Several top deals already closed, a still highly fragmented industry and strong pressure for further consolidation following the financial crisis - renewable energy certainly has become a red-hot topic in M&A. Surveying 220 companies in the solar photovoltaic, utility and financial sector as...

Im Oktober 2002 hat die Europäische Kommission einen neuen Vorschlag für eine einheitliche Regelung von grenzüberschreitenden Firmenübernahmen vorgelegt. Für Brigitte Zypries, Bundesjustizministerin, wird dieser Entwurf seinem Anspruch nicht gerecht, ein »einheitliches »level playing...

In this paper, I tackle the question whether "one share - one vote" should become a European law rule. I examine, first of all the economic theory concerning one share - one vote and its optimality, and the law and economics literature on dual class recapitalizations and other deviations from...

This paper investigates the impact of the target chief executive officer’s (CEO) postmerger position on the purchase premium and target shareholders’ abnormal returns around the announcement of the deal in a sample of bank mergers during the period 1990–2004. We find evidence that the...

Several top deals already closed, a still highly fragmented industry and strong pressure for further consolidation following the financial crisis renewable energy certainly has become a red-hot topic in M&A. Surveying 220 companies in the solar photovoltaic, utility and financial sector as well...

This paper argues that in revising the Takeover Bid Directive, EU policymakers should adopt a neutral approach toward takeovers, i.e. enact rules that neither hamper nor promote them. The rationale behind this approach is that takeovers can be both value-creating and value-decreasing and there...

Since years, incentives for the management have become a standard upon acquisitions of companies by Private Equity Investors - so-called Buy-Outs. However, until this date there are no empirical studies available on the arrangements of management participations and potential conflicts of...

Shareholder voting on corporate acquisitions is controversial. In most countries acquisition decisions are delegated to boards and shareholder approval is discretionary, which makes existing empirical studies inconclusive. We study the U.K. setting where shareholder approval is imposed...

We examine the conflict of interest that an investment bank faces when advising both the target and acquirer in a merger or acquisition (M&A) by investigating how common advisors affect deal outcomes. We compare M&As with common advisors to deals in which targets and acquirers use different...

This article will discuss Union regulatory approaches to cross-border mergers in the light of the fundamental freedom of establishment (Art.49 TFEU). The aim of this article is to explore the dynamics and the impact on the internal market of the multi-faceted interaction between the secondary...