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

See all articles by Peter O. Mülbert

Peter O. Mülbert

University of Mainz - Center for German and International Law of Financial Services and Faculty; European Corporate Governance Institute (ECGI)

Hiroyuki Watanabe

University of London, School of Advanced Studies, Institute of Advanced Legal Studies, Students; Waseda University

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

Mülbert, Peter O. and Watanabe, Hiroyuki, Regulatory Philosophy behind German Takeover Law (German Takeover Law and Practice (2)) (December 31, 2011). The Quarterly Review of Corporation Law and Society, No.29, pages 112-130 (December 2011), Available at SSRN: https://ssrn.com/abstract=3683082

Peter O. Mülbert

University of Mainz - Center for German and International Law of Financial Services and Faculty ( email )

Chair of Corporate Finance
D-55099 Mainz, 55128
Germany
+49 6131 392 30 40 (Phone)
+49 6131 392 61 64 (Fax)

HOME PAGE: http://www.jura.uni-mainz.de/muelbert/

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

Hiroyuki Watanabe (Contact Author)

University of London, School of Advanced Studies, Institute of Advanced Legal Studies, Students ( email )

Charles Clore House
17 Russell Square
London, WC1B 5DR
United Kingdom

Waseda University ( email )

1-6-1, Nishi-Waseda
Shinjuku-ku
Tokyo, 169-8050
Japan

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