Regulatory Philosophy behind German Takeover Law (German Takeover Law and Practice (2))
The Quarterly Review of Corporation Law and Society, No.29, pages 112-130 (December 2011)
19 Pages Posted: 20 Oct 2020
Date Written: December 31, 2011
Abstract
This is the transcript of an interview with Professor Peter O. Mülbert (Mainz University) by Hiroyuki Watanabe (Waseda University, Japan) on the “Regulatory Philosophy behind German Takeover Law.” Prof. Mülbert is a distinguished specialist in German takeover law (Wertpapiererwerbs und übernahmegesetz) and is a member of the advisory council (Beirat) of the German Federal Financial Supervisory Authority (BaFin). The interview was held in March 2010 at University of Mainz (Institut für deutsches und internationales Recht des Spar-, Giro- und Kreditwesens).
The Issues discussed in this interview are as follows.
・Mandatory offers and voluntary offers
・“Additional mandatory offer rule” and the “creeping rule” in some other EU
countries.
・“Eliminating coerciveness” and the “protection of minority shareholders”
in the process of takeover bids
・ Shareholder decision-making and worker protection
・“Unternehmensinteresse” and “corporate value”
・ Equity derivatives and “hidden ownership”
・ The regulatory philosophy of the BaFin and UK-style takeover regulation
Keywords: Takeover, Regulatory Philosophy, BaFin, Germany, UK, Japan, Mandatory Offer, Voluntary Offer, Creeping Rule, Minority Shareholder, Shareholder Decision-Making, Worker Protection, Unternehmensinteresse, Corporate Value, Hidden Ownership
JEL Classification: G28, G34, G38, K23, K42
Suggested Citation: Suggested Citation