Das Anteilsumtauschverhältnis und dessen gerichtliche Überprüfung im Rahmen der grenzüberschreitenden Verschmelzung von Kapitalgesellschaften in der Europäischen Union

by Romuald Di Noto

"Das Anteilsumtauschverhältnis und dessen gerichtliche Überprüfung im Rahmen der grenzüberschreitenden Verschmelzung von Kapitalgesellschaften in der Europäischen Union"

Mémoire de LL.M rédigé en langue allemande sous la direction de M. le Professeur Tilman BEZZENBERGER, Professeur à l'Université de Potsdam, Allemagne

La possibilité de procéder à des fusions transfrontalières de sociétés de capitaux au sein de l'Union européenne constitue, depuis la directive 2005/56/CE du 26 octobre 2005, l'une des concrétisations de la liberté d'établissement des sociétés. En Allemagne, les dispositions de cette directive ont été transposées aux paragraphes 122a à 122l de la loi allemande relative aux transformations de sociétés (Umwandlungsgesetz).

La présente étude s'attache tout d'abord à présenter une vue d'ensemble tant de la procédure de fusion interne allemande que de celle de fusion transfrontalière telle qu'elle résulte de la transposition de la directive en droit allemand. Dans cette perspective, une attention particulière est portée au rapport d'échange des actions, qui constitue l'un des points clés de toute fusion de sociétés et a une incidence directe sur les droits des actionnaires des sociétés participantes.

Dans le cadre d'une fusion transfrontalière de sociétés de capitaux au sein de l'Union européenne, des questions spécifiques concernant le rapport d'échange des actions se posent. Si celle de la technique applicable à l'évaluation des sociétés participantes en fait partie, nous porterons une attention particulière à la question de l'applicabilité ou non, dans le cadre d'une fusion tranfrontalière à laquelle participe une société de droit allemand, de la procédure d'analyse et de modification du rapport d'échange des actions prévue par le droit allemand interne des fusions en faveur des actionnaires de la société absorbée (Spruchverfahren), et prise en considération par l'article 10 § 3 de la directive 2005/56/CE.

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