LA SUSPENSIÓN DE DERECHOS POLÍTICOS DEL SOCIO HASTA QUE LAS AUTORIDADES DE COMPETENCIA O DE REGULACIÓN SECTORIAL AUTORICEN LAS ADQUISICIONES A TRAVÉS DE OPA (The Suspension of Shareholder’s Political Rights Until the Competition or Regulatory Authorities Authorize the Acquisitions Through a Takeover Bid )

Working Paper IE Law School AJ8-245 10-01-2019

17 Pages Posted: 7 Mar 2019

Date Written: January 8, 2019

Abstract

Spanish Abstract: Análisis la regla de suspensión del derecho de voto de las acciones sobre el umbral que obliga a una sociedad cotizada a lanzar una Oferta Pública de Adquisición (OPA). Esta regla es el mecanismo de enlace y de coordinación de la legislación sobre el mercado de valores (y regulación de las OPAs) y el sistema de control de concentraciones (nacional y de la UE) así como los controles previstos en la regulación sectorial de determinadas industrias. Se examinan el ámbito de la suspensión (OPAs comprendidas en la norma, acciones afectadas y derechos), así como el eventual levantamiento de la suspensión por las autoridades de defensa de la competencia cuando sea indispensable para la protección del valor de la inversión.

English Abstract: Analysis of rule suspending the voting right of those shares over the threshold that obliges a Spanish listed company to launch a public tender bid. This rule is the liaison and coordination mechanism of the securities markets legislation (and takeover regulation) and the merger review system (national and EU) as well as the controls foreseen in sectoral regulation for some industries. The scope of the suspension (bids covered, affected shares and rights) is examined, as well as the lifting of the suspension by the competition authorities when it would be essential for the protection of the value of the investment.

Note: Downloadable document is in Spanish.

Keywords: listed company, tender offer, takeover bid, merger review, regulation, national competition authorities, European Commission, suspension of rights, voting rights

JEL Classification: G34, K21, K22, O16

Suggested Citation

Marcos, Francisco, LA SUSPENSIÓN DE DERECHOS POLÍTICOS DEL SOCIO HASTA QUE LAS AUTORIDADES DE COMPETENCIA O DE REGULACIÓN SECTORIAL AUTORICEN LAS ADQUISICIONES A TRAVÉS DE OPA (The Suspension of Shareholder’s Political Rights Until the Competition or Regulatory Authorities Authorize the Acquisitions Through a Takeover Bid ) (January 8, 2019). Working Paper IE Law School AJ8-245 10-01-2019, Available at SSRN: https://ssrn.com/abstract=3335166 or http://dx.doi.org/10.2139/ssrn.3335166

Francisco Marcos (Contact Author)

IE Law School ( email )

Castellón de la Plana 8
Madrid, Madrid 28006
Spain

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