Protecting societal interests in corporate takeovers

Market failures may be caused by takeovers and affect not only the interests of corporate stakeholders, but also legally recognized public interest considerations and other societal interests.

A comparative analysis of the regulatory framework in the U.K., Germany and China

The thesis found that under the current regulatory framework of takeovers in the U.K., Germany and China, public laws (competition law and FDI screening laws) recognize and protect certain public interest considerations in takeovers, of which the national security interest is most important. Private laws (takeover law and corporate law) and national corporate governance codes in the three jurisdictions mainly protect the interests of corporate stakeholders (primarily target shareholders) while other societal interests are largely overlooked.

Based on the strengths and weaknesses of the current regulatory frameworks in the three jurisdictions, some recommendations in the field of takeover regulation were provided by the thesis for future reforms.

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