Wirtschaftskanzlei Heuking Kühn Lüer Wojtek | Rechtsanwälte, Steuerberater und Notare
11-05-2015

New Delisting Legislation




By introducing statutory delisting provisions, the German legislator is finally about to end the wave of delistings which occurred since the Frosta ruling of the German Federal Court of 8 October 2013.

Since the so-called Frosta ruling of the German Federal Court of Justice (Bundesgerichtshof – BGH) of 8 October 2013, according to which a regular delisting requires neither a resolution of the general meeting nor a compensation offer to external shareholders, more than 60 companies took advantage of the possibility to delist their shares from the German stock markets. Such approach was criticised by concerned minority shareholders as the liquidity as well as the stock price of the affected shares decreased significantly following the announcement of a delisting and, after the delisting came into effect, an adequate sale of the shares for adequate compensation was almost impossible.

Please find out more in our current Update Capital Market.

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