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Equal treatment of shareholders and European Union law - Case note on the Decision ‘Audiolux’ of the European Court of Justice

Mucciarelli, Federico (2010) 'Equal treatment of shareholders and European Union law - Case note on the Decision ‘Audiolux’ of the European Court of Justice.' European Company FInancial Law Review, 7 (1). pp. 158-167.

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The European Court of Justice has recently issued a decision on the existence of a general principle of equal treatment of minority shareholders upon a transfer of control. According to the plaintiff, from certain specific acts of EU law (such as, among others, the mandatory bid rule provided for by the Takeover Directive) could be inferred the existence of a principle, according to which the person who purchases the control of a company should then offer to all other shareholders the same opportunity to sell their shares. The ECJ denied that such a principle can be inferred from specific provisions of derivative EU law beyond their scope of application. In addition, the ECJ has put in clear words that, in order to impose to the acquirer of corporate control a duty to purchase all outstanding shares, a specific legislative decision is required, with the aim to weight all involved interests.

Item Type: Journal Article
Keywords: Company law , EU takeover bid directive , Mandatory bids , equal treatment of shareholders
SOAS Departments & Centres: Departments and Subunits > School of Finance & Management
Legacy Departments > Faculty of Law and Social Sciences > School of Finance and Management > Centre for Financial and Management Studies (CeFiMS)
ISSN: 16132556
DOI (Digital Object Identifier): https://doi.org/10.1515/ecfr.2010.158
Depositing User: Federico Mucciarelli
Date Deposited: 08 Oct 2012 14:39
URI: http://eprints.soas.ac.uk/id/eprint/14311


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