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Las cláusulas de cambios adversos relevantes en las adquisiciones de empresas (Material Adverse Change Clauses in Business Purchase Agreements)

19 Pages Posted: 9 Feb 2013 Last revised: 5 Sep 2013

Marian Gili Saldaña

Universitat Pompeu Fabra

Abstract

Las cláusulas de cambios adversos relevantes (Material Adverse Change Clauses) han sido objeto de un tratamiento doctrinal y jurisprudencial exhaustivo en los EUA −sobre todo a partir de su interpretación por la Equity Court of Delaware en In re IBP, Inc. Shareholders Litigation [789 A. 2d 14 (Del. Ch. 2001)]− y en el Reino Unido −tras la interpretación del Takeover Panel en WPP Group PLC v. Tempus Group PLC (Statement 2001/15, Nov. 6, 2001)−. En España, aunque es cada vez más frecuente encontrarlas en los contratos de compraventa de empresas, han recibido escasa o nula atención por parte de la doctrina y la jurisprudencia, poniendo de relieve la necesidad de un estudio sobre su configuración actual, los problemas derivados de su interpretación y sus principales funciones en ese tipo de contratos.

Legal scholars and case law have deeply dealt with Material Adverse Change Clauses in USA – especially after their interpretation by the Equity Court of Delaware in In re IBP, Inc. Shareholders Litigation [789 A. 2d 14 (Del. Ch. 2001)] – and the United Kingdom – after their interpretation by the Takeover Panel in Group PLC v. Tempus Group PLC (Statement 2001/15, Nov. 6, 2001). Despite being more frequently included in Spanish business purchase agreements, Material Adverse Change Clauses have received little or no attention by both Spanish legal scholars and case law, demonstrating that a study about their configuration, the problems derived from their interpretation and their main functions in these agreements is needed.

Notes: Downloadable document is in Spanish.

Keywords: material adverse change, carve outs, business purchase agreements, representations and warranties, doctrine of frustration, exogenous risks, endogenous risks, renegotiation

JEL Classification: K10

Suggested Citation

Gili Saldaña, Marian, Las cláusulas de cambios adversos relevantes en las adquisiciones de empresas (Material Adverse Change Clauses in Business Purchase Agreements). InDret, Vol. 1, 2013. Available at SSRN: https://ssrn.com/abstract=2213854

Marian Gili Saldaña (Contact Author)

Universitat Pompeu Fabra ( email )

Ramon Trias Fargas, 25-27
Barcelona, E-08005
Spain

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