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1	Revidering av dispensregeln från budplikt? / Review the exemption rule from the mandatory bid rule in Sweden? Johnsson, Christian January 2010 (has links) <p>When anyone acquires control over a listed company the mandatory bid rule is triggered. This means that the person who acquires the control has to make an offer to buy the remaining shares in the company. The purpose of the rule is to protect the minority shareholders from the buyers. This rule has been considered to be burdensome and thus it is followed by an exemption rule which under some special circumstances may make the mandatory bid rule void. The purpose of this thesis is to analyze if the exemptions given by the Swedish securities council (in Swedish Aktiemarknadsnämnden) are in accordance with the purpose of the mandatory bid rule and if a review of these rules are needed.</p><p>To answer the purpose, the Swedish securities councils statements has been analyzed, to determinate if the exemptions are in accordance with the purpose of the mandatory bid rule. The result of the analysis is that the rules need to be changed because exemptions from the mandatory bid rule are given to arbitrary in Sweden.</p> Takeover the mandatory bid rule the exemption rule Company law Bolagsrätt
2	Revidering av dispensregeln från budplikt? / Review the exemption rule from the mandatory bid rule in Sweden? Johnsson, Christian January 2010 (has links) When anyone acquires control over a listed company the mandatory bid rule is triggered. This means that the person who acquires the control has to make an offer to buy the remaining shares in the company. The purpose of the rule is to protect the minority shareholders from the buyers. This rule has been considered to be burdensome and thus it is followed by an exemption rule which under some special circumstances may make the mandatory bid rule void. The purpose of this thesis is to analyze if the exemptions given by the Swedish securities council (in Swedish Aktiemarknadsnämnden) are in accordance with the purpose of the mandatory bid rule and if a review of these rules are needed. To answer the purpose, the Swedish securities councils statements has been analyzed, to determinate if the exemptions are in accordance with the purpose of the mandatory bid rule. The result of the analysis is that the rules need to be changed because exemptions from the mandatory bid rule are given to arbitrary in Sweden. Takeover the mandatory bid rule the exemption rule Company law Bolagsrätt
3	I patti parasociali occulti tra opa obbligatoria e tutela dell'investimento LEGNANI, SIMONE 17 July 2013 (has links) La tesi ha per oggetto lo studio del fenomeno dei patti parasociali occulti nell’ambito di s.p.a. aperte al mercato del capitale di rischio e quotate. La prima parte del lavoro si concentra sulle norme dell’ordinamento italiano che prevedono obblighi di trasparenza degli accordi tra azionisti, senza trascurare gli altri principali sistemi europei e quello statunitense. Il secondo capitolo sviluppa l’analisi dei diversi profili in relazione ai quali il fenomeno del patto parasociale occulto reagisce ed influisce sull’interpretazione e sull’applicazione della disciplina dell’opa obbligatoria da concerto. Inoltre, si fornisce un’illustrazione delle modalità attraverso le quali dovrebbe essere possibile pervenire alla prova dell’esistenza di siffatti accordi. Nell’ultimo capitolo si prende in esame la responsabilità degli azionisti per la violazione del dovere di disclosure e, soprattutto, per la mancata promozione dell’opa obbligatoria da patto occulto. Si argomenta nel senso che tale condotta possa integrare altresì un’ipotesi di insider trading (o, eventualmente, di manipolazione del mercato) e si procede ad una ricostruzione del danno risarcibile e del relativo nesso causale, traendo spunto, in particolare, dai risultati emersi nell’esperienza statunitense. / The thesis concerns the shareholders’ agreements - within a corporation - that are kept secret, breaching a legally imposed duty of disclosure. The first part of the analysis focuses on the rules that contain such a duty of disclosure, mainly as regards the Italian regulation but also through a consideration of other legal systems. The second chapter develops the study by showing how the not-disclosed shareholders’ agreements could vary the way in which the regulation of the mandatory bid should be interpreted and applied. Moreover, an illustration about the possible ways to get the evidence of the existence of these agreements is provided. In the final chapter, the liability of the shareholders - mainly based on the breach of the duty to promote a mandatory bid - is taken into consideration, especially through a comparison with the American legal system as for the damages caused by an insider trading conduct and the causal connection: it is argued, in fact, that the violation of the rules regarding both the disclosure of the agreements and the mandatory bid should be also identified as a case of insider trading (or market manipulation). IUS/04: DIRITTO COMMERCIALE
4	Oferta pública de aquisição de ações por alienação de controle de companhias abertas brasileiras Tourinho, Marcelo Abreu dos Santos 14 June 2012 (has links) Made available in DSpace on 2016-04-26T20:21:02Z (GMT). No. of bitstreams: 1 Marcelo Abreu dos Santos Tourinho.pdf: 1153194 bytes, checksum: f5a573ee7c27d41958b5c0071bcddbb1 (MD5) Previous issue date: 2012-06-14 / This work aims to analyze and explore the controversial aspects related to mandatory bid rule under Brazilian Corporate Law (Law 6,404/76), which extends to voting minority shareholders the right to sell their shares in case of a control transfer. For this purpose we analyze (i) the nature of control , as a power to direct the corporation s business; (ii) the legal definition of controlling shareholder under Brazilian law; (iii) the history of the Brazilian institutional framework; (iv) the different justifications for the rule under Brazilian and foreign doctrines; (v) the elements for the characterization of the transfer of control, taking into consideration the key precedents of Comissão de Valores Mobliários - CVM; and (vi) the mandatory bid rule procedures / O presente trabalho tem por objetivo analisar e explorar os aspectos controversos envolvendo a regra da oferta pública de aquisição de ações prevista no art. 254-A da Lei 6.404/76, que estende aos minoritários titulares de ações votantes o direito de alienar suas ações em casos de alienação de controle. Para tal analisamos (i) a natureza do controle , entendido como poder de direcionar a atividade empresarial; (ii) a definição legal de acionista controlador de acordo com a legislação brasileira; (iii) o histórico do instituto; (iv) as diferentes justificativas para o instituto, segundo as doutrinas brasileira e estrangeiras; (v) os elementos para a caracterização da alienação de controle, abordando os principais precedentes da Comissão de Valores Mobiliários CVM; e (vi) o procedimento para a realização de uma oferta pública Alienação de controle OPA Poder de controle CVM Acionistas Aquisição de controle Proteção dos minoritários Transfer of control Mandatory bid rule Tender offer Power of control Shareholder Acquisition of control Minority protection
5	Controle minoritário Freitas, Rafael Guarilha P. de 06 October 2015 (has links) 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 Controle minoritário Poder de controle CVM Abuso do poder de controle Working control Corporate control Liability of the controlling shareholder Misuse of the corporate control
6	Les moyens de défense contre les OPA hostiles / Antitakeover defenses Maouche, Samia 27 November 2017 (has links) Opérations particulièrement complexes, les offres publiques d'acquisition ne cessent de faire parler d'elles, plus particulièrement lorsqu'elles présentent un caractère hostile pour la société visée. 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. Ces dernières ont par ailleurs développé un certain nombre de mécanismes de défense anti-OPA particulièrement efficaces, mais se révélant le plus souvent insuffisants face à l'ingéniosité dont peut faire preuve l'initiateur. Le droit positif montre ainsi ses limites face à des pratiques qui ne cessent d'évoluer. L'analyse prospective du droit anti-OPA permet d'observer les nouvelles mutations que subit le droit positif au regard des nouveaux enjeux économiques. Elle permet également d'envisager de nouveaux modes d'appréhension des OPA hostiles. Il est ainsi possible d'observer que le gouvernement d'entreprise prend une place considérable dans la vie des sociétés cotées. De même, la montée en puissance de la régulation et l'interventionnisme de l’État sont de plus en plus marqués ; et les salariés s'impliquent de plus en plus dans la gestion de l'entreprise. L'ensemble de ces paramètres marquent un glissement progressif vers une réorganisation du mode de fonctionnement des sociétés, ce qui a amené au développement du soft law, un droit à la frontière du droit positif et des pratiques des sociétés. Le soft law constitue à ce titre une approche inédite des OPA hostiles, dont l'analyse permet de cerner les apports liés à la mutation du droit positif et d'envisager l'émergence de nouveaux moyens de défense. Celui-ci doit toutefois demeurer complémentaire au cadre législatif et réglementaire existant. / No abstract Prise de contrôle Offres publiques d'achat Prise de contrôle hostile Offre obligatoire Offre amicale Sociétés cotées Moyens de défense Actions Initiateur Société cible Franchissement de seuils Autorité des marchés financiers (AMF) Actionnaires Droits de vote Action de concert Salariés Conseil d'administration Comité d'entreprise Augmentation de capital Transparence Chevalier blanc Bons bretons (pilules empoisonnées) Droit souple Gouvernement d'entreprise Contre-OPA Sanctions Takeover bid Hostile takeover bid Mandatory bid Amicable bid Listed companies Antitakeover defenses Shares Raider Target company Crossing of shareholding thresholds Amf Shareholders Voting rights Concert Employees Board of directors Works council Increase of capital Transparency Wight knight Poison pills Soft law Corporate governance Pacman Sanctions 330
7	Le droit français des OPA - un modèle pour le droit brésilien ? / The French law of takeover bids, a model for the brazilian law ? Mendia Twardowsky, Bianca 29 November 2017 (has links) 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. Prise de contrôle Offre publique d'acquisition Prise de contrôle hostile Offre obligatoire Offre amicale Sociétés cotées Stratégie de défense anti-OPA Sanctions Actions Société cible Raider Franchissement de seuils Autorité des marchés financiers (AMF) Cvm Cade Bm&fbovespa Nivel 1 Nivel 2 Novo mercado Ipo Capital flottant Actionnaires Droits de vote Action de concert Salariés Conseil d'administration Comité d'entreprise Augmentation de capital Transparence Chevalier blanc Bons bretons Poison pill Gouvernement d'entreprise Takeover bid Hostile takeover bid Ownership dispersion Securities exchange commission Mandatory bid Listed companies Anti-takeover defenses Sanctions Shares Raider Target company Amf Cvm Cade Bm&fbovespa Nivel 1 Nivel 2 Novo mercado Initial public offering Free float Shareholders Voting rights Board of directors Transparency White knight Poison pills Corporate governance 346.44

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