Ralph RamesohlAktieneigentum, „wahrer Wert“ und Börsenkurs

About this book deutschenglish

The dissertation analyses the necessity to consider the stock market price for compensation of minority shareholders in cases of property issues induced by structural measures of the concern. Triggered by the recent decision on DAT/Altana and renown Feldmühle case of the German Federal Constitutional Court, the author analyses the guidelines of the German and Austrian constitutional and corporate law. These guidelines are compared with capital markets and asset pricing theories.

From a constitutional law perspective, the author concludes that equivalent protection of property rights for equity shares, and particularly publicly traded shares, exist in Germany and in Austria.

Consequently, in principal, the stock market price needs to be taken into account for valuation of the minority shares. However, an extensive catalogue of limiting criteria needs to be applied. Additionally, key procedural means in trials to establish judicial valuation of minority rights are presented.