O presente trabalho tem por objetivo traçar os principais contornos do instituto do benefício particular, positivado na legislação brasileira por meio do artigo 115, §1º, da Lei n. 6.404/76, diferenciando-o do instituto relativo ao interesse conflitante nas sociedades, insculpido no mesmo dispositivo supra citado. A partir da análise do Direito Comparado, constatou-se que o benefício particular, tal como o conhecemos hoje no Brasil, tem origem na legislação francesa, especificamente nas Leis de 17 de julho de 1956 e 24 de julho de 1867. Os contornos de sua conceituação, portanto, estão intimamente ligados às razões de ordem histórica e teleológica que levaram o legislador estrangeiro a criá-lo, o qual visava, à época, afastar os abusos e inconveniências decorrentes da aprovação, em assembleia, de vantagens especiais e exclusivas pelo próprio sócio beneficiário dessas vantagens. Complementarmente, por meio da análise e interpretação sistemática da legislação societária brasileira e de outras fontes de direito disponibilizadas, como a doutrina e a jurisprudência, pôde-se definir algumas das características mais marcantes do instituto, das quais se pode destacar a licitude, a gratuidade e o caráter social das vantagens a ele associadas, garantindo ao beneficiado acesso aos fundos sociais. Em paralelo, para fins de mera comparação com o instituto do benefício particular, foram abordados alguns aspectos relativos ao instituto do conflito de interesses, reafirmando conceitos doutrinários já sedimentados acerca do alcance do interesse social e procurando, a partir da análise da legislação brasileira e comparada, fixar alguns elementos intrínsecos a esse instituto, tal como a ilicitude e o caráter extrassocial da vantagem visada pelo acionista conflitado. Comparando as características do benefício particular e do conflito de interesses, pode-se concluir que, apesar da aparente semelhança que carregam, tratam-se de institutos distintos, que regulam situações diversas, não podendo ser confundidos ou tomados um pelo outro, sendo possível, de fato, se estabelecer um critério relativamente seguro para distingui-los entre si, conferindo uma maior segurança jurídica aos aplicadores do direito, evitando-se, assim, algumas interpretações equivocadas acerca dos institutos, tais como aqueles constantes nos posicionamentos da Comissão de Valores Mobiliários analisados ao final desse trabalho. / The current paper has the sole purpose of designing the main lines of the private benefits regulation, reaffirmed by means of Act 115, §1st, in the Brazilian law number 6.404/76, distinguishing it from institutions that relate to conflicting partnership interests, comprehended by the same aforementioned Act. From assessing the Paired Law regulation, it has been understood that the private benefits, such as it is currently recognized in Brazil, is based on the French legislation, more specifically on the July 17, 1956 and July 24, 1867 Acts. Therefore, the contours of its conceptualism are intimately connected to historic and teleological reasoning that took the foreign regulator to create it and which aimed, at that time, to keep away abuse and inconveniences resulting from the approval, in an shareholders meeting, of special and exclusive advantages by their own beneficiary parties. In addition, by means of systematically assessing and interpreting the Brazilian Corporate Law and other Law resources made available, such as the Law doctrine and jurisprudence, it was possible to determine some of the most outstanding characteristics of such an institute, among which the lawfulness, gratuity and social character of the advantages associated with it can be highlighted, thus assuring the access of the beneficiary party to social funds. In parallel, by means of solely comparing the private benefits regulation, some aspects regarding the conflict of interests were also assessed, reaffirming doctrine concepts about the reach of social interests that are already established and trying to determine, by means of analyzing the Brazilian Corporate Law and Paired Law, some of the elements that are inherent to that establishment, such as its wrongfulness and the extrasocial character of the advantage pledged by the conflicting party. By pairing the characteristics of private benefits and the conflict of interests, it is concluded that, despite their apparent similarities, those are distinct institutes that regulate diverse situations, which cannot be confused or taken by one another and, in fact, it is possible to establish a relatively safe criteria to differentiate both, thus providing greater judicial accuracy to Law enforcers, and this way avoiding misinterpretation of regulation, such as those that are common to the positioning of the Brazilian Securities and Exchange Commission that are analyzed in the end of this paper.

O presente trabalho tem por objeto o estudo do instituto da incorporação de ações. Para tanto, será analisado, (i) no primeiro capítulo, o regime legal vigente e sua natureza jurídica, apresentando-se as diferenças em relação à operação de incorporação de sociedade, fazendo inclusive um contraste com o direito norte-americano; (ii) no segundo capítulo, a proteção dos acionistas minoritários em operações de incorporação de controlada e eventual impedimento de voto do acionista controlador, analisando-se os recentes pareceres de orientação emitidos pela CVM; (iii) no terceiro capítulo, o estudo do instituto do tag along e do fechamento de capital e necessidade de realização de oferta pública em operações de incorporação de ações que impliquem transferência de controle ou cancelamento de registro de companhia aberta, à luz das últimas operações realizadas no mercado; (iv) no quarto capítulo, a discussão dos principais precedentes nos quais a CVM decidiu impor restrições ou impedir a realização de operações de incorporação de ações por entender ter havido um tratamento não equitativo entre os acionistas minoritários e controladores, com o objetivo de demonstrar a alteração do comportamento do órgão regulador no decorrer dos anos / The present work aims the study of the stock-for-stock exchange transactions (incorporação de ações). For this purpose, it will be examined (i) in the first part, the current legal regime and legal nature, contemplating differences with the statutory merger (incorporação de sociedade), including a comparison with the US law, (ii) in the second part, the protection of minority shareholders in the context of parent-subsidiary mergers and possible exclusion from voting of the controlling shareholder, taking into account the recent opinions issued by the Brazilian Securities and Exchange Commission (CVM), (iii) in the third part, the study of the tag along rights and the regulation for delisting companies and the need to conduct a tender offer in stock-for-stock exchange transactions involving transfer of control or delisting of a publicly-held company in light of recent transactions, and (iv) in the fourth part, the discussion of the key precedents on which CVM has decided to impose restrictions or prevent the conduct of stock-for-stock transaction under the understanding that there was inequitable treatment of minority shareholders and controlling shareholders, in order to demonstrate the change of the CVMs understanding over the years.

O presente trabalho tem por objeto o estudo do instituto da incorporação de ações. Para tanto, será analisado, (i) no primeiro capítulo, o regime legal vigente e sua natureza jurídica, apresentando-se as diferenças em relação à operação de incorporação de sociedade, fazendo inclusive um contraste com o direito norte-americano; (ii) no segundo capítulo, a proteção dos acionistas minoritários em operações de incorporação de controlada e eventual impedimento de voto do acionista controlador, analisando-se os recentes pareceres de orientação emitidos pela CVM; (iii) no terceiro capítulo, o estudo do instituto do tag along e do fechamento de capital e necessidade de realização de oferta pública em operações de incorporação de ações que impliquem transferência de controle ou cancelamento de registro de companhia aberta, à luz das últimas operações realizadas no mercado; (iv) no quarto capítulo, a discussão dos principais precedentes nos quais a CVM decidiu impor restrições ou impedir a realização de operações de incorporação de ações por entender ter havido um tratamento não equitativo entre os acionistas minoritários e controladores, com o objetivo de demonstrar a alteração do comportamento do órgão regulador no decorrer dos anos / The present work aims the study of the stock-for-stock exchange transactions (incorporação de ações). For this purpose, it will be examined (i) in the first part, the current legal regime and legal nature, contemplating differences with the statutory merger (incorporação de sociedade), including a comparison with the US law, (ii) in the second part, the protection of minority shareholders in the context of parent-subsidiary mergers and possible exclusion from voting of the controlling shareholder, taking into account the recent opinions issued by the Brazilian Securities and Exchange Commission (CVM), (iii) in the third part, the study of the tag along rights and the regulation for delisting companies and the need to conduct a tender offer in stock-for-stock exchange transactions involving transfer of control or delisting of a publicly-held company in light of recent transactions, and (iv) in the fourth part, the discussion of the key precedents on which CVM has decided to impose restrictions or prevent the conduct of stock-for-stock transaction under the understanding that there was inequitable treatment of minority shareholders and controlling shareholders, in order to demonstrate the change of the CVMs understanding over the years.

Made available in DSpace on 2016-04-26T20:23:57Z (GMT). No. of bitstreams: 1 Rafael Guarilha P de Freitas.pdf: 880892 bytes, checksum: 40e48c5886660a2ffbfb45835061694f (MD5) Previous issue date: 2015-10-06 / This work aims to analyze and explore the controversial and relevant aspects inserted in the context of the working control, giving special emphasis to the aspects related to the mandatory bid rule and to the responsibility of the controlling shareholder for the misuse of his control power. Therefore, we have analyzed (i) the origin and the economic justification of the pattern of dispersion of the company s capital stock, which permits the appearance of the working control; (ii) the dynamism of the corporate control; (iii) the main aspects associated to the definition of the working control; (iv) the mandatory bid for the changing of the corporate control; (v) the responsibility of the minority shareholders for the misuse of the corporate power / O presente trabalho tem por objetivo analisar e explorar os aspectos controversos e relevantes presentes num contexto de controle minoritário, sobretudo aqueles relacionados à oferta pública por alienação de controle e à responsabilidade do acionista controlador. Para tanto, analisamos (i) a origem e a justificativa econômica do modelo de dispersão acionaria, modelo esse que propicia o surgimento do controle minoritário; (ii) a dinâmica do poder de controle; (iii) os principais contornos relacionados à definição do controle minoritário; (iv) a oferta pública por alienação de controle; e (v) a responsabilidade do acionista controlador minoritário por abuso do poder de controle

The procedures of the study are mainly through the review on the relevant reference documents related to the subject of those have been published domestically and internationally, meanwhile to get a better understanding on the most recent development on Information Technology and its associated models which are being applied to the customer relationship management by the organizations and/or business units in the world. Then, through the investigation and review on steel industries to understand the real situations domestically and internationally, specifically to focus on the Sheng Yu Steel Co., Ltd. As an example, for which to plan the implementation of Extranet System for the improvement of Customer Relationship Management (CRM) by using Information Technology, what problems it will be faced and how is the best strategyfor this implementation. Then after the completion of the study, to make a constructive recommendation to the Sheng Yu Steel Co., Ltd as an useful reference when the Extranet system to be planned and implementedfor. In Chapter-1 ¡©Introduction¡ª¡Ato descibe the backgroud, purposes, procedures and the limitation related to the study¡Fin Chapter-2, the major is concentrate on the review and understand on the relevant documents of the subject related¡Fin Chapter-3, specifically to focus on the existing situations of the steel industries and the Sheng Yu Steel Co., Ltd. how it is the current situation to the subject issue¡Fin Chapter-4, to have further investigation on recent situations for the use of Information Technology in Sheng Yu Steel Co., Ltd. to make a recommendation for their reference whn they plan for the implementation of Extranet System for the improvement of Customer Relationship Management¡Fand finally, in Chapter-5, to describe the findings and issues for whicht to be expected to have further study in the future to come up a generalized model for which can be applied to all companies not only for steel industies but also to all conventional enpterprises as an important and valuable reference guideline.

Τις τελευταίες δεκαετίες, υπό το πρίσμα της βιώσιμης ανάπτυξης, παρατηρείται μια στροφή προς τις Ανανεώσιμες Πηγές Ενέργειας (ΑΠΕ) και ταυτόχρονη μείωση της χρήσης συμβατικών καυσίμων, ως διέξοδο στην αντιμετώπιση των περιβαλλοντικών προβλημάτων όπως της κλιματικής αλλαγής. Η αποτίμηση, σε νομισματικούς όρους, της διείσδυσης των ΑΠΕ στο ενεργειακό μίγμα, πραγματοποιείται μέσα από τεχνικές μη αγοραίας εκτίμησης. Ο κύριος σκοπός της παρούσας διδακτορικής διατριβής είναι η αποτύπωση σε νομισματικές μονάδες, της προθυμίας πληρωμής των νοικοκυριών για καταβολή επιπρόσθετου χρηματικού ποσού για την υλοποίηση επενδύσεων με σκοπό την παραγωγή ηλεκτρικής ενέργειας από ΑΠΕ. Ιδιαίτερα, είναι η εξέταση της συσχέτισης των κοινωνικοοικονομικών χαρακτηριστικών, της ενεργειακής συμπεριφοράς και της κοινωνικής αποδοχής της τοπικής κοινωνίας για έργα εκμετάλλευσης ΑΠΕ, με την επιθυμία οικονομικής συνεισφοράς για την παραγωγή ηλεκτρικής ενέργειας προερχόμενης από ΑΠΕ αλλά και με την πραγματική καταβολή χρηματικού ποσού στο δίμηνο λογαριασμό της ΔΕΗ, μέσα από τεχνικές μη αγοραίας εκτίμησης. Η ενεργειακή συμπεριφορά και η προθυμία πληρωμής, εξετάζεται με τη μέθοδο της υποθετικής ή εξαρτημένης αξιολόγησης που εφαρμόζεται στη παρούσα διατριβή εκτιμώντας σε ένα υποθετικό σενάριο, με χρήση ερωτηματολογίου, εκφρασμένες προτιμήσεις του κοινού, ποσοτικοποιώντας ουσιαστικά μη νομισματικές αξίες. Το δειγματοληπτικό πλαίσιο περιορίστηκε στο νομό Αιτωλοακαρνανίας. Η τελική επιλογή των νοικοκυριών έγινε με μίξη δειγματοληψίας ευκολίας και δειγματοληψίας χιονοστιβάδας. Από τον Ιανουάριο έως τον Απρίλιο 2012, διανεμήθηκαν ερωτηματολόγια σε 280 νοικοκυριά εκ των οποίων επεστράφησαν συμπληρωμένα 201. Από την ανάλυση προκύπτει ότι είναι περισσότερο ενημερωμένοι για την ηλιακή ενέργεια και έπονται η αιολική, η βιομάζα και η υδροηλεκτρική. Επίσης, εκφράζουν θετική άποψη στο ενδεχόμενο υλοποίησης έργων εκμετάλλευσης ΑΠΕ και πιστεύουν ότι μελλοντικά θα καταλαμβάνουν μεγάλο μερίδιο στο ενεργειακό μίγμα. Το κόστος κατανάλωσης ηλεκτρικής ενέργειας για τα νοικοκυριά, υπολογίζεται περίπου στα 301-400 ευρώ ανά δίμηνο λογαριασμό της ΔΕΗ. Οι λιγότεροι από τους μισούς ερωτηθέντες είναι διατεθειμένοι να δώσουν έως 10 ευρώ επιπρόσθετα, για χρήση ηλεκτρικής ενέργειας από ΑΠΕ ενώ, υψηλό ποσοστό ερωτηθέντων εμφανίζεται μη διατεθειμένο να πληρώσει επιπρόσθετα λόγω έλλειψης χρημάτων. Παράλληλα, μια μερίδα είναι διατεθειμένη να προχωρήσει σε μείωση των εξόδων της κυρίως στο τομέα της ψυχαγωγίας, ώστε να εξοικονομήσει χρήματα για να επωμιστεί το επιπρόσθετο κόστος. Εξήχθησαν κύριες συνιστώσες από ομοειδείς ομάδες μεταβλητών όπως η ενημέρωση του κοινού για τις επιμέρους μορφές ΑΠΕ, ο μελλοντικός ρόλος των διαφόρων μορφών στο ενεργειακό μίγμα, οι συνέπειες επενδύσεων με χρήση ΑΠΕ, τα ενδεχόμενα εμπόδια κατά την υλοποίηση, τα μέτρα επίλυσης τους. Από την ανάλυση συστάδων διαπιστώνεται ότι το κοινό ομαδοποιείται σε δύο συστάδες. Το δείγμα που ανήκει στη πρώτη συστάδα είναι μεγαλύτερης ηλικίας, όχι τόσο μορφωμένο και οικονομικά ασθενέστερο. Το δείγμα της δεύτερης συστάδας είναι νεαρής ηλικίας, πιο μορφωμένο και οικονομικά πιο ισχυρό. Μετά από πολλαπλή παλινδρόμηση η συμμετοχή σε συστάδα δεν αποτέλεσε στατιστικά σημαντική μεταβλητή. Το μοντέλο παλινδρόμησης της προθυμίας πληρωμής έδειξε ότι παράμετροι όπως της ηλικίας, του αριθμού των μελών της οικογένειας και της κύριας συνιστώσας που αφορά στην ενημέρωση του κοινού ως προς τις επιμέρους μορφές ενέργειας ήταν σημαντικές. Παρατηρείται ότι όσο αυξάνεται ο αριθμός των μελών της οικογένειας, η ηλικία καθώς και η ενημέρωσή σε συγκεκριμένες μορφές ΑΠΕ, τόσο μεγαλύτερη είναι η κατά μέσο όρο καταβολή χρηματικού ποσού στο δίμηνο λογαριασμό της ΔΕΗ και τόσο αυξάνεται και η προθυμία τους για πληρωμή επιπρόσθετου ποσού για παραγωγή ηλεκτρικής ενέργειας που βασίζεται σε ΑΠΕ. Επιπρόσθετα, όσο αφορά στο κατά μέσο όρο εισόδημα των νοικοκυριών έχει μικρή θετική επίδραση ως προς τη πληρωμή του λογαριασμού της ΔΕΗ και πολύ αρνητική ως προς την προθυμία επιπρόσθετου χρηματικού ποσού. Τέλος, η συμμετοχή σε περιβαλλοντικές δράσεις εμφανίζει μικρή θετική επίδραση για πληρωμή στο λογαριασμό της ΔΕΗ αλλά αρνητική στη προθυμία πληρωμής. Το κοινό υποστηρίζει πως η ύπαρξη επενδύσεων ΑΠΕ θα έχει σε γενικές γραμμές, θετικές συνέπειες στην ευρύτερη περιοχή και πως η τοπική κοινωνία θα έχει θετική στάση αν ξεπεραστούν τα εμπόδια και ληφθούν συγκεκριμένα μέτρα όπως οικονομικά κίνητρα. Τα αποτελέσματα των μοντέλων πολλαπλής παλινδρόμησης συγκρίθηκαν και με ανάλυση κανονικοποιημένης συσχέτισης. Για περαιτέρω διερεύνηση προτείνεται η εξέταση άλλων υποθετικών σεναρίων και άλλων μορφών πληρωμής. / In the last decades, under the spectrum of sustainable development, a turn to the Renewable Energy Sources (RES) is observed and parallel reduction of the use of conventional fuels, as a way out to the confrontation of environmental problems such as climate change. The evaluation, in economic terms, of the penetration of RES in the energy mix, is realized through techniques of non market valuation. The main purpose of the present research is the evaluation in economic units of households Willingness to Pay (WTP) to deposit an additional amount of money to make investments in order to produce electric power from RES. Especially, it is the examination of correlation of socioeconomics characteristics, energy behavior and social acceptance of the local community for projects using renewable energy, with the willingness of economic contribution for the electricity production deriving from RES but also with the real deposit amount of money to a bi-monthly electricity bill, through techniques of non market valuation. The energy behavior and the WTP are examined by Contingent Valuation Method (CVM) which is applied in the present, appreciating a hypothetical scenario, with the use of a questionnaire, expressed preferences of the public, giving quantity essentially to non market values. The target framework is limited in the Aitoloakarnania County. The final choice of the households was made by a mix of convenience sampling and snowball sampling. From January until April 2012, were distributed questionnaires to 280 households from which 201 were returned completed. From the analysis is inferred that it is more informative about the solar energy and wind, biomass and hydroelectric follow. It is also expressed positive view in case of making projects of exploitation RES and believed that in the future they will occupy a great share in the energy mix. The cost of consumption of electric power for households is estimated about €301-400 per a bi-monthly electricity bill. Fewer than half of the respondents are available to pay €10 more, for the electric power from RES, whereas a high percentage appears not to be available to pay more because of lack of money. At the same time, a group of consumers is available to have a reduction in the expenses in the sector of entertainment in order to save money for facing the additional cost. Principal components from identical groups have been extracted such as the awareness of the public about the partial forms of RES, the future role of the different forms in the energy mix, the consequences of investments by using RES, the following obstacles during the implementation and the measures of solving them. Cluster analysis identified that the public is grouped in two clusters. The sample which belongs to the first cluster is of older age, not so educated and economically weaker. The sample of the second cluster is of a younger age, more educated and financially more powerful. It is noted that after a multiple regression analysis, the participation in cluster did not constitute statistically important variable. The model of regression of WTP showed that parameters such as age, family members and the principal component which concerns the public awareness as concerning the partial forms of energy were important. It is obvious that as the number of family members is increasing, the age as well as the awareness in specific forms of RES, so grater is the average deposit of the amount of money in the bi-monthly electricity bill and the WTP is increasing in order to pay the additional amount for the production of electric power which is based on RES. In additional, the average income of the households has a small positive influence in regard with the payment of the electricity bill and very negative as concerning the willingness of additional amount of money. The public supports that the existence of RES investments will have generally positive consequences in the broad area that the local society will have positive stance if some obstacles are overcome and take certain measures such as financial motives. Finally, the results of multiple regression models were compared with the canonical correlation analysis. For further research is proposed the examination of other hypothetical scenarios and of other forms of payment.

雖然濕地是一種具有生態、經濟與景觀價值的富地資源，但由於這些價值通常具有「有行無市」的特質,因而在市場價格的論斤秤兩過程中，許多重要的濕地便成為市場價格運作下的犧牲品。為了改善此種有行無市的市場失靈現象，本研究利用可獲得使用價值與非使用價值的條件評價法(CVM)分析台北市與台南縣居民對不同濕地保育方案所賦予的價值，並利用有母數與無母數統計方法檢測此種方法可能產生的相關課題，特別是數量變異問題的檢測。本研究主要特色係納入「態度--行為」評價歷程、透過濕地意像分析掌握評價意涵與供給不確定性因素的考量，除此之外，並使用七種不同問卷結構的實驗設計檢測條件評價法的相關課題。 應用分析檢測結果顯示，台北市受訪者願付數額顯著高於台南縣，願付數額的理由不論是台北市或台南縣受訪者「非使用價值動機」皆顯著高於「使用價值動機」，而且發現保育範圍愈大的方案主觀供給機率愈小的現象。相關課題檢測結果顯示， 55公頃關渡濕地保育範圍的維護方案與8135公頃五大濕地保育範圍的維護方案受訪者最大願付數額(WTP)無顯著差異(數量變異問題)、單一濕地維護方案加上四大濕地維護方案之願付數額顯著高於五大濕地維題方案(加總問題)、「濕地信託基金」支付工具評價結果顯著高於「額外稅賦」(支付工具偏誤問題)。如果排除研究程序上的問題，此結果隱含條件評價法仍未能完全滿足數量變異的原則，就本研究實證分析探討，條件評價法未能滿足數量變異原則，供給不確定性是一項重要因素，因此條件評價法課題的改善，供給不確定效果的改善或許是一個可考量的方向。 由於條件評價法仍未能獲得可信的評價結果，而且此方法所獲得的評價結果僅是行為傾向而非賞際行為的結果，因而以條件評價法所獲得評價結果從事濕地政策的應用，在現階段仍不是一個十分恰當的做法。然而，此現象並不縮減條件評價法的重要性，因為現今仍未有比條件評價法更好的研究方法可獲得非使用價值，因此條件評價法的改善、其他評價研究方法或整合條件評價法與其他研究方法等研究發展，或許是評價研究可發展的方向。 / The major object of this study is to applyy the contingent valuation method(CVM),based on the willingness to pay(WTP)concept,to analyze the valuation of different wetland conservation projects among residents in Taipei city and Tainan prefecture. Furthermore,this study uses a set of seven surveys to test the issuess of CVM measurement of wetland conservation total values with parametric and nonparametric tests.In addition,this study incorporates the valuation process basedd on attitude-behavior studies,the images of the wetland and supply uncertainties to debate aboutthese issues． Empirical results indicate that Taipei respondents show significant higher valuation than their counterparts in Tainan,that nonuse value motives are greater than use value motives,and that the greater conservation projects have less subjective supply probabilities.Furthermore,this study finds that the magnitude variation principle does not exist in the CVM process while the aggregation problem and the payment vehicle bias exist.This study considers the supply uncertainty is one important cause of rejecting magnitude variation hypotheses．Future research should consider how to improve the supply uncertainty effect． Because the current CVM fails to achieve reliable results,and the CVM results are behavioral intention,which is different from actual behavior， thus it restricts the wetland policy pplication.However， this situation does not diminish the importance of wetland conservation valuation with the CVM,since no other methods can achieve the measurement of nonuse values． Therefore,how to improve the reliability and validity of CVM，how to integrate CVM and other methods or other valuation approaches may be one imnportant direction for future valuation research.

L'objectif de cette thèse est d'analyser le système juridique français et brésilien concernant les stratégies de défense contre les offres publiques d'acquisition visant à prendre le contrôle des sociétés cotées en bourse. Les offres publiques d'acquisition font l'objet d'un vif débat, plus particulièrement lorsqu'elles présentent un caractère hostile pour la société cible. En France, de nombreux efforts législatifs ont été mis en œuvre en vue d'encadrer les OPA et de lutter contre les prises de contrôle rampantes. L'analyse du droit positif permet de mettre en lumière ces différents efforts ainsi que leur mise en œuvre à travers diverses techniques par les sociétés visées. Grâce à l'analyse juridique des stratégies anti-OPA en France, le système brésilien peut prendre connaissance de cette expérience et trouver la meilleure approche juridique pour les sociétés cotées ayant un capital flottant important. Au Brésil, la récente vague d'IPO a été possible grâce à la réforme dans la bourse BM&FBOVESPA. Dorénavant, la BM&FBOVESPA présente le scénario idéal pour prendre le contrôle des sociétés cotées. Ainsi, l'importance de ce thème est le résultat de la dispersion de l'actionnariat après la première vague d'introduction en bourse dans le marché de capitaux brésilien, et en France, elle se traduit par l'évolution dans environnement légal des défenses anti-OPA face à des pratiques qui ne cessent d'évoluer. / The objective of this thesis is to analyse the French experience and the Brazilian legal environment concerning the defense strategies against hostile corporate takeovers aimed at taking control over public companies. Through the analysis of the French legal system of the anti-takeover strategies, the Brazilian system will be able to acquire this experience and find the best legal approach for Brazilian public companies with dispersed ownership. The importance of this theme is the result of the ownership dispersion following the first IPOs in the current Brazilian securities exchange market, which provides the ideal scenario for taking control of these publicly-traded companies, as well as the changes and the evolution in the French legal environment.