This book discusses the Takeover Directive and its implementing rules in each Member State of the European Union and the European Economic Area, providing companies and their advisors with useful insight into the legal framework and principles applicable to takeover bids in the region. The Council Directive of 21 April 2004 on takeover bids sets forth the general principles applicable to takeover bids and clarifies certain minimum rules with respect to the procedure for a takeover bid, the obligation to make a mandatory bid in the event a minimum threshold is crossed and the majority shareholder's squeeze-out right as well as the minority shareholders' sell-out rights. Furthermore, the Directive defines the authority which is competent to approve offer documents and supervise takeover bids, and provides for optional restrictions on the actions of the target company's management and on defence mechanisms.

Table of Contents

Part I: 1. Rules of Community law applicable to takeover bids Dirk Van Gerven; 2. A US lawyer's perspective on the Takeover Directive Nikolaos Andronikos; Part II. Application in Each Member State: National Reports for the EU Member States: 3. Austria Florian Khol and Thomas Berghammer; 4. Belgium Marc Van Der Haegen and Dirk Van Gerven; 5. Czech Republic Petr Kasik and Vlastimil Pihera; 6. Estonia Sven Papp and Ahto Nirgi; 7. Germany Hildegard Ziemons, Jochen Schlotter and Karsten Hilmer; 8. Greece Vassiliki Lazarakou and Elena Papachristou; 9. Hungary Jacques De Servigny and Zsofia Fekete; 10. Ireland Michael Greene and Keavy Ryan; 11. Latvia Dace Silava-Tomsone and Martins Aljens; 12. Lithuania Irmantas Norkus and Eva Suduiko; 13. Luxembourg Josee Weydert and Carmen Rodriguez; 14. The Netherlands Christiaan De Brauw, Bart Jong, Harmen De Mol Van Otterloo and Paul Olden; 15. Portugal Martim Krupenski; 16. Slovak Republic Branislav Hazucha and Michaela Jurkova; 17. Spain Carlos Paredes Galego and Damaso Riano Lopez; 18. United Kingdom Craig Jones; Annexes: Annex I. Council Directive (EC) No 2004/25 of 21 April 2004 on takeover bids (the Takeover Directive); Annex II. List of national laws implementing the Takeover Directive; Part II. Application in Each Member State: National Reports for the EU Member States: 19. Bulgaria Yordan Naydenov, Damian Simeonov and Angel Angelov; 20. Cyprus Alexandros Tsadiras; 21. Denmark Vagn Thorup and David Moalem; 22. Finland Mikko Heinonen and Klaus Ilmonen; 23. France Didier G. Martin, Antoine Tezenas Du Montcel and Max Baird-Smith; 24. Italy Francesco Gianni and Andrea Aiello; 25. Malta Louis De Gabriele and David Zahra; 26. Poland Rafa Dziedzic, Maciej Owczarewicz and Ma gorzata Wojtkiewicz-Kabut; 27. Romania Diana E. Precup; 28. Slovenia Matija Knapi , Jurij Dol an and Peter Premk; 29. Sweden Madeleine Rydberger and Nils Nostell; Part III. Application in the EEA Member States: 30. Iceland Olafur Arinbjorn Sigurethsson; 31. Liechtenstein Andreas Schurti and Alexander Appel; 32. Norway Sverre Tyrhaug and Tore Mydske; Annexes: Annex I. Council Directive (EC) No 2004/25 of 21 April 2004 on takeover bids (the Takeover Directive); Annex II. List of national laws implementing the Takeover Directive.

Author Biography

Dirk Van Gerven is a partner in the Brussels office of NautaDutilh, a leading Benelux law firm, and a member of the Brussels and New York Bars. He has extensive experience in all areas of corporate and financial law, including securities regulation. Dirk is in charge of continuing legal education for the Dutch-speaking Bar Association of Brussels and has published widely in the fields of corporate and financial law. Since 2003, he has been a member of the supervisory board of Belgium's Banking, Finance and Insurance Commission.