OSOBITNÉ MAJETKOVOPRÁVNE NÁROKY MINORITNÝCH AKCIONÁROV PRI CEZHRANIČNÝCH ZLÚČENIACH A SPLYNUTIACH PODĽA SLOVENSKÉHO PRÁVA
Specific proprietary claims of minority shareholders in cross-border mergers according to Slovak law
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This article deals with two specific claims of minority shareholders according to Slovak law that are connected with the process of cross-border mergers. On the one hand, this article deals with the claim for an appropriate additional monetary payment if the exchange ratio of shares and any additional payments in money, determined by the agreement on a cross-border merger, were not stipulated appropriately. On the other hand, it deals with the claim for an appropriate monetary consideration if the minority shareholders exercise their right to withdraw from the company. The Cross-Border Merger Directive does not regulate the conditions for the rise and for the exercise of these specific proprietary claims. Therefore, these legal institutions are not unified within the European Union. The article points out that Slovak law is on the one hand distinctive, based on the fact that it provides these claims both to the shareholders of the companies being dissolved and the shareholders of the successor company in the case of fulfilment of the basic legal conditions. Apart from this, Slovak law guarantees that also in the case of export mergers the shareholders can exercise these claims at Slovak court according to Slovak law. On the other hand, the institutions of procedural law were not adjusted to this legal situation, which makes the specific proprietary claims hardly enforceable. This fact causes legal uncertainty – not only for the shareholders but also for the company that became the legal successor of the merging companies.
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