This page intentionally left blank Cross-Border Mergers in Europe The Cross-border Merger Directive of 26 October 2005 sets forth rules to permit and facilitate the merger of limited liability companies situated in different Member States of the European Union and the European Economic Area It is completed by Council Directive 90/435/ EEC of 23 July 1990, which provides for a common system of taxation applicable to mergers between parent companies and their subsidiaries located in different Member States, which has been replaced by Council Directive 2009/133/EC of 19 October 2009 which did not change the content (in this book referred to as the ‘Merger Tax Directive’) With respect to procedural matters, the Cross-border Merger Directive refers to the Third Council Directive, which has been implemented in all Member States This book discusses the Cross-border Merger Directive and its implementing legislation in each Member State of the European Union and the European Economic Area It provides companies and their advisors with useful insight into the legal framework applicable to, and the tax treatment of, cross-border mergers throughout the European Economic Area This book is divided into two parts The first part analyses the Community rules laid down in the Cross-border Merger Directive and the Community rules on the tax treatment of cross-border mergers The second part contains chapters on the implementing legislation in each Member State, prepared in accordance with a common format and contributed by a practitioner from each state The annexes to this book contain the Cross-border Merger Directive (Annex I), the Merger Tax Directive (Annex II) and a list of the implementing legislation in each Member State (Annex III) This is the second volume of this book which contains chapters on the Member States that are not included in the first volume di r k va n ge rv en is a partner in the Brussels office of NautaDutilh, a leading Benelux firm, and a member of the Brussels and New York Bars He has extensive experience in all areas of corporate and financial law and is currently President of the Dutch-speaking chapter of the Brussels Bar Dirk 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 Since 2010 he has been a member of the Board of Directors of CEPINA, the Belgian arbitration institute Law Practitioner Series The Law Practitioner Series offers practical guidance in corporate and commercial law for the practitioner It offers high-quality comment and analysis rather than simply restating the legislation, providing a critical framework as well as exploring the fundamental concepts which shape the law Books in the series cover carefully chosen subjects of direct relevance and use to the practitioner The series will appeal to experienced specialists in each field, but is also accessible to more junior practitioners looking to develop their understanding of particular fields of practice The Consultant Editors and Editorial Board have outstanding expertise in the UK corporate and commercial arena, ensuring academic rigour with a practical approach Consultant editors Andrew Peck, retired partner of Linklaters Mr Justice David Richards, Judge of the High Court of Justice, Chancery Division Editors Chris Ashworth – Knight Vinke Asset Management Judith Hanratty – BP Corporate Lawyer, retired Sally James – UBS Investment Bank Vanessa Knapp – Freshfields Bruckhaus Deringer LLP Richard Lee – Addleshaw Goddard LLP Charles Mayo – Simmons & Simmons LLP Gary Milner-Moore – Herbert Smith LLP Tim Plews – Clifford Chance LLP Timothy Polglase – Allen & Overy LLP Laurence Rabinowitz QC€– One Essex Court Dr Pippa Rogerson – University of Cambridge Richard Snowden QC€– Erskine Chambers Mark Stamp – Linklaters LLP William Underhill – Slaughter and May Dirk Van Gerven – NautaDutilh, Brussels Sandra Walker – Rio Tinto Books in the series include Good Governance for Pension Schemes Paul Thornton and Donald Fleming Settlement of Investment Disputes under the Energy Charter Treaty Thomas Roe, Matthew Happold and James Dingemans QC A Practical Guide to Private Equity Transactions Geoff Yates and Mike Hinchliffe Stamp Duty Land Tax Michael Thomas; Consultant Editor David Goy QC Accounting Principles for Lawyers Peter Holgate The European Company: Volume General Editors: Dirk van Gerven and Paul Storm The European Company: Volume General Editors: Dirk van Gerven and Paul Storm Capital Markets Law and Compliance: The Implications of MiFID Paul Nelson Reward Governance for Senior Executives Edited by Carol Arrowsmith and Rupert McNeil Prospectus for the Public Offering of Securities in Europe: Volume 1: European and National Legislation in the Member States of the European Economic Area General Editor: Dirk van Gerven Prospectus for the Public Offering of Securities in Europe: Volume 2: European and National Legislation in the Member States of the European Economic Area General Editor: Dirk van Gerven Common Legal Framework for Takeover Bids in Europe: Volume General Editor: Dirk van Gerven Common Legal Framework for Takeover Bids in Europe: Volume General Editor: Dirk van Gerven Accounting Principles for Non-Executive Directors Peter A Holgate and Elizabeth Buckley The Law of Charitable Status Robert Meakin The Business Case for Corporate Governance Ken Rushton Cross-Border Mergers in Europe: Volume General Editor: Dirk Van Gerven Cross-Border Mergers in Europe: Volume General Editor: Dirk Van Gerven Cross-Border Mergers in Europe VOLUME II General Editor DI R K VA N GE RV E N cambridge university press Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo, Delhi, Tokyo, Mexico City Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK Published in the United States of America by Cambridge University Press, New York www.cambridge.org Information on this title: www.cambridge.org/9780521487603 © Cambridge University Press 2011 This publication is in copyright Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press First published 2011 Printed in the United Kingdom at the University Press, Cambridge A catalogue record for this publication is available from the British Library Library of Congress Cataloguing in Publication data â•… Cross-border mergers in Europe / general editor, Dirk Van Gerven â•…â•… p.â•… cm – (Law practitioner series) â•… ISBN 978-0-521-48760-3 (Hardback) â•… 1.╇ Consolidation and merger of corporations–Law and legislation– â•… European Union countries.â•… I.╇ Gerven, Dirk van.â•… II.╇ Title.â•… III.╇ Series â•… KJE6467.C76â•… 2010 â•… 346.4′06626–dc22 ISBN 978-0-521-48760-3 Hardback Cambridge University Press has no responsibility for the persistence or accuracy of URLs for external or third-party internet websites referred to in this publication, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate Contents Contributors Preface dirk van gerven NautaDutilh Part Vâ•…� pplication in each Member State A National Reports for the EU Member States� 19 Finland outi raitasuo, johanna haltia-tapio Hannes Snellman 20 France jean-marc desaché Gide Loyrette Nouel 21 Greece tom kyriakopoulos Kelemenis & Co 22 Ireland margaret stack, jennifer mccarthy, michael greene A&L Goodbody 23 Italy francesco gianni, marco zaccagnini Gianni, Origoni, Grippo & Partners page x xiii 14 29 44 58 vii  Contents 24 Latvia maris brizgo, raymond l slaidins LAWIN Klavins & Slaidins john ja burke Kazakhstan Institute of Management, Economics and Strategic Research 25 Lithuania irmantas norkus, eva suduiko Raidla Lejins & Norcous 26 Luxembourg margaretha wilkenhuysen, louisa silcox NautaDutilh 27 Malta adrian gabarretta, colm o’connor, nadia cassar Ganado & Associates 28 Portugal margarida barrocas, marcelo alves, mariana ferreira Barrocas Advogados 29 Republic of Slovenia jurij dolžan, matija knapič, samo herič Odvetnik Jurij Dolžan, Mitja Vidma & Igor Zemljarič 30 Romania gabriela cacerea Nestor Nestor Diculescu Kingston Petersen 31 Spain jaime pereda espeso, josé gabriel martínez pos Uría Menéndez 32 Sweden jan bertil andersson Jönköping International Business School Linköping University viii 63 74 87 101 115 128 152 166 181  Annex III CZECH REPUBLIC Zákon č 125/2008 Sb., o přeměnách obchodních společností a družstev Částka: 40/2008 Sb., na s 1570, Rozesláno, 16 April 2008 DENMARK Lovbekendtgørelse nr 649 af 15 June 2006 (aktieselskabsloven) med senere ændringer Lovbekendtgørelse nr 650 af 15 juni 2006 (anpartsselskabsloven) med senere ændringer Lovbekendtgørelse nr 651 af 15 juni 2006 (erhvervsvirksomhedsloven) med senere ændringer Lovbekendtgørelse nr 652 af 15 juni 2006 (erhvervsfondsloven) med senere ændringer ESTONIA Äriseadustiku ja sellega seonduvate seaduste muutmise seadus, 21 November 2007, Riigi Teataja I, 13 December 2007, 65, 405 FINLAND Laki henkilöstön edustuksesta yritysten hallinnossa annetun lain muuttamisesta / Lag om ändring av lagen om personalrepresentation i företagens förvaltning, 1128/2007 (Suomen Saadoskokoelma (SK), 1128, of 11 December 2007) Laki sijoitusrahastolain muuttamisesta / Lag om ändring av lagen om placeringsfonder, 1426/2007 (Suomen Saadoskokoelma (SK), 1426, of 31 December 2007) Laki arvopaperimarkkinalain muuttamisesta / Lag om ändring av värdepappersmarknadslagen, 1424/2007 (Suomen Saadoskokoelma (SK), 1424, of 31 December 2007) Laki säästöpankkilain muuttamisesta / Lag om ändring av sparbankslagen, 1423/2007 (Suomen Saadoskokoelma (SK), 1423, of 31 December 2007) Laki osuuspankeista ja muista osuuskuntamuotoisista luottolaitoksista annetun lain muuttamisesta / Lag om ändring av lagen om andelsbanker och andra kreditinstitut i andelslagsform,1422/2007 (Suomen Saadoskokoelma (SK), 1422, of 31 December 2007) Laki liikepankeista ja muista osakeyhtiömuotoisista luottolaitoksista annetun lain muuttamisesta / Lag om ändring av lagen om affärsbanker och andra kreditinstitut i aktiebolagsform, 1421/2007 (Suomen Saadoskokoelma (SK), 1421, of 31 December 2007) Laki kaupparekisterilain ja 18 a §:n muuttamisesta / Lag om ändring av och 18 a § i handelsregisterlagen, 1418/2007 (Suomen Saadoskokoelma (SK), 1418, of 31 December 2007) Laki osuuskuntalain muuttamisesta / Lag om ändring av lagen om andelslag, 1417/2007 (Suomen Saadoskokoelma (SK), 1417, of 31 December 2007) Laki osakeyhtiölain muuttamisesta / Lag om ändring av aktiebolagslagen, 1415/2007 (Suomen Saadoskokoelma (SK), 1415, of 31 December 2007) 242 Laws implementing the Cross-border Merger Directive  FRANCE Loi no 2008–649 du juillet 2008 portant diverses dispositions d’adaptation du droit des sociétés au droit communautaire, 2008649 (Journal Officiel de la Rộpublique Franỗaise (JORF), of July 2008) Décret no 2008–1116 du 31 octobre 2008 relatif la participation des salariés dans les sociétés issues de fusions transfrontaliốres, 20081116 (Journal Officiel de la Rộpublique Franỗaise (JORF), of November 2008) Décret no 2008–1117 du 31 octobre 2008 relatif la participation des salariés dans les sociétés issues de fusions transfrontalières (dispositions relevant d’un décret), 2008– 1117 (Journal Officiel de la Rộpublique Franỗaise (JORF), of November 2008) Décret no 2009–11 du janvier 2009 relatif aux fusions transfrontalières de sociétés, 2009–11 (Journal Officiel de la République Franỗaise (JORF), of January 2009) GERMANY Zweites Gesetz zur Änderung des Umwandlungsgesetzes, 19 April 2007, Bundesgesetzblatt Jahrgang 2007 Teil I Nr 15, 24 April 2007 GREECE Διασυνοριακές συγχωνεύσεις κεφαλαιουχικών εταιρειών και άλλες διατάξεις, 3777/2009 (Greek Government Gazette, volume A, no 127, 28 July 2009) HUNGARY 2007 évi CXL törvény a tő keegyesítő társaságok határokon átnló egyesüléséről ICELAND Lưg um breytingu lögum um hlutafélög og lögum um einkahlutafélög (millilandasamruni og millilandaskipting) of 17 March 2007 IRELAND Statutory Instrument No 157 of 2008, European Communities (Cross-border Mergers) Regulation 2008 ITALY Attuazione della direttiva 2005/56/CE, relativa alle fusioni transfrontaliere delle società di capitali, (Gazzetta Ufficiale della Repubblica Italiana of 17 June 2008) Â� 243  Annex III LATVIA Eiropas komercsabiedrbu likums, 2005.gada 10.mart (Latvijas Vstnesis of 24 March 2005) LIECHTENSTEIN Gesetz vom 16 September 2009 über die Abänderung des Personen- und Gesellschaftsrechts (LGBl 2009/268) Gesetz vom 16 September 2009 über die Mitbestimmung der Arbeitnehmer bei einer grenzüberschreitenden Fusion von Kapitalgesellschaften (LGBl 2009/269) LITHUANIA Lietuvos Respublikos administracinių teisės pažeidimų kodeksas Nr ADM (Valstybės žinios, 1985, Nr 1–1) Lietuvos Respublikos vienos valstybės ribas peržengiančio ribotos atsakomybės bendrovių jungimosi įstatymas Nr X-1367 (Valstybės žinios, 2007, Nr 140–5747) Lietuvos Respublikos įstatymas dėl darbuotojų dalyvavimo bendrovėje po vienos valstybės ribas peržengiančio ribotos atsakomybės bendrovių jungimosi Nr X-1607 (Valstybės žinios, 2008, Nr 76–3001) Lietuvos Respublikos Vyriausybės 2003 m lapkričio 12 d nutarimas Nr 1407 „Dėl Juridinių asmenų registro įsteigimo ir Juridinių asmenų registro nuostatų patvirtinimo’ (Valstybės žinios, 2003, Nr 107) LUXEMBOURG Loi du 10 juin 2009 relative aux fusions transfrontalières de sociétés de capitaux, la simplification des modalités de constitution des sociétés anonymes et de maintien et de modification de leur capital, portant transposition: de la directive 2005/56/CE du Parlement européen et du Conseil du 26 octobre 2005 sur les fusions transfrontalières des sociétés de capitaux; de la directive 2006/68/CE du Parlement européen et du Conseil du septembre 2006 modifiant la directive 77/91/CEE du Conseil en ce qui concerne la constitution de la société anonyme ainsi que le maintien et les modifications de son capital; de la directive 2007/63/CE du Parlement européen et du Conseil du 13 novembre 2007 modifiant les directives 78/855/CEE et 82/891/CEE du Conseil pour ce qui est de l’exigence d’un rapport d’expert indépendant réaliser l’occasion des fusions ou des scissions des sociétés anonymes, ainsi que modification de la loi modifiée du 10 août 1915 concernant les sociétés commerciales, et du Code du travail (Mémorial Luxembourgeois A, of 29 June 2009) MALTA L.N 415 of 2007 CA (CAP 386) Cross-Border Mergers of Limited Liability Companies Regulations, 2007 (The Malta government gazette of 14 December 2007) L.N 165 of 2008 ERA, 2002 (CAP 452) Employee Involvement (Cross-Border Mergers of Limited Liability Companies) Regulations 2008 (The Malta government gazette of July 2008) 244 Laws implementing the Cross-border Merger Directive  THE NETHERLANDS Wet van 27 juni 2008 tot wijziging van boek van het Burgerlijk Wetboek in verband met de implementatie van richtlijn nr 2005/56/EG van het Europese Parlement en de Raad van de Europese Unie betreffende grensoverschrijdende fusies van kapitaalvennootschappen (PbEU L 310), Staatsblad 27 June 2008 NORWAY Lov 21 desember 2007 nr 129 om endringer i aksjeloven, allmennaksjeloven og enkelte andre lover (fusjon og fisjon over landegrensene, Norsk Lovtidend Avd 1, 2007 no 13, p 1868 Forskrift januar 2008 nr 50 om arbeidstakernes rett til representasjon ved fusjon over landegrensene av selskaper med begrenset ansvar, Norsk Lovtidend Avd 1, 2008 no 1, p 267 POLAND Ustawa z dnia 25 kwietnia 2008 r.o zmianie ustawy€ – Kodeks spółek handlowych (.Dz.U.08.86.524 z dnia 20 maja 2008 r.) PORTUGAL Lei n.º 19/2009, de 12 de Maio de 2009, a qual altera o Código das Sociedades Comerciais e o Código Registo Comercial, transpondo para a ordem jurídica interna as Directivas n.os 2005/56/CE, Parlamento Europeu e Conselho, de 26 de Outubro, relativa s fusừes transfronteiriỗas das sociedades de responsabilidade limitada, e 2007/63/CE, Parlamento Europeu e Conselho, de 13 de Novembro, que altera as Directivas n.os 78/855/CEE e 82/891/CEE, Conselho, no que respeita exigência de um relatório de peritos independentes aquando da fusão ou da cisão de sociedades anúnimas, e estabelece o regime aplicỏvel participaỗóo dos trabalhadores na sociedade resultante da fusão (Diário da Republica I, of 12 May 2009) REPUBLIC OF SLOVENIA Zakon o gospodarskih družbah (ZGD-1) (Uradni list RS, of 19 April 2006) Zakon o spremembah in dopolnitvah Zakona o gospodarskih družbah (ZGD-1A) (Uradni list RS of 30 January 2008) Zakon o spremembah in dopolnitvah Zakona o gospodarskih družbah (ZGD-1B) (Uradni list RS of July 2008) Zakon o spremembah in dopolnitvah Zakona o gospodarskih družbah (ZGD-1C) (Uradni list RS of June 2009) Zakon o soodločanju delavcev pri čezmejnih združitvah kapitalskih družb (ZSDČZKD) (Uradni list RS of June 2008) 245  Annex III ROMANIA Ordonanţă de urgenţă nr 52/2008 pentru modificarea şi completarea Legii nr 31/1990 privind societăţile comerciale şi pentru completarea Legii nr 26/1990 privind registrul comer ţului (Monitorul Oficial nr 333 of 30 April 2008) Lege nr 31/1990 privind societăţile comerciale, republicată, cu modificările şi completările ulterioare (Monitorul Oficial nr 1066 of 17 November 2004) SLOVAK REPUBLIC Zakon z 27 novembra 2007 c 657/2007 Z.z., ktorym sa meni a doplna zakon c 513/1991 Zb Obchodny zakonnik v zneni neskorsich predpisov a o zmene a doplneni zakona c 530/2003 Z.z o obchodnom registri v zneni neskorsich prepisov, uverejneny dna 31 decembra 2007 v c 266/2007 Zbierky zakonov Slovenskej republiky SPAIN Ley 3/2009, de de abril, sobre modificaciones estructurales de las sociedades mercantiles (Boletín Oficial del Estado (B.O.E) of April 2009) SWEDEN Lag (2008:3) om ändring i lagen (1987:667) om ekonomiska föreningar (Svensk författningssamling (SFS), 2008:3) Lag (2008:14) om ändring i aktiebolagslagen (2005:551) (Svensk författningssamling (SFS), 2008:14) Förordning (2008:24) om ändring i aktiebolagsförordningen (2005:559) (Svensk författningssamling (SFS), 2008:24) Lag (2008:13) om ändring i lagen (1987:1245) om styrelserepresentation för de privatanställda (Svensk författningssamling (SFS), 2008:13) Lag (2008:12) om ändring i aktiebolagslagen (2005:551) (Svensk författningssamling (SFS), 2008:12) Lag (2008:9) om arbetstagares medverkan vid gränsöverskridande fusioner (Svensk författningssamling (SFS), 2008:9) Lag (2008:8) om ändring i lagen (2004:575) om europabolag (Svensk författningssamling (SFS), 2008:8) Lag (2010:1516) om ändring i aktiebolagslagen (2005:551) (Svensk författningssamling (SFS), 2010:1516) UNITED KINGDOM Statutory Instrument 2007 No 2974 The Companies (Cross-Border Mergers) Regulations 2007 246 Index acquiring company, taxation, specific national rules 100 acquisition, merger by, specific national rules 89 applicable law Directive provisions as to 215, 216–17 national rules 3, 15, 29–30, 44–5, 59, 64, 74–5, 88, 102, 116, 129, 152, 166–7, 181, 191, 201–2 approval by shareholders see€shareholders’ meeting assimilated procedures, specific national rules 98 auditor’s report Directive provisions as to 216, 221 national rules 6, 20, 21–2, 33, 48, 60–1, 78, 90, 105, 119, 137, 156, 169, 184, 194, 205 Austria, implementation measures 241 avoidance see€voidance of merger Belgium, implementation measures 241 bondholders’ rights, specific national rules 93 Bulgaria, implementation measures 241 capital gains tax, specific national rules 54, 56 cash payment 4, 13, 16, 30, 44–5, 75, 103, 116, 131, 154, 167, 182, 202 common draft terms see€draft terms ‘company’, definition 218 competent authority 9, 23, 36, 50–1, 67, 81, 108, 122, 140, 159, 174, 185, 195, 206 completion of merger see€registration of merger conditions as to cross-border mergers, Directive provisions as to 219 consequences of merger see€legal effects of merger consideration see€cash payment corporate income taxes list 239 specific national rules 26, 56 creditor protection 9–10, 23–4, 39, 51–2, 69, 81, 92, 110, 123, 143, 161, 175, 186, 208 Cross-border Merger Directive addressees 226 correlation with national laws 218 entry into force 226 national implementation laws 241–2 need for 215 purpose 215 review 226 scope 218–19 subsidiarity 217–18 text 215 transposition 226 Cyprus, implementation measures 241 Czech Republic, implementation measures 242 date of merger see€enforceability of merger definitions in Directive provisions 218, 229 in tax rules see€taxation Denmark, implementation measures 241 directors’ liability, specific national rules 94 directors’ report see€management report 247  Index documents auditor’s report see€auditor’s report draft terms see€draft terms management report see€management report pre-merger certificate see€pre-merger certificate shareholders’ meeting see€shareholders’ meeting draft terms Directive provisions as to 216, 220 national rules 5, 18, 31, 46, 60, 67, 76, 89, 104, 117, 135, 155, 168, 183, 203 effectiveness see€legal effects of merger employee participation Directive provisions as to 217, 224, 236 implementation measures 10–11, 25, 39, 51–2, 82, 96, 110, 123, 144, 162, 175, 199, 208 national rules 10–11, 25, 39, 51–2, 62, 71, 82, 96, 123, 162, 175, 187, 199, 208 special negotiating body 12, 25, 40, 53–4, 82, 111, 124, 145–6, 162, 175–6, 199 employee representatives, protection 12, 26, 40, 54, 83, 97, 111–12, 149, 163, 200 enforceability of merger Directive provisions as to 223 national rules 4, 17, 30–1, 45, 75, 93, 103, 116, 122–3, 134, 142, 154, 160, 168, 174, 182, 186, 192, 198, 203, 207–8 Estonia, implementation measures 242 European companies (SE/SCE) Directive tax provisions as to 234 list 236 national rules see€scope of rules Finland applicable law approval of merger effects by shareholders auditor’s report cash payment competent authority creditor protection 9–10 draft terms employee participation 248 employee representatives, protection 12 general rules 11 implementation measures 10–11 special negotiating body 12 enforceability of merger implementation measures employee participation 10–11 general measures 3, 241–2 taxation 13 legal effects of merger management report minority shareholders notification of merger pre-merger certificate procedural rules scrutiny procedure shareholders’ meeting approval of merger information special negotiating body 12 taxation 13 voidance of merger France applicable law 15 approval of merger effects by shareholders 22 auditor’s report availability 21–2 content 20 cash payment 16 competent authority 23 corporate income tax 26 creditor protection bondholders 24–5 generally 24 non-bondholders 23–4 draft terms 18 employee participation employee representatives, protection 26 general rules 25 implementation measures 25 special negotiating body 25 enforceability of merger 17 implementation measures employee participation 25 general measures 14, 243 taxation 26 Index  legal effects of merger 17 management report 19–20 minority shareholders 23–4 pre-merger certificate 23 procedural rules 18 registration duty 27 scope of rules 15 scrutiny procedure 23 shareholders’ meeting approval of merger 22 information 21–2 special negotiating body 25 taxation corporate income tax 26 implementation measures 26 registration duty 27 shareholder gains 27–8 VAT 27 voidance of merger 18 general meeting see€shareholders’ meeting Germany, implementation measures 243 Greece applicable law 29–30 approval of merger effects 36 by shareholders 35 auditor’s report 33 cash payment 30 competent authority 36 creditor protection 39 draft terms 31 employee participation employee representatives, protection 40 implementation measures 39 special negotiating body 40 enforceability of merger 30–1 implementation measures employee participation 39 general measures 29, 243 taxation 40 legal effects of merger 30–1 management report 33 minority shareholders 38 pre-merger certificate 36 procedural rules 31 scope of rules 29–30 scrutiny procedure 36 shareholders’ meeting approval of merger 35 information 35 special negotiating body 40 taxation implementation measures 40 rules 40 voidance of merger 38 Hungary, implementation measures 243 Iceland applicable law 191 approval of merger effects 198 by shareholders 196 auditor’s report 194 competent authority 195 employee participation employee representatives, protection 200 general rules 199 implementation measures 199 special negotiating body 199 enforceability of merger 192 implementation measures 243 employee participation 199 general measures 191 taxation 200 legal effects of merger 192 management report 193 merger schedule 193 minority shareholders 197 notification to competent authority 195 procedural rules 193 scope of rules 192 scrutiny procedure 195 shareholders’ meeting company taken over 196 company taking over 196 information 196–7 timing 196–7 taxation 200 implementation measures Directive provisions as to 244 employee participation 10–11, 25, 39, 40, 54, 82, 96, 123, 144, 162, 175, 187, 199, 208 249  Index implementation measures (cont.) general measures 3, 14, 44, 58, 63, 72–3, 74–5, 88, 99, 102, 116, 129, 151, 152, 166–7, 181, 191, 201–2, 211 taxation 13, 26, 40, 83, 150, 164, 177, 187, 200, 210 information for shareholders see€shareholders’ meeting inspection of documents by shareholders, specific national rules 91 Ireland applicable law 44–5 approval of merger effects 50–1 by shareholders 49–50 auditor’s report 48 capital gains tax 54, 56 cash payment 44–5 competent authority 50–1 corporate tax 56 creditor protection 51–2 draft terms 46 employee participation employee representatives, protection 54 implementation measures 51–2 rules 51–2 special negotiating body 53–4 enforceability of merger 45 implementation measures employee participation 51–2 general measures 44 taxation 54 legal effects of merger 45 management report 47 minority shareholders 51 pre-merger certificate 50 procedural rules 46 scope of rules 44–5 scrutiny procedure 50–1 shareholders’ meeting 49–50 special negotiating body 53–4 stamp duty 56 ‘sweep up’ provision as to tax relief 57 taxation capital gains tax 54, 56 corporate tax 56 general rules 54 implementation measures 54 250 stamp duty 56 ‘sweep up’ provision as to relief 57 voidance of merger 46 Italy applicable law 59 approval of merger 61 auditor’s report 60–1 employee participation 62 implementation measures 58 legal effects of merger 61 management report 60–1 minority shareholders 60 registration of merger 61 scope of rules approved mergers 62 company types 58–9 scrutiny procedure 61 shareholders’ meeting 61 simplified procedure 62 voidance of merger 62 Latvia applicable law 64 auditor’s report 69 competent authority 67 creditor protection 69 draft terms 67 availability 68 content 67 employee participation 71 implementation measures general measures 63, 244 overview 72–3 legal effects of merger 67 management report 68 merger application 70 minority shareholders 72 pre-merger certificate application 70 procedural rules 67 scope of rules 64 scrutiny procedure 67 shareholders meeting 70 rights 69 taxation 72–3 legal effects of merger Directive provisions as to 223 national rules 4, 17, 30–1, 45, 50–1, 61, 67, 75, 93, 103, 116, 134, 154, 168, 182, 192, 203 liability, directors’, specific national rules 94 Liechtenstein applicable law 201–2 approval of merger effects 207–8 by shareholders 205 auditor’s report 205 cash payment 202 competent authority 206 creditor protection 208 draft terms 203 employee participation agreed 209–10 general rules 208 implementation measures 208 obligatory 209–10 enforceability of merger 203 implementation measures 244 employee participation 208 general measures 201–2 overview 211 taxation 210 legal effects of merger 203 management report 205 minority shareholders 206 pre-merger certificate 206 procedural rules 203 prospectus obligation, exempt securities 207 scope of rules 201–2 scrutiny procedure 206 shareholders’ meeting 205 taxation 210 voidance of merger 208 Lithuania applicable law 74–5 approval of merger effects 81 by shareholders 80 auditor’s report 78 cash payment 75 competent authority 81 creditor protection 81 draft terms 76 effects of decision 81 employee participation Index  employee representatives, protection 83 implementation measures 82 special negotiating body 82 enforceability of merger 75 implementation measures 74–5, 243 employee participation 82 legal effects of merger 75 management report 77 minority shareholders 81 pre-merger certificate 80 procedural rules 76 scope of rules 74–5 scrutiny procedure 81 shareholders’ meeting approval of merger 80 information 79 taxation corporate income tax 84 implementation measures 83 voidance of merger 81 Luxembourg acquiring company, taxation 100 acquisition, merger by 89 applicable law 88 approval of merger 91 assimilated procedures 98 auditor’s report 90 bondholders’ rights 93 creditor protection 92 directors’ liability 94 draft terms content 89 publication 90 employee participation extensive scope of law 97 implementation measures 96 merger process 96 new company 97 entry into force 93 implementation measures employee participation 96 general measures 88, 244 implementation measures 99 inspection of documents by shareholders 91 legal effects of merger 93 liability, directors’ 94 management report 90 new company 251  Index Luxembourg (cont.) employee participation 97 merger by 89 procedural rules 89 procedure, simplified 95 procedures assimilated to mergers 98 scope of rules 88 securities holders’ rights 93 shareholders actions against management 94 inspection of documents 91 meeting 91 meeting minutes 92 taxation 100 simplified merger procedure 95 taxation acquiring company 100 implementation measures 99 shareholders 100 transferred company 99 voidance of merger 95 Malta applicable law 102 approval of merger effects 108 by shareholders 107 auditor’s report 105 cash payment 103 competent authority 108 creditor protection 110 draft terms 104 employee participation employee representatives, protection 111–12 implementation measures 110 special negotiating body 111 enforceability of merger 103 implementation measures employee participation 110 general measures 102, 244 taxation 112 legal effects of merger 103 management report 105 minority shareholders 109 pre-merger certificate 108 procedural rules 104 scope of rules 102 252 scrutiny procedure 108 shareholders approval of merger 107 information 106 meeting 106 taxation 112 special negotiating body 111 taxation acquiring company 112 implementation measures 112 inbound mergers 113 losses 113 mergers outside scope of rules 113 outbound mergers 113 shareholders 112 stamp duty 114 voidance of merger 103 management report Directive provisions as to 221 national rules 6, 19–20, 33, 47, 60–1, 68, 77, 90, 105, 119, 136, 156, 169, 184, 193, 205 ‘merger’, definition 218–19, 229 merger application see€pre-merger certificate merger balance-sheet, specific national rules 120, 171 merger plan, specific national rules 60 merger report see€management report merger schedule, specific national rules 193 Merger Tax Directive addressees 236 applicability 229 entry into force 236 national law relating to 236 previous Directive correlation 236 repeal 236, 237 text 227 transposition time limits 239 minority shareholders 9, 23–4, 38, 51, 60, 72, 81, 109, 123, 143, 161, 175, 186, 197, 206 Netherlands, implementation measures 242 new company, employee participation, specific national rules 97 new company incorporation, merger by, specific national rules 89 Norway, implementation measures 245 notice of shareholders’ meeting see€shareholders’ meeting notification of merger see€competent authority nullity see€voidance of merger Poland, implementation measures 245 Portugal applicable law 116 approval of merger effects 122–3 by shareholders 121 auditor’s report 119 cash payment 116 competent authority 122 creditor protection 123 draft terms 117 employee participation general rules 123 implementation measures 123 special negotiating body 124 enforceability of merger 116, 122–3 implementation measures 245 employee participation 123 general measures 116 legal effects of merger 116 management report 119 merger balance-sheet 120 minority shareholders 123 pre-merger certificate 122 procedural rules 117 scope of rules 116 shareholder taxation 126 shareholders’ meeting approval of merger 121 information 120 special negotiating body 124 taxation acquired assets 126 definition of merger 125 implementation measures 125 income 126 indirect taxation 126 losses 126 shareholders 126 pre-merger certificate Directive provisions as to 222 Index  national rules 8, 23, 36, 50, 70, 80, 108, 122, 140, 159, 174, 185, 206 procedural rules 5, 18, 31, 46, 67, 76, 89, 104, 117, 135, 155, 168, 183, 193, 203 see€also€simplified merger procedure procedure, simplified see€simplified merger procedure procedures assimilated to mergers, specific national rules 98 prospectus obligation, exempt securities, specific national rules 207 registration of merger 9, 23, 36, 50–1, 61, 70, 81 Directive provisions as to 223 publicity 216 Romania approval of merger effects 160 by shareholders 158 auditor’s report 156 cash payment 154 competent authority 159 creditor protection 161 draft terms 155 employee participation employee representatives, protection 163 general rules 162 implementation measures 162 special negotiating body 162 enforceability of merger 154, 160 implementation measures employee participation 162 general measures 152, 246 taxation 164 legal effects of merger 154 management report 156 minority shareholders 161 pre-merger certificate 159 procedural rules 155 scope of rules 152 scrutiny procedure 159 shareholders’ meeting approval of merger 158 information 157 taxation 164 voidance of merger 161 253  Index scope of rules Directive provisions as to 218–19 national rules 4, 15, 29–30, 44–5, 58–9, 62, 64, 74–5, 88, 102, 116, 129, 152, 166–7, 181, 192, 201–2 scrutiny procedure Directive provisions as to 216, 222–3 national rules 9, 18, 23, 36, 50–1, 61, 67, 81, 108, 122, 140, 159, 174, 185, 195, 206 securities holders’ rights, specific national rules 93 shareholders, specific national rules actions against management 94 information 106 inspection of documents 91 taxation 27–8, 100, 112, 126 shareholders’ meeting approval of merger 8, 22, 35, 80, 91, 107, 121, 158, 172, 185, 222 general rules 49–50, 61, 70, 138, 205 information 7, 21–2, 35, 79, 106, 120, 157, 171, 184, 196–7 minutes, specific national rules 92 timing, specific national rules 196–7 simplified merger procedure Directive provisions as to 224 specific national rules 62, 95, 142 Slovakia, implementation measures 246 Slovenia applicable law 129, 152 approval of merger effects 142 by shareholders 138 auditor’s report 137 cash payment 131 competent authority 140 creditor protection 143 draft terms 135 employee participation employee representatives, protection 149 implementation measures 144 proposed rules 148 special negotiating body 145–6 enforceability of merger 134 implementation measures employee participation 144 general measures 129, 244 overview 151 254 taxation 150 legal effects of merger 134 management report 136 minority shareholders 143 pre-merger certificate Slovenian company acquired 140 Slovenian company resulting 140 procedural rules 135 scope of rules 129 scrutiny procedure 140 shareholders’ meeting 138 simplified merger procedure 142 special negotiating body agreement 147 decision making 146 formation 146 initial negotiations 145–6 supervisory board report 138 taxation general rules 150 implementation measures 150 Spain applicable law 166–7 approval of merger effects 168 by shareholders 172 auditor’s report 169 cash payment 167 competent authority 174 creditor protection 175 draft terms 168 employee participation general rules 175 implementation measures 175 special negotiating body 175–6 enforceability of merger 174 implementation measures 246 employee participation 175 general measures 166–7 taxation 177 legal effects of merger 168 management report 169 merger balance-sheet 171 minority shareholders 175 pre-merger certificate 174 procedural rules 168 scope of rules 166–7 scrutiny procedure 174 shareholders’ meeting approval of merger 172 information 171 special negotiating body 175–6 taxation acquired assets 179 definition of merger 178 implementation measures 177 income 179 indirect taxation 179 special negotiating body 12, 25, 40, 53–4, 111, 124, 145–6, 162, 175–6, 199 stamp duty, specific national rules 56, 114 subsidiarity provision 217–18 supervisory board report, specific national rules 138 Sweden applicable law 181 approval of merger effects 182 by shareholders 185 auditor’s report 184 cash payment 182 competent authority 185 creditor protection 186 draft terms 183 employee participation 187 enforceability of merger 186 implementation measures 246 employee participation 187 general measures 181 taxation 187 legal effects of merger 182 management report 184 minority shareholders 186 pre-merger certificate 185 procedural rules 183 scope of rules 181 scrutiny procedure 185 shareholders’ meeting approval of merger 185 information 184 taxation 187 ‘sweep up’ provision as to tax relief 57 taxation see€also€Merger Tax Directive acquired assets, specific national rules 126, 179 Index  acquiring company, specific national rules 26, 100, 112 anti-avoidance, Directive provisions 235 capital gains tax, specific national rules 54, 56 corporate income taxes, specific national rules 26, 56, 84 definition of merger, specific national rules 125, 178 Directive provisions generally 231 European companies (SE/SCE), Directive provisions 234 general rules 13, 40, 54, 72–3, 150, 164, 187, 200, 210 implementation measures 13, 26, 40, 54, 83, 99, 112, 125, 150, 177, 200 inbound mergers, specific national rules 113 income, specific national rules 126, 179 indirect taxation, specific national rules 126, 179 losses, specific national rules 113, 126 mergers outside scope of rules, specific national rules 113 outbound mergers, specific national rules 113 permanent establishments, Directive provisions 233 shareholders, specific national rules 27–8, 100, 112, 126 stamp duty, specific national rules 56, 114 ‘sweep up’ provision as to relief, specific national rules 57 taxes list 239 transferred company, specific national rules 99 transparent entities, Directive provisions 234 United Kingdom (UK), implementation measures 246 VAT, specific national rules 27 voidance of merger Directive provisions as to 226 national rules 9, 18, 38, 46, 62, 81, 95, 161, 208 255 ... Ken Rushton Cross-Border Mergers in Europe: Volume General Editor: Dirk Van Gerven Cross-Border Mergers in Europe: Volume General Editor: Dirk Van Gerven Cross-Border Mergers in Europe VOLUME... applied in any of the companies involved in the cross-border merger, there is no obligation under Finnish law to organise an employee representation system following the 11 37 Cross-border mergers in. .. has its registered address in Greece (Art 1(2) Greek Law on Cross-border Mergers) The Greek Law on Cross-border Mergers does not apply to cross-border mergers involving a company the object of