Uno Sguardo Pragmatico sul Fenomeno delle OPA Ostili nell'Intrecciarsi tra le Leggi Finanziarie, Majority Stakes e la Protezione degli Investitori

With the approval of the European Takeover Directive (2004/25/EC), it was clear that the so-called market of the control premium level playing fi?eld would be impossible; moreover, the regulatory operations with a wide area of functions like fi?nancial investments and the buy&sell the control of these investments, as well as the market itself, would not be effie?cient. This aftermath has raised a lot of questions not only regarding the European legislator of being unable to level di?fferent national laws and to create an unique ?financial market (mostly because of the compromise to regulate certain defensive measures against the hostile takeovers as well as the optional arrangements: passivity rule and breakthrough rule).