Abstract
The regulatory framework of intra-Community cross-border mergers is not a simple one. In Spanish law, it is mainly—but not only—contained in the Law 3/2009, on structural amendments of commercial companies, where it appears fragmented into two parts. This study guides the reader to connect and interpret the content of these two parts. We will see that there is a mutual influence between cross-border merger and common merger regimes in Spanish law.
After a short reference to alternative methods to cross-border mergers—i.e. the arrangement—the chapter continues with an analysis of the concept—broad and strict—its hybrid nature, and the types of intra-Community cross-border merger.
The three phases of cross-border mergers are studied in detail: the preparatory phase, the decision-making phase, and the execution phase. Some relevant issues appear throughout this study, well due to their singularity in Spanish law—i.e. the possibilities of modifying the common draft terms of merger—or well due to their lack of harmonization in EU law—i.e. the acts relating to registration in the business register or in a foreign equivalent institution-.
The study also takes in consideration several common problems and solutions shared with the regime of the European public limited-liability company (SE).
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
See Mambrilla (2009), pp. 907–911, which discusses the different versions of LME during the legislative procedure or the approval process: proposed preliminary draft law on structural amendments of companies of 3 April 2006; preliminary draft law on structural amendments of companies, approved by the Council of Ministers in June 2007, and draft law on structural amendments of companies of 30 May 2008.
There are several opinions and reports relating to this regulation, owing to its importance and complexity. These include the Opinion of the Economic and Social council of Spain of 26 July 2007; the Opinion of the Spanish Council of State; the Opinion of the Official College of Property and Mercantile Registrars of Spain and the report of the General Notary Council—see Mambrilla (2009), p. 908, note 224.
- 2.
Recital 1 Directive (EU) 2017/1132, which lists the six directives.
- 3.
This table links each article of the EU Directive 2017/1132 with the corresponding article of the repealed directive, which it replaces.
- 4.
The legal framework has been harmonized as both the LME and the Law on Limited Liability Companies include the transposition of EU law with regard to company mergers.
See Cabanas (2015), p. 405.
- 5.
See Mambrilla (2009), p. 882.
The system of cross-border mergers contained in the LME has a close precedent in the Proposal for a Companies Code, approved on 14 March 2006 by the Commercial Law Section of the General Commission of Codification inside the Ministry of Justice—see, for a brief commentary, Tapia (2009), p. 823.
- 6.
See also arts. 54 and 56.2 LME.
- 7.
- 8.
This norm regulates three types of commercial companies that operate in Spain: the sociedad anónima, the sociedad de responsabilidad limitada and the sociedad comanditaria por acciones. The sociedad anónima is the Spanish equivalent of a UK public company, while the other two types are roughly correspondent to private companies. This norm repeals and consolidates previous regulations governing these types of companies: with regard to the sociedad anónima, the Royal Legislative Decree 1564/1989, of 22 December, approving the consolidated text of the public companies law, and title X (articles 111–117) of Law 24/1988, of 28 of July, on the stock market, relating to listed companies, except for sections 2 and 3 of article 114 and articles 116 and 116 bis—which have been replaced by the Royal Legislative Decree 4/2015, of 23 October, approving the consolidated text of the Stock Market Law; with regard to the sociedad de responsabilidad limitada, the Law 2/1995, of 23 March, on private companies, and with regard to the sociedad comanditaria por acciones, section 4ª of title I of book II (articles 151–157) of the Commercial Code of 1885 (hereinafter, Commercial Code). This Commercial Code is still in force today in Spain, although the approval of the preliminary draft of the Mercantile Code 30th May 2014 is currently being discussed in the Spanish Parliament.
- 9.
We can cite among others article 160 LSC, which establishes the general meeting’s power to adopt a merger agreement; article 194 LSC, on the enhanced quorum required when the agenda for the general meeting includes a vote on whether to adopt the merger agreement; or article 199 LSC, which establishes the qualified voting majority, required to approve the merger agreement.
- 10.
Result of the transposition of Council Directive 2001/86/EC of 8 October 2001 supplementing the Statute for a European company with regard to the involvement of employees (hereinafter, Directive 2001/86/EC).
- 11.
The main Spanish regulation governing this matter is Law 15/2007, of 3 July, on Competition Protection, article 7.1.b of which also defines the merger as economic concentration. Article 8.2 of this law sets out that concentrations “with a Community dimension as defined in Council Regulation (EC) n° 139/2004” will not be subject to the supervision of the Spanish authorities, as it will come under the jurisdiction of the European Commission.
- 12.
See Sequeira (2006), p. 1511.
- 13.
Recital 2 Directive 2005/56/EC; Recital 1 LME.
- 14.
See European Central Bank (2008), pp. 67–69, which, speaking about “Cross-Border Bank Mergers & Acquisitions and Institutional Investors”, refers to different types of legal barrier.
On top of these, there are also political barriers. Thus, shortly before and after the enactment of Directive 2005/56/EC, a number of business concentration operation failed in Spain primarily because of the actions of the governments of the States involved: in 2005, the takeover bid of the Spanish bank BBVA over the Italian bank BANCA NAZIONALE DEL LAVORO; in 2006, the merger attempt between the Italian company AUTOSTRADE and the Spanish company ABERTIS and the takeover bid of German energy company EON over the Spanish ENDESA.
- 15.
Recital 1 of Directive 2005/56/EC.
- 16.
- 17.
- 18.
See Tapia (2009), p. 810.
- 19.
- 20.
- 21.
Secs. 425 and 426 Companies Act 1985.
- 22.
Secs. 895–899 Companies Act 2006, since modified.
- 23.
See Davies and Worthington (2012), pp. 1108–1113.
- 24.
The Virginia Stock Corporation Act is part of the 1950 Code of Virginia, namely Chapter 9 “Virginia Stock Corporation Act”, of Title 13.1 “Corporations”.
- 25.
See Tapia (2009), pp. 826–827.
- 26.
We prefer to use the phrase “governed exclusively by national law” rather than “by domestic or national”, to differentiate between these companies and European public limited-liability companies, as the latter is also domestic or national as it has the nationality of the state in which it is registered. There is no such thing as a European or Community nationality, neither for natural persons nor for legal persons. Thus, the term domestic or national is also attributable to the European public-limited liability company and does not distinguish this type of company from other types.—see Martínez-Echevarría (2005), pp. 157–162, with regard to a mixed national and international legal framework and pp. 167–172, with regard to its nationality.
- 27.
In the Spanish system, title XIII of the LSC—arts. 455–494 and, with specific reference to creating a company through a merger, arts. 467–470—31/2006 and Council Regulation (EC) 2157/2001.
- 28.
See Sequeira (2006), pp. 379–380, which stresses that this concept is similar in many respects to the concept of merger contained in the now repealed Royal Legislative Decree 1564/1989, of 22 December, approving the consolidated text of the Law on Limited Liability Companies.
- 29.
This definition is related to the one contained in article 2.2 Directive 2005/56/EC.
- 30.
See González-Meneses and Álvarez (2013), p. 297.
- 31.
- 32.
See González-Meneses and Álvarez (2013), pp. 296–297.
- 33.
The basic regulation is the aforementioned LSC of 2010.
- 34.
See Cabanas (2015), p. 409.
- 35.
Art. 1 Law 44/2015, of 14 October, on employee-owned companies and investee companies.
- 36.
Art. 1.2 Law 2/2007, of 15 March, on professional societies.
- 37.
Art. 434 LSC.
- 38.
Art. 495.1 LSC.
- 39.
Art. 2.1. Directive 2005/56/EC. See Cabanas (2015), pp. 409 and 412.
- 40.
See Tapia (2009), pp. 840–843, which describe companies included under the umbrella term collective investment.
- 41.
- 42.
Cf. Sequeira (1999), p. 202.
- 43.
There are other corporate acts, such as the split, the transformation, capital increase and decrease, which are also classified as complex acts or operations. For a discussion of the capital increase as an operation, see Martínez-Echevarría (2006), pp. 53–57, which also contains references to other works.
- 44.
- 45.
- 46.
See Tapia (2009), pp. 832–835.
- 47.
See Martínez-Echevarría (2005), pp. 144–153, which discusses in five periods the four decades that elapsed since professor Pieter Sanders’ speech at Rotterdam University in 1959 proposing the regulation of a European public limited-liability company until the approval of its two regime norms in 2001. The main achievements in this period are the Memorandum composed by Professor Sanders in 1966; the Regulation Proposal for the European Company Statute in 1970, COM (1970) 600 final, 24.06.1970—Suppl 8/1970 Bulletin EC; the Proposed Statute for European public limited-liability company in 1975, COM (1975) 150 final, 19.03.1975—Suppl 4/1975 Bulletin EC; the Council Regulation Proposal establishing the European Company Statute in 1989 and the Proposal for a Council Directive supplementing the European Company Statute with regard to the position of employees in 1989, both texts in COM (1989) 268 final, 25.08.1989—Suppl 5/1989 Bulletin EC and DO C 263, 16.10.1989; amended Proposal for a Regulation, of 16 May 1991, and amended Proposal for a Directive, of 6 April 1991, COM (1991) 174 final, 6.05.1991, and COM (1991) 174-2, 22.05.1991—DO C 176, 08.06.1991 and DO C 138, 29.05.1991. The last 10 years from the Proposals of 1991 until the enactment of the final version of the Regulation and the Directive regulating the European public limited-liability company were devoted to giving the final shape to the regime governing employee involvement, removing the rough edges to ensure it would not be rejected in States with juridical cultures not used to this practice.
- 48.
In fact, there were more countries with a dual system. To be more precise, at the time at which Council Regulation (EC) 2157/2001 was published, the Member States with a dual model were Austria, Belgium, Denmark, Germany, Italy and Luxembourg; there was a monist system for limited societies in Spain, Finland, Greece, Ireland, Sweden and the United Kingdom there was a mixed or flexible model, corresponding in some measure to the Statute for the European public limited-liability company in France, Holland and Portugal.
- 49.
Art. 38.b Council Regulation (EC) 2157/2001.
Moreover, the choice between the two models does not depend on the existence or otherwise of a regime regulating employee co-management in the SE in question—see Hommelhoff (2001), p. 282.
Regarding the regime for the monist and dual systems contained in LSC 2010, which are applicable to a SE based in Spain, see Martínez-Echevarría (2017a), pp. 779–794; Martínez-Echevarría (2017b), pp. 794–805.
- 50.
Employee involvement was regulated in Austria, Denmark, Finland, Germany, Holland, Luxembourg and Sweden. It was not regulated in Belgium, France, Greece, Ireland, Italy, Portugal, and the United Kingdom.
- 51.
- 52.
Art. 2 Directive 2001/86/EC.
- 53.
Developed, to regulate the SE based in Spain, in Law 31/2006 cited above.
- 54.
Art. 7 and annex of Directive 2001/86/EC.
- 55.
See Fouassier (2001), p. 86.
- 56.
Some authoritative voices are opposed to this limitation imposed by the legislator, as there does not seem to be any justification for restricting the procedure to the public company and excluding other types of limited liability company—see Hommelhoff (2001), p. 280.
- 57.
See Tapia (2009), p. 836.
- 58.
“A company, on being dissolved without going into liquidation, transfers all its assets and liabilities to the company holding all the securities or shares representing its capital” (art. 2.2.c Directive 2005/56/EC).
- 59.
These articles form part of section 8ª “On special mergers”, of Chapter II Title II of LME (arts. 49–52).
Vid. art. 15.1 Directive 2005/56/EC.
- 60.
See Tapia (2009), p. 836.
- 61.
Acquisition in 2008 of Spanish single shareholder company BETRAND SPAIN SAU by German public company limited by shares BERTRAND AG; acquisition in 2008 of Italian single shareholder company FACI METALEST SLU by Italian public limited liability company FACI SpA.
- 62.
Acquisition in 2004 of Portuguese public company limited by shares TECNOLOGÍAS MÚSICA E AUDIO-ROLAND PORTUGAL SA and Spanish public company limited by shares ROLAND ELECTRONICS DE ESPAÑA SA by Spanish single shareholder company ROLAND IBERIA SLU.
At the time of writing, the Spanish listed company BANCO BILBAO VIZCAYA ARGENTARIA SA has initiated an operation of intra-Community cross-border merger by acquisition of its Portuguese subsidiary BANCO BILBAO VIZCAYA ARGENTARIA (PORTUGAL) SA.
- 63.
Failed attempt by Italian listed company ATLANTIA SpA to acquire and merge with Spanish listed company ABERTIS SA. At the time of writing, the Italian listed company ATLANTIA SpA—formerly AUTOSTRADE SpA—and the Spanish listed company ACS SA have launched a joint takeover bid for ABERTIS SA.
- 64.
- 65.
Which goes well beyond the selection of norms that were highlighted above.
- 66.
“(U)nless this Directive provides otherwise, each company taking part in a cross-border merger, and each third party concerned, remains subject to the provisions and formalities of the national law which would be applicable in the case of a national merger”.
- 67.
See González-Meneses and Álvarez (2013), p. 297.
- 68.
This is set out in article 29 LME.
- 69.
- 70.
See Cabanas (2015), pp. 418 et seq.
- 71.
- 72.
See González-Meneses and Álvarez (2013), p. 299.
- 73.
Article 59.2.2ª LME refers to article 67 LME, which covers more issues relating to employee implication rights in the resultant company; article 67 in turn refers to Law 31/2006, which provides extensive regulation on this issue. As we have discussed, on the one hand, it is important for employees to intervene in the procedure that will regulate their future involvement in the management of the resultant company; on the other hand, it is important to decide on the type of involvement that will be employed, participation, information, consultation or other mechanisms. As noted above, each of these types generates different degrees of involvement.
- 74.
- 75.
For example, the right to “request from the Business Register corresponding to the registered office of the acquiring company the designation of an independent accounts auditor to determine the fair value of its shares or holdings” (art. 50.2 LME).
- 76.
This modification is of undeniable importance, as it affects other data contained in the draft terms of merger—see art. 31.2ª, 3ª, 4ª and 5ª LME.
- 77.
“For each of the merging companies and subject to the additional requirements imposed by the Member State to which the company concerned is subject, the following particulars shall be published in the national gazette of that Member State: (a) the type, name and registered office of every merging company…”—the italics are ours (art. 6.2 Directive 2005/56/EC).
- 78.
See García-Villaverde (1996), pp. 203 et seq.
- 79.
The obligation to publish on the web page of the merging companies was established for intra-Community cross-border mergers in the reform of article 6 Directive 2005/56/EC made by Directive 2009/109/EC of the European Parliament and of the Council of 16 September 2009 amending Council Directives 77/91/EEC, 78/855/EEC and 82/891/EEC, and Directive 2005/56/EC as regards reporting and documentation requirements in the case of mergers and divisions.
See Cabanas (2015), p. 425; Mambrilla (2009), p. 912; Mercadal (2015), p. 109.
- 80.
See Cabanas (2015), pp. 426–427.
- 81.
See González-Meneses and Álvarez (2013), p. 299.
- 82.
With regard to drawing up the report, article 60 LME refers to what is laid down in article 33 LME in relation to the common or general merger.
- 83.
The regulation of the experts’ report in articles 8.2 and 4 Directive 2005/56/EC expressly mentions the common draft terms of merger.
- 84.
See Cabanas (2015), p. 431.
- 85.
See González-Meneses and Álvarez (2013), p. 300.
- 86.
See Mambrilla (2009), p. 912.
- 87.
The only specific reference to this question is the comment on the possible advantages attributed to independent experts (art. 59.2.1ª LME)—see Cabanas (2015), p. 433.
- 88.
Both articles give an orientative idea of the content of the common draft terms.
- 89.
See González-Meneses and Álvarez (2013), p. 299.
- 90.
- 91.
See Cabanas (2015), pp. 439–440.
- 92.
Article 9.1 Directive 2005/56/EC stresses that the members must take into consideration the report of the management and administrative organ when forming their opinion.
- 93.
- 94.
- 95.
See González-Meneses and Álvarez (2013), p. 300.
- 96.
See Cabanas (2015), p. 447.
- 97.
- 98.
See Fernández-del-Pozo (2009), p. 948.
In Delaware law it is sufficient for the document to be recognized without notarial authentication—ibidem, pp. 948–949.
- 99.
See Fernández-del-Pozo (2009), pp. 949–950.
- 100.
See Fernández-del-Pozo (2009), p. 929.
- 101.
This proposal was included in the Proposal for a Regulation on the Statute for a European public limited-liability company, of 30 June 1970.
- 102.
We would first like to define the concept of international business register law: the term refers to that part of conflict law—or of international private law—that deals specifically with the problems created by the registry in the corresponding national registry office of business persons—natural or juridical—involved in international trade—see Fernández-del-Pozo (2009), p. 929.
- 103.
See Fernández-del-Pozo (2009), pp. 929–930.
- 104.
See Sancho (2001), p. 244.
- 105.
See Fernández-del-Pozo (2009), pp. 930–931.
- 106.
See Mambrilla (2009), p. 912.
- 107.
It is understandable that the Community legislator did not fix a specific period for this certification, opting instead for the expression “without delay” in article 10.2 Directive 2005/56/EC, as the diverse regimes of the different Member States make it difficult to establish a more specific time limit. Article 64 LME uses the same flexible term, “sin demora” (without delay), in its transposition of the Directive. This is also comprehensible but in a national law such vagueness generates legal uncertainty.
- 108.
- 109.
See González-Meneses and Álvarez (2013), p. 302.
- 110.
See Fernández-del-Pozo (2009), p. 957.
- 111.
See Davies and Worthington (2012), p. 1120.
- 112.
See Esteban-Velasco (2009), pp. 1014–1018 and 1018–1024.
- 113.
- 114.
See González-Meneses and Álvarez (2013), p. 302.
- 115.
- 116.
- 117.
Art. 13.2 Directiva 2005/56/EC.
- 118.
See González-Meneses and Álvarez (2013), p. 303.
- 119.
Arts. 12 and 14 Directiva 2005/56/EC.
- 120.
See Mambrilla (2009), p. 916.
- 121.
Article 62 LME has been modified twice to date. In the first version, in 2009, the right to separation had an even more exceptional character than it has in the current version and referred to the regulations in the regime for the sociedad de responsabilidad limitada, contained in the LSC. There have been several changes to the regulation of separation rights in both the LSC and the LME.
- 122.
As occurs with company transformation (art. 15 LME).
- 123.
- 124.
See Cabanas (2015), p. 480.
- 125.
See in this chapter, Sect. 1, where we refer to the most important ones.
- 126.
For example, the entry into effect of the cross-border merger, regulated in article 12 Directive 2005/56/EC.
- 127.
See in this chapter, Sect. 4.
- 128.
See in this chapter, Sect. 4.
- 129.
See in this chapter, Sect. 8.1.
- 130.
See in this chapter, Sect. 3.
- 131.
- 132.
See in this chapter, Sect. 10.
Abbreviations
- Commercial Code:
-
Royal Decree of August 22, 1885 approving the Commercial Code
- Council Regulation (EC) 2157/2001:
-
Council Regulation (EC) n° 2157/2001 of 8 October 2001 on the Statute for a European Company (SE)
- Directive (EU) 2017/1132:
-
Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law
- Directive 2001/86/EC:
-
Council Directive 2001/86/EC of 8 October 2001 supplementing the Statute for a European company with regard to the involvement of employees
- Directive 2005/56/EC:
-
Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies
- Law 31/2006:
-
Law 31/2006, of 18 October, on the involvement of employees in European public limited-liability companies and European cooperatives.
- LME:
-
Law 3/2009, of 3 April, on structural amendments of commercial companies
- LSC:
-
Royal Legislative Decree 1/2010, of 2 of July, approving the consolidated text of the Law on Limited Liability Companies
- RRM:
-
Royal Decree 1784/1996, of 19 July, approving the Business Register Regulation
- SE:
-
European public limited-liability company or Societas Europaea
References
Birkmose HS (2005) A market for company incorporations in the European Union? Tulane J Int Comp Law 13:55–108
Blanquet F (2001) Enfin la société européenne “la SE”. Revue du Droit de l’Union Européenne 1:65–109
Cabanas R (2015) Las fusiones y escisiones transfronterizas. In: Rojo Á et al (eds) Las modificaciones estructurales de las sociedades mercantiles. Thomson-Reuters-Aranzadi, Cizur Menor, pp 403–494
Davies PL, Worthington S (2012) Gower and Davies’ principles of modern company law. Sweet & Maxwell, London
Díez-Picazo L (1993) Fundamentos de Derecho Civil Patrimonial, vol I (Introducción. Teoría del contrato). Civitas, Madrid
Edwards V (2003) The European company – essential tool or eviscerated dream? Common Mark Law Rev 40:443–450
Enriques L (2013) A new EU business combination form to facilitate cross-border M&A: the compulsory share exchange. Univ Pa J Int Law 35:541–556
Esteban-Velasco G (2009) Derechos de participación de los trabajadores en las fusiones transfronterizas intracomunitarias. In: Rodríguez-Artigas F et al (eds) Modificaciones estructurales de las sociedades mercantiles, vol I, Transformación, fusión, fusiones transfronterizas intracomunitarias. Thomson-Reuters-Aranzadi, Cizur Menor, pp 975–1037
European Central Bank (2008) ECB monthly bulletin, October. https://www.ecb.europa.eu/pub/pdf/mobu/mb200810en.pdf. Accessed 11 Mar 2019
Fernández-del-Pozo L (2009) La ejecución de la fusión transfronteriza. In: Rodríguez-Artigas F et al (eds) Modificaciones estructurales de las sociedades mercantiles, vol I, Transformación, fusión, fusiones transfronterizas intracomunitarias. Thomson-Reuters-Aranzadi, Cizur Menor, pp 927–974
Fouassier C (2001) Le statut de la “Société européenne”: un nouvel instrument juridique au service des entreprises. Revue du Marché commun et de l’Union européenne 445:85–88
García-Villaverde R (1996) Proyecto de fusión no aprobado por la Junta General de una de las sociedades que lo suscribieron. Revista de Derecho de Sociedades 6:199 et seq
Girón J (1952) Derecho de sociedades anónimas (según la Ley 17 de julio de 1951). Universidad de Valladolid, Publicaciones de los Seminarios de la Facultad de Derecho, Valladolid
Girón J (1976) Derecho de sociedades, vol I. Marcial Pons, Madrid
González-Meneses M, Álvarez S (2013) Modificaciones estructurales de las sociedades mercantiles. Dykinson, Madrid
Hommelhoff P (2001) Einige Bemerkungen zur Organisationsverfassung der. Europäischen Aktiengesellschaft. Die Aktiengesellschaft 46:279–287
Mambrilla V (2009) Particularidades de las fases preparatoria y decisoria. In: Rodríguez-Artigas F et al (eds) Modificaciones estructurales de las sociedades mercantiles, vol I, Transformación, fusión, fusiones transfronterizas intracomunitarias. Thomson-Reuters-Aranzadi, Cizur Menor, pp 851–925
Martí V (2006) Armonización en materia de concentraciones intraeuropeas: la décima directiva sobre fusiones transfronterizas de las sociedades de capital. Revista de Derecho de Sociedades 27:299–317
Martínez-Echevarría A (2005) La sociedad anónima europea: un régimen fragmentario con intención armonizadora. In: Beneyto JM, Martínez-Echevarría A (eds) El espacio financiero único de la Unión Europea: los mercados de valores. Marcial Pons, Madrid, pp 135–241
Martínez-Echevarría A (2006) El aumento del capital de la sociedad cotizada. Thomson-Civitas, Madrid
Martínez-Echevarría A (2017a) Sistema monista (artículo 477 LSC). In: Prendes P, Martínez-Echevarría A, Cabanas R (eds) Tratado de Sociedades de Capital. Comentario jurisprudencial, notarial, registral y doctrinal de la Ley de Sociedades de Capital. Thomson-Reuters-Aranzadi, Cizur Menor, pp 779–794
Martínez-Echevarría A (2017b) Órganos del sistema dual (artículo 478 LSC). In: Prendes P, Martínez-Echevarría A, Cabanas R (eds) Tratado de Sociedades de Capital. Comentario jurisprudencial, notarial, registral y doctrinal de la Ley de Sociedades de Capital. Thomson-Reuters-Aranzadi, Cizur Menor, pp 794–805
Mercadal F (2015) El proyecto de las modificaciones estructurales. In: Rojo Á et al (eds) Las modificaciones estructurales de las sociedades mercantiles. Thomson-Reuters-Aranzadi, Cizur Menor, pp 55–134
Motos M (1953) Fusión de sociedades mercantiles. Editorial Revista de Derecho Privado, Madrid
Papadopoulos T (2011) EU regulatory approaches to cross-border mergers: exercising the right of establishment. Eur Law Rev 1:71–97
Papadopoulos T (2012) The magnitude of EU fundamental freedoms: application of the freedom of establishment to the Cross-Border Mergers Directive. Eur Bus Law Rev 23:517–546
Pérez-Milla JJ (1996) Fusión internacional de sociedades anónimas en el espacio jurídico europeo. Aranzadi, Pamplona
Sancho D (2001) La transferencia internacional de la sede social en el espacio europeo. Eurolex, Madrid
Sequeira A (1999) El proyecto de fusión como condicionante del ámbito de los acuerdos a adoptar por las sociedades participantes en una fusión. Revista de Derecho de Sociedades 12:195–208
Sequeira A (2006) Consideraciones sobre la fusión internacional de sociedades anónimas. In: Rodríguez-Artigas F (ed) Derecho de sociedades anónimas cotizadas (Estructura de gobierno y mercados), vol II. Thomson-Reuters-Aranzadi, Madrid, pp 1511–1576
Siems MM (2004) The European Directive on cross-border mergers: an international model? Columbia J Eur Law 11:167–185
Siems MM (2007) SEVIC: beyond cross-border mergers. Eur Bus Organ Law Rev (EBOR) 8:307–316
Tapia AJ (2007) Fusiones y OPAS transfronterizas. Thomson-Aranzadi, Cizur Menor
Tapia AJ (2009) Introducción. Delimitación del supuesto. Clases y régimen jurídico aplicable. Fusiones extracomunitarias. In: Rodríguez-Artigas F et al (eds) Modificaciones estructurales de las sociedades mercantiles, vol I, Transformación, fusión, fusiones transfronterizas intracomunitarias. Thomson-Reuters-Aranzadi, Cizur Menor, pp 807–850
Trias M (2001) La fusión y operaciones de similar alcance. In: Fernández-del-Pozo L et al (eds) Las operaciones societarias de modificación estructural: análisis de su tratamiento jurídico tributario y contable. Tirant lo Blanch, Valencia, pp 71–92
Vicent-Chuliá F (2008) Reforma del régimen de la fusión y otras modificaciones estructurales (Ante la Directiva 2005/56/CE, sobre fusión transfronteriza y el Anteproyecto de Ley de modificaciones estructurales de las sociedades mercantiles, de 14 de junio de 2007). Revista de Derecho Patrimonial 20:25–76
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2019 Springer Nature Switzerland AG
About this chapter
Cite this chapter
Martínez-Echevarría, A. (2019). The Mutual Influence Between Cross-Border Merger and Common Merger Regimes in Spanish Law. In: Papadopoulos, T. (eds) Cross-Border Mergers. Studies in European Economic Law and Regulation, vol 17. Springer, Cham. https://doi.org/10.1007/978-3-030-22753-1_22
Download citation
DOI: https://doi.org/10.1007/978-3-030-22753-1_22
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-22752-4
Online ISBN: 978-3-030-22753-1
eBook Packages: Law and CriminologyLaw and Criminology (R0)