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Minderheitenschutz im Aktienrecht beim "kalten" Delisting: Gesellschafts- Und Kapitalmarktrechtliche Überlegungen Zum Interessengerechten Liquiditätsschutz Von Minderheitsaktionären Beim Börsenrückzug

Minderheitenschutz im Aktienrecht beim "kalten" Delisting: Gesellschafts- Und Kapitalmarktrechtliche Überlegungen Zum Interessengerechten Liquiditätsschutz Von Minderheitsaktionären Beim Börsenrückzug

          
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About the Book

Das sogenannte "Delisting", der Rückzug eines Emittenten vom Börsenhandel, ist durch einen gesellschaftsrechtstypischen Interessengegensatz von Mehrheits- und Minderheitsaktionären geprägt: Hält die Mehrheit einen Börsenrückzug für wirtschaftlich sinnvoll, sind Minderheitsaktionäre regelmäßig an der Aufrechterhaltung der Börsennotierung und der dadurch gewährleisteten besonderen Verkehrsfähigkeit oder Fungibilität ihres Aktieneigentums interessiert. Die erst 1998 durch das Dritte Finanzmarktförderungsgesetz eingeführte Delisting-Vorschrift des § 38 Abs. 4 BörsG löst diesen Konflikt nur partiell, da ihr Anwendungsbereich auf nach dem Börsengesetz durchgeführte "reguläre" Delistingverfahren beschränkt ist. Ist das Delisting dagegen Folge einer gesellschaftsrechtlichen Umstrukturierung, wie etwa der Verschmelzung einer börsennotierten auf eine nicht notierte Aktiengesellschaft, erfolgt es also auf "kaltem" Wege, gilt der Anlegerschutzstandard des § 38 Abs. 4 BörsG nicht. Diese Diskrepanz zwischen kapitalmarktrechtlich und gesellschaftsrechtlich induziertem Delisting untersucht das Werk. Ausgehend von einer Analyse des gemeinschafts- und verfassungsrechtlichen Hintergrundes wird ein Lösungskonzept entwickelt, das im Gegensatz zur zum "regulären" Delisting ergangenen "Macrotron"-Rechtsprechung eine einseitige Interessengewichtung vermeidet und die Minderheitsaktionäre nur in dem Maße schützt, wie sie tatsächliche Liquiditätseinbußen durch den Wegfall der Börsennotierung erleiden.


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Product Details
  • ISBN-13: 9783899492934
  • Publisher: De Gruyter
  • Publisher Imprint: de Gruyter
  • Height: 234 mm
  • No of Pages: 321
  • Series Title: Schriften Zum Europäischen Und Internationalen Privat-, Bank
  • Sub Title: Gesellschafts- Und Kapitalmarktrechtliche Überlegungen Zum Interessengerechten Liquiditätsschutz Von Minderheitsaktionären Beim Börsenrückzug
  • Width: 156 mm
  • ISBN-10: 3899492935
  • Publisher Date: 16 Nov 2005
  • Binding: Hardback
  • Language: German
  • Returnable: Y
  • Spine Width: 19 mm
  • Weight: 630 gr


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Minderheitenschutz im Aktienrecht beim "kalten" Delisting: Gesellschafts- Und Kapitalmarktrechtliche Überlegungen Zum Interessengerechten Liquiditätsschutz Von Minderheitsaktionären Beim Börsenrückzug
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Minderheitenschutz im Aktienrecht beim "kalten" Delisting: Gesellschafts- Und Kapitalmarktrechtliche Überlegungen Zum Interessengerechten Liquiditätsschutz Von Minderheitsaktionären Beim Börsenrückzug
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Minderheitenschutz im Aktienrecht beim "kalten" Delisting: Gesellschafts- Und Kapitalmarktrechtliche Überlegungen Zum Interessengerechten Liquiditätsschutz Von Minderheitsaktionären Beim Börsenrückzug

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