{"id":44016,"date":"2017-11-26T16:18:56","date_gmt":"2017-11-26T14:18:56","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/capital-increase-for-corporations-in-the-run-up-to-the-acquisition-of-shares-exclusion-of-subscription-rights-as-a-necessary-evil\/"},"modified":"2017-11-26T16:18:56","modified_gmt":"2017-11-26T14:18:56","slug":"capital-increase-in-corporations-in-advance-of-acquisition-of-participation-exclusion-of-preemptive-rights-as-necessary-obligation","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/capital-increase-in-corporations-in-advance-of-acquisition-of-participation-exclusion-of-preemptive-rights-as-necessary-obligation\/","title":{"rendered":"Capital increase for corporations in the run-up to the acquisition of shares \u2014 exclusion of subscription rights as a necessary evil"},"content":{"rendered":"

Florian Hirsch\u00admann<\/strong> \u2014 Attor\u00adney at Law and Local Part\u00adner of the law firm White & Case LLP, Munich<\/p>\n

Dr. Ines Buer\u00admeyer<\/strong> \u2014 Attor\u00adney at Law and Local Part\u00adner of the law firm White & Case LLP, Munich<\/p>\n

Prof. Dr. Chris\u00adtoph von Einem<\/strong> \u2014 Attor\u00adney at Law and Part\u00adner of the law firm White & Case LLP, Munich and Lectu\u00adrer for Entre\u00adpre\u00adneur\u00adship & Law, TU Munich<\/p>\n","protected":false},"excerpt":{"rendered":"

The capi\u00adtal increase is the common means of raising new capi\u00adtal. Depen\u00adding on the Company\u2019s objec\u00adti\u00adves, howe\u00adver, the share\u00adhol\u00adders\u2019 manda\u00adtory subscrip\u00adtion rights may conflict with the purpose of the capi\u00adtal increase. This requi\u00adres the exclu\u00adsion of exis\u00adting share\u00adhol\u00adders from subscrib\u00ading to new shares. Howe\u00adver, the exclu\u00adsion of subscrip\u00adtion rights is subject to condi\u00adti\u00adons that some\u00adti\u00admes appear strict, so that possi\u00adble errors have far-reaching consequences.<\/strong><\/p>\n

Increased capi\u00adtal requi\u00adre\u00adments, whether to finance invest\u00adments or to main\u00adtain liqui\u00addity in a tense econo\u00admic situa\u00adtion, must incre\u00adasingly be covered by equity capi\u00adtal. The reluc\u00adtance of banks to grant loans is also promp\u00adting compa\u00adnies to consider alter\u00adna\u00adti\u00adves for raising capital.<\/p>\n

The capi\u00adtal increase repres\u00adents the decisive capi\u00adtal measure if an invest\u00adment acqui\u00adsi\u00adtion is plan\u00adned. This applies equally to the acqui\u00adsi\u00adtion of a share\u00adhol\u00adding by the as well as to the acqui\u00adsi\u00adtion of a share\u00adhol\u00adding in the company in ques\u00adtion. If a capi\u00adtal increase takes place, share\u00adhol\u00adders of a stock corpo\u00adra\u00adtion are entit\u00adled by law to a subscrip\u00adtion right (Sec. 186 (1) AktG), which serves to protect the propor\u00adtio\u00adnal main\u00adten\u00adance of both their voting power and the assets embo\u00addied in the shares they hold. Such a subscrip\u00adtion right is also reco\u00adgni\u00adzed in the case of the GmbH.<\/p>\n

Nevert\u00adhel\u00adess, the inte\u00adrests of the Company may require the exclu\u00adsion of the subscrip\u00adtion right and thus over\u00adride the inte\u00adrest of the share\u00adhol\u00adders in the protec\u00adtion of their share\u00adhol\u00adding gran\u00adted by the subscrip\u00adtion right. The possi\u00adbi\u00adlity of exclu\u00adding subscrip\u00adtion rights serves to enforce the predo\u00admi\u00adnant inte\u00adrest of the Company.<\/p>\n

Inte\u00adrest<\/strong><\/p>\n

The inte\u00adrest of the share\u00adhol\u00adders in the subscrip\u00adtion right to which they are entit\u00adled by law, as descri\u00adbed above, is often oppo\u00adsed by the over\u00adri\u00adding inte\u00adrest of the Company in exclu\u00adding this subscrip\u00adtion right.<\/p>\n","protected":false},"featured_media":18963,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2477,2509,2516,2537],"product_tag":[1759,1767,1769,1775,1779,1784],"class_list":{"0":"post-44016","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-florian-t-hirschmann-en","8":"product_cat-fyb-2012-2","9":"product_cat-prof-dr-christoph-von-einem-en","10":"product_cat-dr-ines-buermeyer-en","11":"product_tag-christoph-von-einem-en","12":"product_tag-florian-hirschmann-en","13":"product_tag-ines-buermeyer-en","14":"product_tag-capital-increase","15":"product_tag-capital-requirements","16":"product_tag-equity","17":"pa_sprache-english-3","18":"pa_sprache-german","20":"first","21":"outofstock","22":"taxable","23":"shipping-taxable","24":"purchasable","25":"product-type-variable"},"yoast_head":"\nCapital increase for corporations in the run-up to the acquisition of shares - exclusion of subscription rights as a necessary evil - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/capital-increase-in-corporations-in-advance-of-acquisition-of-participation-exclusion-of-preemptive-rights-as-necessary-obligation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital increase for corporations in the run-up to the acquisition of shares - exclusion of subscription rights as a necessary evil - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"The capital increase is the common means of raising new capital. 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