La fusion est l’opération par laquelle une ou plusieurs sociétés transfèrent, par la suite de leur dissolution sans liquidation, leur patrimoine à une société préexistante ou nouvellement créée; ce transfert s’opère moyennant la distribution de parts sociales aux associés de la société dissoute. En adoptant cette définition, le législateur européen et son homologue français ont souligné les effets principaux de la fusion en demeurant toutefois silencieux sur sa nature juridique. La doctrine et la jurisprudence se sont relayées afin de lever le doute qui régnait en la matière. Finalement, il semble que la notion originale de contrat-organisation soit la plus apte à saisir convenablement la nature de la fusion. La fusion est un contrat-organisation qui entraîne une mise en commun du patrimoine et des membres de chacune de sociétés fusionnantes au sein d’une seule société préexistante ou nouvelle. L’opération, qui ne saurait être réduite à une simple permutation de biens et valeurs, élabore un jeu de coopération entre les sociétés contractantes qui, désormais regroupées en une seule entité, gagneront et perdront conjointement. Cette qualification retenue en droit international privé conduirait à appliquer à la fusion distributivement la "lex contractus" et la "lex societatis". L’intervention d’une "lex contractus" propre à la fusion permettra, d’une part, de désigner la loi compétente pour régir les questions relevant de la nature contractuelle de l’opération et, d’autre part, de remédier aux insuffisances avérée de la méthode conflictualiste classique qui se contentait de l’articulation des "lex societatis". / The merger is an operation whereby one or several companies transfer all their assets, after their dissolution without going into liquidation, to an existing or new company in exchange for the issue of shares to their shareholders. This definition adopted by European and French legislators brings out the merger’s main effects without revealing its legal nature. Both doctrine and jurisprudence have struggled to clear up the confusion. The concept of “contrat-organisation” seems to be the most suitable in order to seize properly the merger’s legal nature. The merger is a “contrat-organisation” that leads to join the merging companies’ assets and members in an existing or new company. Therefore, the operation cannot be reduced to a simple exchange of assets and values between parties. On the contrary, the gathering of the contracting companies in a single entity will establish a rule of cooperation between them in a way that they will make profits or loose jointly. The transposition of the same legal characterization in the private international law requires a distributive application of the lex contractus and the lex societatis to be able to choose the applicable law to the merger. Applying the merger’s own specific lex contractus will help address the insufficiencies of the classical conflict of laws’ method solely based on the division of laws applicable to the merging companies.

Ces dernières années, les fusions et acquisitions transfrontalières réalisées par les entreprises chinoises en Europe et en Amérique du Nord se sont développées et ont attiré l’attention des chercheurs. Cependant, il existe peu de recherches se concentrant sur leurs motivations, leur performance et leurs déterminants. Ainsi, l’objectif de cette thèse est d’analyser les opérations annoncées ou réalisées en Europe et en Amérique du Nord entre 2002 et 2012, afin de (1) comprendre les motivations des entreprises en croissance, (2) de déterminer si ces opérations créent de la valeur pour les actionnaires et (3) d’identifier les déterminants de la création/destruction de valeur. Pour ce faire, nous avons utilisé trois méthodes : (1) l’analyse des déclarations d’acquisitions faites par les entreprises chinoises, (2) le calcul de rendements anormaux (AAR, ACAR, CAR) via plusieurs études d’évènements, (3) l’élaboration d’un modèle d’identification des déterminants de la création/destruction de valeur. Les opérations analysées ont été réalisées par des entreprises cotées aux bourses de Shanghai, Shenzhen et Hongkong. Des données supplémentaires ont été tirées de la base de données « Zephyr ». Au total, 93 opérations ont été analysées. Les résultats confirment les résultats antérieurement identifiés pour les acquéreurs occidentaux, étendant ainsi les théories des F&A aux opérateurs chinois. Malgré la différence de structure de propriété (contrôle par l’Etat), les FMN chinoises ont un niveau de performance comparable à leurs homologues occidentaux privés lorsqu’elles réalisent des opérations de F&A. / In recent years, the cross-border mergers and acquisitions by Chinese companies in Europe and North America are developing and have attracted the attention of researchers. However, there is few research focusing on their motivations, their performance and their determinants. Thus, the objective of this thesis is to analyze the transactions announced or completed in Europe and North America between 2002 and 2012, (1) to understand the motivations of growing companies, (2) to know whether these operations create value for shareholders and (3) to identify the determinants of the creation / destruction of value.To do this, we used three methods: (1) analysis of acquisitions statements made by Chinese companies, (2) the calculation of abnormal returns (AAR ACAR CAR) via several events studies (3) development of a model to identify the determinants of the creation / destruction of value. The operations were made by Chinese listed companies in Shanghai, Shenzhen and Hong Kong stock exchanges. Additional data were obtained from the database "Zephyr." A total 93 operations were analyzed. The results confirm the previously identified results for western acquirers. Despite the difference in ownership structure (state control), Chinese MNCs have a level of performance comparable to their private western counterparts when they carry out operations of M & A.

The southern Mozambique/ South Africa borderland is a landscape epitomised by fluctuation, contradiction and constant transformation. It is a world betwixt-and-between Mozambique and South Africa. The international border, imposed on the landscape more than a century ago, gives life to a new world that stretches across and away from it. The inhabitants of this transitional zone constantly shape and reshape their own identities vis-à-vis people on the opposite and same side of the border. This border, which was delineated in 1875, was to separate the influence spheres of Portugal and Britain in south-east Africa. On the ground it divided the once strong and unified Mabudu-Tembe (Tembe-Thonga) chiefdom. At first the border was only a line on a map. With time, however, it became infused with social and cultural meaning as the dividing line between two new worlds. This was exacerbated by Portuguese and British colonial administration on opposite sides of the border, Apartheid in South Africa and socialist modernisation and war and displacement in Mozambique. All these events and factors created cultural fragmentation and disunion between the northern and southern sides of the borderland. By the end of the Mozambican War in 1992 the northern side of the borderland was populated by displaced refugees, demobilised soldiers and bandits, as well as returnees from neighbouring countries. Many of these people did not have any ancestral ties to the land nor kinship ties to its earlier inhabitants. Whereas a common Thonga identity had previously united people on both sides of the border, South African policies of Apartheid increasingly promoted the Zulu language and culture on the southern side of the border. The end of warfare in Mozambique and of Apartheid in South Africa facilitated contact across the border. Social contact between the inhabitants of the borderland is furthermore fostered by various economic opportunities offered by the border, such as cross-border trade and smuggling. The increase in social and economic contact has in turn dissolved differences between the inhabitants of the borderland and promoted homogeneity and unity across the political divide. Fragmentation and homogeneity characterises daily life in the borderland. Inhabitants of the frontier-zone play these forces off against each other, now emphasising the differences across the border, later emphasising the similarities. The borderland is a world of multiple identities, where ethnicity, citizenship and identity, already fluid and contextual concepts in their own rights, become even more so as people constantly define and redefine themselves in this transitional environment. / Thesis (DPhil (Anthropology))--University of Pretoria, 2006. / Anthropology and Archaeology / unrestricted

Prenant l’affaire Probo Koala en Côte d’Ivoire comme l’élément déclencheur d’une observation, ce mémoire étudie les fondements des mouvements transfrontières illégaux des déchets dangereux des pays développés vers les pays en développement. En effet, nonobstant la pluralité des dispositions juridiques internationales, le transfert des déchets illicites demeure une actualité dans les pays du tiers monde dont particulièrement ceux de l’Afrique noire et à la fois un tabou dans ceux du Nord et du Sud. Les deux domaines proposés, droit international et national, montrent comment les faiblesses et la non-application des dispositions juridiques conduisent à des actes socialement irresponsables. De ce fait, des réformes tant au niveau juridique que judiciaire ainsi que l’implication des parties prenantes sont suggérées comme solutions pour combattre ce fléau. / Taking Probo Koala case in Côte d’Ivoire as element shutter release of an observation, this memo studies the foundations of the illegal cross-border movements of the hazardous waste of countries developed towards developing countries. Indeed, nonwithstanding the multiplicity of the international legal dispositions, the transfer of the illicit waste remains an actuality in the countries of Third World among which particularly those of the Black Africa and at the same time a taboo in those of the North and of the South. Both offered domains, international and national law, show how weaknesses and non-application of the legal dispositions drive to socially irresponsible acts. So, of re-form both at legal level and judicial as well as involvement of stakeholders are suggested as solutions to fight this blight.

The primary aim of this paper is to compare the issues of financial security of individual projects implemented under cross-border cooperation between the Czech Republic and the Free State of Saxony. The theoretical part is devoted to the characteristics of individual species of European cross-border cooperation, its history and individual Euroregions. The paper is focused on cross-border cooperation of the Czech Republic, historical development, characteristics of Euroregion and specifications of cross-border cooperation programs. The part of the theoretical part is devoted to issue of financial security projects in terms of the contracting authoritys legal personality. The application part of the thesis is responsible for several tested hypotheses. Basic research method represents a survey. The group of respondents is represented by participants selected cross-border cooperation. The survey includes subjective opinion of each participant to achieve a comprehensive insight into the studied problematic. Work brings valuable insight from the perspective of direct participants. It works with personal experience and thus offers a unique analysis of the factors that may affect the efficiency of cross-border cooperation significantly. The analysis shows that civic associations are increasingly faced with the complications of financial security and they are exposed to a higher financial costs in comparison with regions and villages. The policy of cross boarder cooperation is positively evaluated by participants. The survey also shows that despite negative personal experience with exchange differences the participants do not save themselves by any insurance.

The aim of this thesis is to analyze all the activities of the Alliance of municipalities of Novoborsko in the period between 1998 -- 2008. First part is dedicated to examine the actions taken by optional Alliance of municipalities in Czech Republic, in concrete their legislation, economy, positive and negative features of their mutual cooperation. Next part analyzes the Alliance of municipalities of Novoborsko and the way it works in practice, its financial situation, sponsors of projects, cooperating partners; its comprehension by local citizens, and its contribution to the individual municipalities and the whole region in general. The implementation of projects carried out by the Alliance during its 10 year existence and valuation of all its activities is depicted as well, together with the examination of its consequences on the development of the above mentioned region.

Les organismes de placement collectif (OPC) permettent aux investisseurs d'avoir accès à une gestion professionnelle, à la diversification, aux économies d'échelle, à un réinvestissement efficient des revenus et à la liquidité. Les formes juridiques et les systèmes fiscaux des OPC peuvent varier considérablement d'une juridiction à une autre. L'objet de cette thèse est de voir si les investisseurs dans un OPC sont dans la même situation dans laquelle ils se seraient trouvés s'ils avaient investi directement. Contrairement à un contexte national, les investisseurs de portefeuille transfrontaliers ne sont pas placés dans la même situation dans laquelle ils se seraient trouvés si le revenu de placement était réalisé directement. En effet, l'investissement transfrontalier en valeurs mobilières est entravé par des obstacles fiscaux résultant des retenues à la source et des lacunes actuelles de l'allégement conventionnel, en particulier en ce qui concerne les OPC. Afin d'assurer une plus grande sécurité fiscale aux OPC et à leurs investisseurs, diverses solutions possibles à ces difficultés ont alors été abordées. Il a été souligné qu'il faudrait améliorer les conventions de double imposition et les systèmes d'allègement conventionnel en octroyant les avantages soit au niveau de l'OPC soit au niveau de leurs investisseurs. Des perspectives sont également offertes par les règles de non-discrimination en vertu du droit de l'UE à travers notamment les initiatives de la Commission européenne et la jurisprudence de la CJUE. Ces perspectives permettent de suggérer que les États devraient rechercher un accord multilatéral pour abolir les retenues à la source sur les dividendes dans l'État de la source du revenu lorsqu'il est payé à des OPC établis dans d'autres États. Idéalement, tout accord visant à abolir les retenues à la source devrait être combiné à un système d'échange automatique d'informations. Il a été souligné que les inefficacités fiscales favorisent l'innovation financière tels que les produits dérivés et autres instruments financiers qui sont largement utilisés par les gestionnaires d'actifs comme une alternative pour éviter la retenue à la source sur les dividendes. / Collective investment vehicles (CIVs) permit investors to obtain access to professional management, diversification, economies of scale, efficient reinvestment of income and liquidity. The legal forms and tax structures of CIVs may vary considerably from one jurisdiction to another. The purpose of this thesis is to see if CIV investors are in the same position in which they would have been if they had invested directly.Unlike in a domestic context, cross-border portfolio investors are not placed in the same position as if investment income was realised directly. Indeed, cross-border investment in securities is hampered by tax obstacles resulting from withholding taxes and the current deficiencies of treaty relief, especially in relation to collective investment vehicles. In order to provide more certainty to CIVs and underlying investors, various possible remedies to those difficulties have been then addressed. It was highlighted that we should improve double taxation treaties and treaty relief systems by granting benefits either on OPC level either on the level of underlying investors. Perspectives are also offered by non-discrimination rules under EU law, especially through the EU Commission's initiatives and the ECJ cases law. Based on these prospects, it is submitted that the states should seek a multilateral agreement to abolish withholding taxes on dividends in the source state of income, when paid to CIVs established in another states. Optimally, any agreement to abolish withholding taxes should be combined with an automatic exchange of information system. We pointed out that tax inefficiencies promote financial innovation such as derivatives and other financial instruments which are widely used by asset managers as alternatives to avoid dividend withholding tax.

This diploma thesis highlights the issue of the interconnection between the cohesion policy implemented by the European Union and the national regional policy of the Czech Republic and underlines to which extent such coordination influences Czech entities and how they can profit out of it. The thesis focuses on the territorial cohesion and especially on the Operational Programme of Cross-border co-operation between the Czech Republic and the Free State of Saxony. In this thesis you will find an analysis of the needs and requirements for further growth of the studied region, an analysis of projects realized within the examined Programme and consequent appraisal whether the Programme fulfills the essential necessities for further growth of the eligible areas or whether there is potential for some changes to be made for the future programming period of 2014-2020 (which is now being discussed in the institutions of the European Union) in order to achieve higher efficiency and usefulness of the financial resources coming from the budget of the European union and the national budget of the Czech Republic.

This thesis analyses the treatment of tax losses in the Czech Republic in national and cross-border situations in the context of the recommendations of the European Commission and trends in treatment of losses, based on the cases of the European Court of Justice. Lack of immediate relief for losses leads to asymmetry of taxation, which is one of the causes of limitation functioning of the EU internal market. The comparison with other EU Member States based Czech Republic as a country with below-average possibilities of obtaining relief for losses. These include the 8 Member States have not yet adopted any national system of group taxation. Ways to get immediate relief for losses in domestic situations, including remains fiscally transparent entities in the group structure. Cross-border loss relief is available only if doing business in certain countries either by means of transparent entities or permanent establishments. This method of obtaining relief for losses is contrary to the interpretation of freedom of establishment, according to which there should be no discrimination on the basis of the legal form of business.

The goal of this thesis is to analyze the emerging trends in the cross-border agrochemical distributors' network in Central and Eastern Europe. It aims to answer three research hypotheses and uses desk research methodology to reach this goal. The thesis studies five distributors of agrochemicals considered as pioneers in the industry and assumes their behavior as a proxy for the whole industry behavior. It verifies the first hypothesis that there is an ongoing cross-border consolidation of the distribution network. On the other hand, due to the industry stage and the agrochemicals' market growth it rejects the second hypothesis that there is a pressure on industry profitability. At last, it confirms the third hypothesis that suppliers should consider a change to cope with cross-border customers. In addition, it suggests two areas how to create additional value for the distributors and their suppliers.