| Author: | Berglof, E. Burkart, M. |
| Title: | European takeover regulation |
| Journal: | Economic Policy
2003 : APR, 36, p. 171-214 |
| Index terms: | EUROPE MERGERS REGULATIONS |
| Language: | eng |
| Abstract: | To foster corporate restructuring and capital market integration, the European Commission has repeatedly attempted to introduce Europe-wide takeover regulation, but has encountered strong resistance. The authors trace the sources of this resistance to differences in corporate governance arrangements across member states and outline the economic effects of takeover regulation, focusing in particular on possible provisions of particular relevance to the European debate. Regulation may stipulate that the same price be offered to all shareholders (a 'mandatory bid' rule) and/or that differentiation of voting-rights be voided when a bidder acquires a large enough portion of a firm's shares (a 'break-through' rule). |
SCIMA