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A Journal of the Humanities and Social Sciences

ISSN 1736-7514 (electronic)  ISSN 1406-0922 (print)
Published since 1997

A Journal of the Humanities and Social Sciences

ISSN 1736-7514 (electronic)  ISSN 1406-0922 (print)
Published since 1997

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(Full article in PDF format) https://doi.org/10.3176/tr.2017.3.02


Hamed Alavi, Tatsiana Khamichonak


The European cross-border mergers framework is the most comprehensive to date – transnational mergers are possible following the Sevic case and the freedom of establishment, under a SE structure, and via a transfer of seat, whereas the Cross-Border Mergers Directive has been an overall success in harmonizing the rules on cross-border mergers in the EU. Nonetheless, gaps remain, such as creditor and minority shareholder protection. Dissenting shareholders protection is not harmonized on the European level - implementation of protection mechanisms is at the discretion of the Member States. As a result, certain Member States have decided not to transpose the respective provision in the Cross-Border Mergers Directive in national laws and provide for no special remedies for shareholders in cross-border mergers. The question that arises is whether without further harmonization of protection mechanisms the cross-border merger transaction is rendered dysfunctional.


minority shareholders, dissenting shareholders, shareholder voting, cross-border merger, Cross-Border Merger Directive, protection of dissenting minority shareholders


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Current Issue: Vol. 23, Issue 3, 2019

Publishing schedule:
No. 1: 20 March
No. 2: 20 June
No. 3: 20 September
No. 4: 20 December