The Supervision of Takeover Matters in the European Union - The Austrian Part

This paper investigates the effect of the rules contained in the Takeover Bids Directive on the supervisory practice of the Austrian Takeover Commission as part of the European takeover authorities’ network. The Takeover Bids Directive created a system of cooperation of national takeover authorities. It did not establish a centralized European regulator and/or supervisor, i.p. for cross border takeover bids. By evaluating and categorizing the takeover cases handled by the Austrian Takeover Commission, the paper aims to prepare the ground for a focused policy debate in view of the upcoming revision of the Takeover Bids Directive, to be proposed by the European Commission. It does not analyze the still ongoing policy debate, in particular, with respect to anti takeover defense measures. The paper ascertains certain procedural and substantive elements of European takeover law. It provides (i) an empirical study of the cases decided by the Austrian Takeover Commission between its establishment in 1999 and 2008, based on (ii) an outline of the Takeover Bids Directive as transposed into Austrian law and (iii) an outline of the structure of the Austrian Takeover Commission.