The German and English language may be very different, but since 1 January this year German and English public takeover lawyers have been working from a similar script. On that date the much-heralded Takeover Act finally became law in Germany.
The new takeover law lays down a new regime for certain transactions: it applies to all offers for shares in public limited companies or partnerships limited by shares that are resident in Germany and are admitted to trading on an organised market within the European Economic Area. The new law aims to remedy the deficiencies of the former discretionary ‘Kodex’ by providing clear cut and legally enforceable provisions, restricted defence measures for targets, squeeze-out mechanisms and fast and efficient procedures.
