mandatory offer
insider trading
capital markets
regulated markets
tender offer
tender offer rules
announcement obligations
securities trading act
takeover act
Schaeffler
Contigummi
Continental
BaFin
Bundesanstalt für Finanzdienstleistungsaufsicht
CSX
The Children´s Investment Fund Management
TCI
JEL:K12
K19
K22
K29
Persistent Identifier of the first edition:urn:nbn:de:101:1-2008091202
Document Type:Working Paper
Appears in Collections:Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management

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