AUSTRIA Law and Practice Contributed by: Clemens Hasenauer and Albert Birkner CERHA HEMPEL
Czech Republic
Germany
Slovak
Vienna
Austria
Hungary
Italy
Slovenia
Croatia
Contents 1. Trends p.126
1.1 M&A Market p.126 1.2 Key Trends p.126 1.3 Key Industries p.127 2. Overview of Regulatory Field p.127 2.1 Acquiring a Company p.127 2.2 Primary Regulators p.127 2.3 Restrictions on Foreign Investments p.127 2.4 Antitrust Regulations p.128
2.5 Labour Law Regulations p.128 2.6 National Security Review p.129 3. Recent Legal Developments p.130 3.1 Significant Court Decisions or Legal Developments p.130 3.2 Significant Changes to Takeover Law p.132 4. Stakebuilding p.132 4.1 Principal Stakebuilding Strategies p.132 4.2 Material Shareholding Disclosure Threshold p.132
4.3 Hurdles to Stakebuilding p.133 4.4 Dealings in Derivatives p.133 4.5 Filing/Reporting Obligations p.133 4.6 Transparency p.133 5. Negotiation Phase p.134 5.1 Requirement to Disclose a Deal p.134
5.2 Market Practice on Timing p.134 5.3 Scope of Due Diligence p.134 5.4 Standstills or Exclusivity p.134 5.5 Definitive Agreements p.135 6. Structuring p.135 6.1 Length of Process for Acquisition/Sale p.135 6.2 Mandatory Offer Threshold p.135 6.3 Consideration p.136 6.4 Common Conditions for a Takeover Offer p.137 6.5 Minimum Acceptance Conditions p.137
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