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.

Climate change and densification of cities are two major global challenges. Inthe building and construction industry, there are great expectations that tall timberbuildings will constitute one of the most sustainable solutions. First, verticalurban growth is energy and resource-efficient. Second, forest-based productsstore carbon and have one of the highest mechanical strength to density ratios.If the structural substitution of concrete and steel with wood in high-rise buildingsawakens fears of fire safety issues, engineers and researchers are particularlyworried about the dynamic response of the trendy tall timber buildings.Indeed, due to the low density of wood, they are lighter, and for the same height,they might be more sensitive to wind-induced vibrations than traditional buildings.To satisfy people’s comfort on the top floors, the serviceability design oftall timber buildings must consider wind-induced vibrations carefully. Architectsand structural engineers need accurate and verified calculation methods,useful numerical models and good knowledge of the dynamical properties oftall timber buildings. Firstly, the research work presented hereby attempts to increase the understandingof the dynamical phenomena of wind-induced vibration in tall buildings andevaluate the accuracy of the semi-empirical models available to estimate alongwindaccelerations in buildings. Secondly, it aims at, experimentally and numerically,studying the impact of structural parameters – masses, stiffnesses anddamping – on the dynamics of timber structures. Finally, it suggests how talltimber buildings can be modeled to correctly predict modal properties and windinducedresponses. This research thesis confirms the concerns that timber buildings above 15-20stories are more sensitive to wind excitation than traditional buildings with concreteand steel structures, and solutions are proposed to mitigate this vibrationissue. Regarding the comparison of models from different standards to estimatewind-induced accelerations, the spread of the results is found to be very large.From vibration tests on a large glulam truss, the connection stiffnesses are foundto be valuable for predicting modal properties, and numerical reductions withsimple spring models yield fair results. Concerning the structural models of conceptualand real tall timber buildings, numerical case studies emphasize the importanceof accurately distributed masses and stiffnesses of structural elements,connections and non-structural building parts, and the need for accurate dampingvalues. / Klimatförändringar och förtätning av städer är två stora globala utmaningar. Inom bygg- och anläggningsbranschen finns det stora förväntningar på att höga trähus ska utgöra en av de mest hållbara lösningarna. Dels är vertikal förtätning i städer energi- och resurseffektiv, dels lagrar skogsbaserade produkter kol och har dessutom ett av de högsta förhållanden mellan mekanisk styrka och densitet. Om den strukturella ersättningen av stål och betong med trä i höghus väcker farhågor ur brandsäkerhetssynpunkt, är ingenjörer och forskare särskilt oroliga för den dynamiska responsen i de trendiga högre trähusen. På grund av träets låga densitet blir de lättare, och för samma höjd kan de vara känsligare för vindinducerade vibrationer än traditionella byggnader. För att tillfredsställa människors komfort på de översta våningarna måste projektören av höga trähus noga överväga vindinducerade vibrationer i bruksgränstillstånd. Arkitekter och byggnadsingenjörer behöver noggranna och verifierade beräkningsmetoder, användbara numeriska modeller och goda kunskaper om höga träbyggnaders dynamiska egenskaper. För det första avser detta forskningsarbete att öka förståelsen för den dynamiska effekten av vindinducerade vibrationer i höga byggnader och utvärdera noggrannheten hos de semi-empiriska modeller som finns tillgängliga för att uppskatta byggnadens accelerationer i vindriktningen. För det andra syftar det till att, experimentellt och numeriskt, studera effekterna av strukturella parametrar – massor, styvheter och dämpning – på träkonstruktioners dynamik. Slutligen undersöks hur höga träbyggnader kan modelleras för att korrekt förutsäga modala egenskaper och vindinducerade respons. Denna forskningsuppsats bekräftar farhågorna om att träbyggnader över 15-20 våningar är mer känsliga för vindexcitation än vanliga byggnader med betong- och stålstomme. Några lösningar föreslås för att mildra detta vibrationsproblem. När det gäller jämförelsen av modeller från olika standarder för att beräkna vindinducerade accelerationer visar sig spridningen av resultaten vara mycket stor. Från tester på ett stort limträfackverk visar sig förbandsstyvheterna vara viktiga för att förutsäga modala egenskaper och numeriska reduktioner med enkla fjädermodeller ger rättvisande resultat. När det gäller de strukturella modellerna av konceptuella och verkliga höga träbyggnader, betonar numeriska fallstudier vikten av exakt fördelade massor och styvheter hos byggnadselement, förband och icke-strukturella byggnadsdelar, samt behovet av exakta dämpningsvärden. / Le changement climatique et la densification des villes sont deux défis mondiaux majeurs. Dans le domaine de la construction, les bâtiments en bois de grande hauteur sont perçus comme l'une des solutions les plus durables. D'une part la croissance urbaine verticale est économe en énergie et en ressources, d'autre part les produits forestiers stockent le carbone et ont l'un des rapports résistance mécanique/densité les plus élevés. Si la substitution structurelle du bois au béton ou à l’acier dans les immeubles de grande hauteur suscite des craintes pour les problèmes de sécurité incendie, les ingénieurs et les chercheurs s'inquiètent particulièrement de la réponse dynamique des immeubles en bois de grande hauteur à la mode. En effet, du fait de la faible densité du bois, ils sont plus légers, et à hauteur égale, ils pourraient être plus sensibles aux vibrations induites par le vent que les immeubles traditionnels. Pour satisfaire le confort des personnes aux étages supérieurs, la conception des bâtiments en bois de grande hauteur doit tenir compte judicieusement des vibrations induites par le vent. Les architectes et les ingénieurs en structure ont besoin de méthodes de calcul précises et vérifiées, de modèles numériques utiles et d'une bonne connaissance des propriétés dynamiques des bâtiments en bois de grande hauteur. Premièrement, les travaux de recherche présentés ici tentent d’approfondir la compréhension des phénomènes dynamiques des vibrations induites par le vent dans les immeubles de grande hauteur et d'évaluer la précision des modèles semi-empiriques disponibles pour calculer les accélérations dans la direction du vent. Deuxièmement, ils visent à étudier expérimentalement et numériquement les impacts des paramètres structuraux – masses, rigidités et amortissements – sur la dynamique des structures bois. Finalement, ils suggèrent comment modéliser les bâtiments en bois de grande hauteur pour prédire correctement les propriétés modales et les réponses induites par le vent. Cette thèse de recherche confirme les inquiétudes selon lesquelles les bâtiments en bois de plus de 15-20 étages sont plus sensibles à l'excitation du vent que les bâtiments traditionnels en béton armé ou en acier, et des solutions sont proposés pour atténuer ce problème vibratoire. Concernant la comparaison de différentes méthodes normalisées pour estimer les accélérations induites par le vent, la grande dispersion des résultats n'est pas négligeable. À partir d'essais expérimentaux sur un grand poteau-treillis en lamellé-collé, les rigidités de connexion s’avèrent importantes pour prédire les propriétés modales et les réductions numériques avec de simples modèles à ressort donnent des résultats acceptables. Concernant la précision des modèles structuraux de bâtiments en bois de grande hauteur conceptuels ou réels, des études de cas numériques soulignent l'importance des répartitions exactes des masses et des rigidités des éléments structuraux, des connexions et des éléments de construction non structuraux, ainsi que la nécessité de valeurs d'amortissement précises.

Khyber Pakhtunkhwa (31 ° 49'N, 70 ° 55'E bis 35 ° 50'N, 71 ° 47'E) liegt im Nordwesten Pakistans im Süden Asiens. Das Hindukusch-Gebirge in Afghanistan liegt im Westen, dem indischen Himalaya im Nordosten und die Karakorum Berge südlich vom tibetischen Hochland auf der Nordseite. Diese Arbeit besteht überwiegend aus drei separaten Studien entlang eines 200 km langen Transekts mit einem Höhengradienten ausgehend von den Sedimentbecken im Peshawar Tal (275 m ü.M.) bis hinauf zu den Malam Jabba Hills im Swat-Tal (2600 m ü.M.). Die erste Studie, die auf einer Datengrundlage von 160 Poaceae Arten beruht, zeigt Trends, dass polyploide C3- und C4-Poaceae-Arten größere Pollenkkörner als die jeweiligen diploiden Arten haben. In diesem Datensatz haben alle C4-Arten größere Pollenkörner als die C3-Arten. Ob Grassländer von C3 oder C4 Arten dominiert werden kann in verschiedenen Regionen und Lebensräumen durch die Untersuchung der Muster des Trends von zu- oder abnehmenden Pollenkorngrößen ermittelt werden. In unserem Datensatz ist Polyploidie bei C4-Gräsern häufiger als bei den C3 Arten. Die verwendete Methode kann auf Poaceae-Pollenkörner in Umweltarchiven angewendet werden, um das Klima der Vergangenheit zu rekonstruieren und die Dynamik der früheren Graslandökosysteme zu bewerten. Dieser Ansatz wird nicht nur bei laufenden paläoökologischen Studien helfen aufzuklären, wie die Änderungen der Vegetations-zusammensetzung und die Veränderungen in Biomen vergangener Graslandökosysteme zu entschlüsseln sind, sondern auch nützliche Erkenntnisse für die Vorhersage zukünftiger Entwicklungen ermöglichen. Die zweite Studie befasst sich mit modernen Pollenspektren aus Oberflächenproben und ihre Beziehung zu der umgebenden Vegetation, die nützliche Daten für die Interpretation von holozänen Pollenprofilen bietet. Dabei konnten entlang eines 200 km langen Höhengradienten vier verschiedene Höhenstufen unterschieden werden, wo die dominierenden Pflanzenfamilien, Poaceae, Asteraceae, Cyperaceae, Verbenaceae, Acanthaceae und Euphorbiaceae eine signifikante Korrelation mit dem gefunden Pollenniederschlag hatten, während sich bei anderen Familien, den Boraginaceae, Saxifragaceae, Apiaceae, Balsaminaceae und Rubiaceae große Unterschiede zu der zugehörigen Vegetationszusammensetzung ergaben. Für die Kalibrierung und Interpretation fossiler Pollendaten sollte also immer auch die aktuellen Beziehungen von Pollenniederschlag und Vegetationsdaten zumindest auf der Familienebene berücksichtigt werden. Die dritte Studie befasst sich mit einem Pollenprofil aus der Kabal Swat-Region, welches eine detaillierte Geschichte der Vegetation und des Klimas des Hindukuschs der letzten 3300 Jahre, also dem späten Holozäns enthält. Von 3300 bis 2400 cal BP, war eine subtropische semiaride krautige Vegetation hauptsächlich durch Cyperaceae- und Poaceae-Arten vertreten. Sie wurde ersetzt von gemischten Nadelwäldern mit Taxus, Pinus, sowie Juglans, Poaceae und Cyperaceae während der Zeit von 2400 bis 900 cal BP, was auf eine vergleichsweise moderate Klimaschwankung während des späten Holozäns weist. Der Rückgang der Poaceae von 2400 bis1500 cal BP und eine erneute Zunahme von 1500 bis 1200 cal BP Jahre zeigen, dass das Kabal Swat nass-kühlere und trocken-wärmere Phasen durchmachte. Nadelbäume in den gemischten Nadelwäldern treten heute bei größeren Höhe im alpinen Bereich auf. Weitere hochauflösende holozäne Pollenprofile des Hindukusch sind notwendig, um einen ausführlicheren Vergleich zu anderen süd- und zentralasiatischen Paläo-Archiven zu ermöglichen, die auch ein detaillierteres und anwendbares Wissen für Management und Naturschutzfragen ergeben.

La trascendencia práctica del tema del régimen jurídico de las joint ventures es indudable. En los Estados miembros de la Unión Europea, y más especialmente en España, las joint ventures remiten a una idea de mayor eficiencia económica, permitiendo a las empresas formar alianzas entre ellas, y así mejorar su competitividad, adaptando sus estructuras a las dimensiones crecientes de los mercados europeos y mundiales.Las joint ventures no están reguladas como tales en ninguna legislación nacional europea. El derecho comunitario se concentra por su parte en el análisis de los efectos de estas operaciones sobre la competencia. Las joint ventures adquieren en la práctica, únicamente, su contenido jurídico.Este estudio tiene por objetivo presentar un análisis a la vez teórico y práctico del régimen jurídico de las joint ventures, intentando definir el "valor añadido" del trabajo del jurista profesional cuando interviene en la creación y el funcionamiento de las joint ventures. La adopción de esta óptica funcionalista permite integrar el análisis de los diversos aspectos jurídicos de las joint ventures, sus estructuras contractuales y societarias así como su tratamiento en derecho de la competencia, que se abordan tradicionalmente en estudios separados, e insistir en la interelación existente entre las diversas ramas del derecho afectadas. Este estudio se concentra esencialmente en las cuestiones planteadas por las joint ventures en el ámbito del derecho de las obligaciones y del derecho societario.El jurista profesional desempeña, en primer lugar, una función de naturaleza organizativa, creando un conjunto de reglas obligatorias (reglas jurídicas) para todas las empresas participantes en la operación, de acuerdo con sus intereses estratégicos. El resultado puede ser, por ejemplo, la conclusión de un simple contrato, la constitución de una AEIE o la de una sociedad de capital. La complejidad de la organización jurídica de la joint venture impide estudiar de manera separada, como dos piezas aisladas, el llamado acuerdo de base de la joint venture por un lado, y la sociedad eventualmente constituida, la llamada filial común, por otro. El hecho de no entender la filial común como parte de un todo unitario y más complejo no permite describir correctamente las especialidades del régimen aplicable a dicha sociedad frente a sociedades constituidas en otros contextos económicos. La organización compleja de las joint ventures se diferencia de otros negocios jurídicos complejos por razón de su finalidad económica específica, la de establecer una alianza entre empresas. Tal como indica el derecho comunitario de la competencia, la joint venture es una operación en la que: (i) participan dos o más empresas independientemente activas en el mercado; (ii) se agrupan recursos necesarios al desarrollo de una actividad económica común en el seno eventualmente, pero no obligatoriamente, de una entidad separada (la llamada empresa común"); (iii) las empresas participantes ejercen un control conjunto sobre dicha actividad económica común. Estos tres elementos forman el núcleo de la definición de la joint venture en derecho.La cuestión de la validez y eficacia jurídica de los pactos presentes en el contrato complejo de joint venture, cuando implica la existencia de una sociedad de capital, es la que más dificultades plantea. El problema respecto a la joint venture, como respecto a muchos otros contratos complejos, es organizar un discurso sobre el uso de la libertad y sus consecuencias en el ámbito del derecho de sociedades.Mientras el jurista profesional organiza la joint venture, atrae también la atención del legislador sobre las necesidades jurídicas de las empresas que deciden "aliarse" en el seno de una joint venture. Los pactos presentes en los contratos complejos de joint venture no dependen únicamente del contenido del derecho aplicable a la sociedad "filial común" por ejemplo, sino también de la creatividad de los juristas profesionales. Las finalidades a cubrir por el contrato lo serán en regla general mediante combinaciones originales y complejas de mecanismos jurídicos, demostrándose una vez más el papel relevante de la práctica en la formación del derecho. Como consecuencia, puede observarse una tendencia a la flexibilización del derecho aplicable a las sociedades de capital, sobre todo en los países europeos continentales. Esta adaptación del derecho a la realidad práctica se observa también, y de manera significativa, en otras ramas del derecho, como en derecho de la competencia donde el legislador intenta introducir un tratamiento cada vez más pragmático de los efectos producidos por las joint ventures sobre los mercados. El análisis de la organización jurídica de las joint ventures en la práctica demuestra, sin embargo, la falta de utilidad y de oportunidad de una ordenación legal de la joint venture como tal en Europa. Como en el caso de la organización de la empresa, basta con que los operadores "candidatos" a la alianza encuentren en el derecho positivo los legal tools, o instrumentos jurídicos, adaptados a los objetivos económicos legítimos que persiguen ( por ejemplo, diversas formas sociales, la AIE, la UTE, la cuenta en participación etc), y sobre la base de los cuales puedan conservar y reforzar el sentimiento de confianza que necesitan tener en la operación y en su "aliado" para alcanzar con éxito estos objetivos. / This study provides a comprehensive analysis of both practical and theoretical legal issues raised by joint ventures in Europe. In the European Union member states and especially in Spain, joint ventures are viewed as a high efficient strategic operation - allowing alliances between firms, which may improve their competitiveness and adapt them to the growing dimensions of European markets and to the new global economy. Joint ventures are not organised as such by any statute law in Europe. European law focuses on the analysis of the effects they may produce on competition. Joint ventures obtain a legal content only in practice.The aim of this study is to define the "added value" of the practical work of lawyers, when they take part in processes of creation of joint ventures. This question allows to integrate the analysis of different legal aspects of joint ventures - their contractual and corporate structure as well as their legal treatment under competition law - which are traditionally treated in separate studies, and to point out the existence of on-going interfaces between them. This study focuses essentially on the contractual and corporate aspects of joint ventures. Practitioners set up, first of all, mechanisms which are compulsory - i.e. legal rules - for the firms involved in the operation according to their strategic interests. The result may be, for instance, the creation of a mere "contractual joint venture", of an European Economic Interest Grouping, or the incorporation of a "joint venture company". The complexity of the joint venture legal organisation prevents from studying separately the so-called "joint venture agreement" on which is based the operation, and the company which may be incorporated within it. The joint venture company is only a part of a more complex ensemble, which needs to be understood as such in order to be correctly analysed.The complex legal organisation of joint ventures differs from any other complex legal organisations because of its specific purpose, ie. establish a strategic alliance between firms. It aims to organise an operation in which: (i) participate two or more firms independently active on the market; (ii) are gathered the resources necessary to carry out a common business activity, possibly but not obligatory within a separate entity; and (iii) the participating firms jointly control the common business activity. Those three features are at the basis of the legal definition of joint ventures.The question of the legal validity and efficiency of the terms and conditions present in incorporated joint venture agreements is the more problematic one for the practitioners. The main difficulty in relation with joint ventures like in relation with many other complex agreements is to determine the limits of use of contractual freedom in company law.While organising the operation, the practitioners are also drawing the attention of the legislator on the legal needs of the firms willing to enter into alliances. The terms and conditions present in joint venture agreements depend not only on the content of the statute law applicable to the joint venture company for example, but also on the creative skills of the practitioners. The joint venture agreement needs to cover different purposes generally through original and complex combinations of legal mechanisms, proving once again the relevant role of practice in the generation of law.As a result, it is possible to observe a certain "flexibilization" of the rules in company law, especially in continental Europe. This new tendency develops in parallel with the movement observed in competition law towards a more realistic and pragmatic analysis of joint venture effects on the markets.The analysis of the legal organisations of joint ventures existing in practice demonstrates however the lack of necessity for a statutory regulation of this (strategic) operation in Europe. Like in the case of the organisation of a firm, the economic players willing to enter into strategic alliances only need to find in statute law different "legal tools" which may adapt their legitimate economic interests - such as different company forms, the Economic Interest Grouping, the partnership - and on the basis of which they can conserve and reinforce the confidence they need to have in their partner and in the operation in order to achieve successfully their purposes.

This diploma thesis gives a proposal for a new Moravian wine center in the city center of Brno. Wine center is situated on the street Hlinka, where grapevines were planted in the Middle Ages. Demarcated land is narrow and elongated sloping towards to the south and connects the Yellow hills and the Brno Exhibition Centre. The main idea of this thesis is connect these two significant locations and offer the visitor a free passage along the entire length of the complex. Also main building Moravian Wine Centre reflects this fact and it expands the space of the street stalls and forms it into overgrown "arcade". The house is opened into this space - with glazed facade of the first two floors or with transmission into the rear wing. The main building consist of the cellar, where it is located wellness, winehouse, rentable wine boxes and tasting room connected with wine production. The rest of floors are designed for wine gallery, information center, reception, shop, restaurant, conference center and hotel. There is a café with roof terrace in the last floor. It offers a magnificent view into cityscape of Brno, Brno Exhibition Centre and the Yellow slope of the hill. There is designed a pond for relaxation in the courtyard. Nearby is situated Wine Institute building with facilities for making wine. In the second half of the land are located three blocks of luxury apartments in the middle of a vineyard. A leading construction is the most striking feature of the facade that reminds bougainvillea vines with vaulted arches wine cellars and attracts at first sight.

ARCHITECTURE The centre and entrance point for atrection a relx is terace with pool, with corridor to cafe and skylights that leads to reception. Around this atrium, there is a ramp, rising up. Pools are not see n ko the screens are individual attractions, atmosphere. The height change of each pool, sauna and whether this involves physical effort is rewarded with open views to the surroundings and relax themselves. Entering the building through a covered, but bright bay, passage is a continuation of the street fishing. Thus the very end of the reception side. Thus eliminate the problem of a parcel which is like a scene out of town. Layout In the passages suggest leaving the car park, Kafe-bar with a simple menu and fresh multifunctional workshop, creative playground. It is known fact, that in the old spa locations to find valuable pieces of pottery, small painting and sculpture and other artifacts that speak of links with the vivacious work, relax, relax with a manual and spiritual. This room will also serve as a nursery for parents resting in the spa, in the specified date and time. Upon entering the spa itself, the reception with high ceilings and skylights from the terrace, the visitor to the issue of changing rooms with bathroom facilities. Consequently, the choice whether to receive the attractions, or go down to the fitness center or gym. Another option is to move the spa itself. In the direction from the top down it is pliable dough, the blood will get the opposite route, in which the visitor shall issue a physical effort. 2np In addition to coffee for guests only and exit to the terrace, and massage booths are located. Much of the area occupied by the technical room, spa bath as well as administration. On the next floor guest vystkytne a larger foyer, drinking KURO room and swimming and first aid. Glass facades can be glanced only in forests of the Riviera, but the atrium, with an outdoor terrace and heated swimming pool at all times. Foyer is the actual beginning of the journey. The first ramp is rising just from my father. All the dark hallway, followed by a bright and translucent glass facades. The key is just a wall bordering the ramps and a few additional columns for the perimeter of the building. About half a meter above (and always rises only about 500 mm, the gradient of 1:16 to 8 meters length), the visitor gets to the first pool. Sunny southern facade is designed as a double, at this point is the greenhouse, it is no wonder that the first two pools are linked to breathing, inhalation, nature herbs. The hall (+7400) is glass mat glass sanitary unit consisting of two toilets, toilets for disabled people and installation bay. On one front wall of the shower. This element is repeated, the cabin is only 2.6 meters high (sv room is 3.65 meters), it was acting to hinder lightweight and transparent. On the left side counterclockwise overcomes next ramp stages. Pools are right to counter a výrivý. In this part of the facade facing the street catchment area, the intersection of fishing and of 8 m of pools have already seen the two interface Brno: Petrov and Špilberk. There is also a visitor gets to escape-connecting staircase. Possibility of shortening the path to the sauna is right here. The following pool of options in turn draws the double facade. Studenúuvodu make cold, shielded, north-facing environment. Hot pool at a height level of hygiene cab ...