The Supervision of Takeover Matters in the European Union - The Austrian Part

Institute of European Studies at Saarland Unversity No, IISN 1868-9914

40 Pages Posted: 13 Sep 2009  

Stefan Weber

Saarland University, Institute of European Studies; Weber Maxl & Partners Rechtsanwälte GmbH; Austrian Takeover Commission

Stefan Arnold

Austrian Takeover Commission

Katharina Oberhofer

Austrian Takeover Commission

Date Written: September 12, 2009

Abstract

This paper investigates the effect of the rules contained in the Takeover Bids Directive on the supervisory practice of the Austrian Takeover Commission as part of the European takeover authorities’ network. The Takeover Bids Directive created a system of cooperation of national takeover authorities. It did not establish a centralized European regulator and/or supervisor, i.p. for cross border takeover bids. By evaluating and categorizing the takeover cases handled by the Austrian Takeover Commission, the paper aims to prepare the ground for a focused policy debate in view of the upcoming revision of the Takeover Bids Directive, to be proposed by the European Commission. It does not analyze the still ongoing policy debate, in particular, with respect to anti takeover defense measures.

The paper ascertains certain procedural and substantive elements of European takeover law. It provides (i) an empirical study of the cases decided by the Austrian Takeover Commission between its establishment in 1999 and 2008, based on (ii) an outline of the Takeover Bids Directive as transposed into Austrian law and (iii) an outline of the structure of the Austrian Takeover Commission.

Keywords: Corporate governance, takeovers, tender offers, mergers and acquisitions, anti-takeover provisions, corporate control, corporate restructuring, capital market, company law, European integration, EU harmonization, regulatory competition, Takeover Bids Directive, approximation of laws, internal market

JEL Classification: F15, G38, K22

Suggested Citation

Weber, Stefan and Arnold, Stefan and Oberhofer, Katharina, The Supervision of Takeover Matters in the European Union - The Austrian Part (September 12, 2009). Institute of European Studies at Saarland Unversity No, IISN 1868-9914. Available at SSRN: https://ssrn.com/abstract=1472419 or http://dx.doi.org/10.2139/ssrn.1472419

Stefan Weber (Contact Author)

Saarland University, Institute of European Studies ( email )

Campus
Saarbrücken, 66123
Germany
+49/681/302-3653 (Phone)
+49/681/302-4369 (Fax)

Weber Maxl & Partners Rechtsanwälte GmbH ( email )

Rathausplatz 4
Vienna, 1010
Austria
+43/1/427-2030 (Phone)
+43/1/427-2010 (Fax)

Austrian Takeover Commission ( email )

Seilergasse 8/3
Vienna, 1010
Austria

Stefan Arnold

Austrian Takeover Commission ( email )

Seilergasse 8/3
Vienna, 1010
Austria
+436506028690 (Phone)

Katharina Oberhofer

Austrian Takeover Commission ( email )

Seilergasse 8/3
Vienna, 1010
Austria

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