Bezugsrechtsausschluss und Ausgabepreis nach Art. 652b OR
Journal
Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht (SZW)
ISSN
1018-7987
Type
journal article
Date Issued
2008
Author(s)
Grechenig, Kristoffel
Abstract (De)
If shares are issued below their market value and allocated to new shareholders, wealth is effectively transferred from the old to the new shareholders. Preemption rights seek to protect the investors from such a "dilution" of their shareholdings, from an ex post point of view. Ex ante, shareholders would anticipate such a dilution and buy the shares only at a lower price. Controlling shareholders will try to commit not to dilute the shares in order to receive more capital, or a higher price, respectively. The granting of preemption rights is one mechanism to overcome the commitment problem and thus benefits the controlling shareholders as well. This article discusses the role of the issue price under OR 652b, the draft of a revised regulation, and the infringement proceeding before the European Court of Justice (C-338/06).
Language
German
Keywords
Kapitalerhöhung
Bezugsrecht
Verwässerung
Minderheitenschutz
HSG Classification
contribution to practical use / society
Refereed
No
Publisher
Schulthess
Publisher place
Zürich
Number
5
Start page
489
End page
496
Pages
8
Subject(s)
Division(s)
Eprints ID
47378