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THE BNR AND THE IMPLEMENTATION OF THE TOD
PAUL DAVIESAllen & Overy Professor of Corporate
Law, University of Oxford
Davies, Paul L., Schuster, Edmund-Philippand Van de Walle de Ghelcke, Emilie, The Takeover Directive as a Protectionist Tool? (February 17, 2010). ECGI - Law Working Paper No. 141/2010. Available at SSRN: http://ssrn.com/abstract=1554616
COUNTRIES INTRODUCING RECIPROCITY EXCEPTION TO EXISTING MANDATORY BNR
FRANCE
ITALY
SLOVENIA
SPAIN
PORTUGAL
COUNTRY BNR SCORE BEFORE BNR SCORE AFTER COMMISSION CHALLENGE
AVERSE ECJ DECISION
Austria 4 4 NO
Belgium 0 0 YES C-503/99Bulgaria 4 4 NO
Cyprus 0 4 NO
Czech Republic 4 4 NO
Denmark 0 0 YES
Estonia 4 4 NO
Finland 0 4 NO
France 4 3 YES (2) C-483/99Germany 0 0 YES C-112/05
Greece 4 3 YES (2)
Hungary 4 0 YES (2)
Ireland 4 4 NO
Italy 4 2 YES (4) C-58/99; C‑326/07;C-174/04;C-463, 464/2004
Latvia 0 4 NO
Lithuania 4 4 NO
Luxembourg 0 0 YES
Malta 0 4 NO
Netherlands 0 0 YES C-282, 283/04
Poland 0 0 YES (2)
Portugal 4 3 YES (4) C-367/98
Romania 0 4 NO
Slovakia 4 4 YES
Slovenia 4 3 NO
Spain 4 3 YES (2) C-463/00;C-207/07
Sweden 4 4 NO
United Kingdom 4 4 YES C-98/01
FRANCE: CAC 40 2009
Defensive warrants Prior permission to issue shares
Resolution withdrawn
Air Liquide Bouygues Essilor Pernod Ricard Peugeot Saint Gobain Veolia Environnement
Dexia EADS LVMH Sanofi-AventisBouygues DexiaPeugeot
CapgeminiVallourec
Sources: Herbert Smith; HQB Partners
Italy: Opt-out decisionsCompany name Market value
(in mEUR)
Fiat SpABanca Carige SpAYOOX S.p.A.Marcolin S.p.A.Tamburi Investment Partners S.p.A.AcegasAps SpAEL.EN. S.p.A.Mondo Home Entertainment SpAMeridie S.p.A.
9 companies, total market capitalisation
8,232.27 2,659.62
510.23 273.41 201.81 189.68
52.88 10.82
7.00
12,137.70
Sources: Company filings, Borsa Italiana
Reform Proposal• Make BNR the default subject to a periodic
opt-out decision by ordinary majority (Italy)• Remove MSS from decision-making process• Default in favour of those less well able to
act• But not mandatory where shareholders
believe company will operate better without a BNR in place
• Apply to BTR?