Gesellschaftsrechtliche Anteilsbewertung in Frankreich gemäß Art. 1843-4 Code civil – Eine Vorstudie zur Komparatistik im Recht der Unternehmensbewertung (Valuation of Shares in France under Art. 1843-4 Code civil – Legal Aspects of Business Valuation in Comparative Company Law)

Rabel Journal of Comparative and International Private Law (RabelsZ), Vol. 77, No. 4, pp. 694-722, 2013

DOI: 10.1628/003372513X671318

Max Planck Private Law Research Paper No. 13/19

31 Pages Posted: 13 Jun 2013 Last revised: 5 Jun 2014

See all articles by Holger Fleischer

Holger Fleischer

Max Planck Institute for Comparative and International Private Law

Felix Jaeger

Max Planck Institute for Comparative and International Private Law

Date Written: October 1, 2013

Abstract

Valuation of shares is of critical importance when shareholders are forced to leave their company. Despite this importance, there is little comparative scholarship on how the valuation issue is handled in different jurisdictions. As part of a broader research agenda, this paper explores the approach taken by French company law which through art. 1843-4 Code civil relies on the final decision of an independent expert. The interpretation of this provision has given rise to many disputes in recent years, leading to a dozen cases before the Cour de cassation and a vast number of law review articles. Taking stock of these developments, the paper addresses questions such as the purpose of the valuation procedure, permissible valuation methods, judicial review of the expert's decision, the proper date for determining the value of the shares, marketability or minority discounts, and the mandatory nature of the valuation procedure. All those elements are compared to the basic provision in § 738 of the German Civil Code, which is predicated on a remarkably different concept.

This article is published in this Research Paper Series with the permission of the rights owner, Mohr Siebeck. All full-text Rabel Journal articles are available via pay-per-view or subscription at IngentaConnect, a provider of digital journals on the Internet.

Note: Downloadable document is in German.

Keywords: Valuation of shares, Code civil, business valuation, comparative company law, shareholders, valuation procedure

Suggested Citation

Fleischer, Holger and Jaeger, Felix, Gesellschaftsrechtliche Anteilsbewertung in Frankreich gemäß Art. 1843-4 Code civil – Eine Vorstudie zur Komparatistik im Recht der Unternehmensbewertung (Valuation of Shares in France under Art. 1843-4 Code civil – Legal Aspects of Business Valuation in Comparative Company Law) (October 1, 2013). Rabel Journal of Comparative and International Private Law (RabelsZ), Vol. 77, No. 4, pp. 694-722, 2013; DOI: 10.1628/003372513X671318; Max Planck Private Law Research Paper No. 13/19. Available at SSRN: https://ssrn.com/abstract=2274042

Holger Fleischer (Contact Author)

Max Planck Institute for Comparative and International Private Law ( email )

Mittelweg 187
Hamburg, 20148
Germany

Felix Jaeger

Max Planck Institute for Comparative and International Private Law ( email )

Mittelweg 187
Hamburg, D-20148
Germany

Register to save articles to
your library

Register

Paper statistics

Downloads
136
Abstract Views
861
rank
211,762
PlumX Metrics