The New German Takeover and Squeeze-Out Rules
Mondaq Business Briefing › Germany Law Articles in English (2002)
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The New German Takeover and Squeeze-Out Rules
On January 1, 2002, the new German Takeover Act (Wertpapiererwerbs- und übernahmegesetz) came into force only five months after the project of a European Regulation for Takeovers failed because of a non-approval of the European Parliament. The new Takeover Act also substitutes the former Takeover Code of 1995 which set up certain takeover rules on a merely voluntary basis. Under the new takeover rules, each shareholder who acquires at least 30% of the voting rights in a publicly listed stock corporation (whether by a voluntary public offer or by acquisition of shares from any shareholder) is now obligated to make a (mandatory) takeover offer for the shares of all o...
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