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dc.contributor.authorSchmid, Frank A.en
dc.contributor.authorWahrenburg, Marken
dc.date.accessioned2009-07-24T13:34:41Z-
dc.date.available2009-07-24T13:34:41Z-
dc.date.issued2003-
dc.identifier.piurn:nbn:de:hebis:30-10331en
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
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2003/28en
dc.subject.jelG34en
dc.subject.ddc330en
dc.subject.keywordMergers and Acquisitionsen
dc.subject.keywordGerman Corporate Governance Systemen
dc.subject.stwFusionen
dc.subject.stwÜbernahmeen
dc.subject.stwRegulierungen
dc.subject.stwKartellrechten
dc.subject.stwCorporate Governanceen
dc.subject.stwDeutschlanden
dc.titleMergers and acquisitions in Germany: Social-setting and regulatory framework-
dc.typeWorking Paperen
dc.identifier.ppn373541430en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200328en

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