Abstract

http://ssrn.com/abstract=2209701
 


 



Rechtsfragen der Unternehmensbewertung bei aktienrechtlichen Abfindungsansprüchen in Deutschland und Italien (Appraisal Rights and Business Valuation in Italian and German Stock Corporation Law)


Holger Fleischer


Max Planck Institute for Comparative and International Private Law

Marco Maugeri


European University of Rome

January 30, 2013

Recht der Internationalen Wirtschaft (RIW), Vol. 59, No. 1, pp. 24-33, 2013
Max Planck Private Law Research Paper No. 13/6

Abstract:     
The appraisal remedy provides an elegant and effective instrument for minority protection in situations of fundamental changes. Its effectiveness depends however on the “right to exit at a fair price”. Determining a fair price has given rise to legal questions of business valuation. This paper takes up these questions in Italian and German stock corporation law. It first describes the scope and operation of appraisal rights. This is followed by an examination of how both jurisdictions deal with the intricate problems of defining and operationalising “fair value” within appraisal proceedings, revealing surprising differences in their approaches.

Please note that this is an article published in German.

Keywords: appraisal remedy, business valuation, exit right, stock corporations in Germany and Italy

Accepted Paper Series





Not Available For Download

Date posted: February 18, 2013  

Suggested Citation

Fleischer, Holger and Maugeri, Marco, Rechtsfragen der Unternehmensbewertung bei aktienrechtlichen Abfindungsansprüchen in Deutschland und Italien (Appraisal Rights and Business Valuation in Italian and German Stock Corporation Law) (January 30, 2013). Recht der Internationalen Wirtschaft (RIW), Vol. 59, No. 1, pp. 24-33, 2013; Max Planck Private Law Research Paper No. 13/6. Available at SSRN: http://ssrn.com/abstract=2209701

Contact Information

Holger Fleischer (Contact Author)
Max Planck Institute for Comparative and International Private Law ( email )
Mittelweg 187
Hamburg, 20148
Germany
Marco Maugeri
European University of Rome ( email )
Via degli Aldobrandeschi 190
Roma, 00163
Italy
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