Abstract:
This paper considers the regulation of company takeovers in New Zealand in Germany and analyses the
fundamental rules of both regimes. The main argument is that takeovers perform a valuable economic function
on the one hand, but regulation is required to protect minority shareholders in takeover situations, on the other
hand. The analysis of several scenarios shows how the two national regimes work and when the fundamental
rules are supported by their anti-avoidance provisions. The paper argues that both regulations provide for a fair
and equal treatment of minority shareholders, even if the German regime is a bit more reluctant to trigger in
cases of coordinated conduct regarding the target company and cases of financial instruments than the New
Zealand one. However, it is not proposed to alter the German takeover law.