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

Recht der Internationalen Wirtschaft (RIW), Vol. 59, No. 1, pp. 24-33, 2013

Max Planck Private Law Research Paper No. 13/6

Posted: 18 Feb 2013  

Holger Fleischer

Max Planck Institute for Comparative and International Private Law

Marco Maugeri

European University of Rome

Date Written: January 30, 2013

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

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: https://ssrn.com/abstract=2209701

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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