There are a number of advantages of cross-border mergers, including: Legal certainty, a cross-border merger cannot be declared null and void after it has been approved. Less paperwork, assets and liabilities are transferred by operation of law meaning that much of the documentation required to effect transfers in traditional sales, purchases or reconstructions is not required in the case of a cross-border merger. Flexibility, the merging companies can generally select a date from which the transactions of an acquired company are to be treated for accounting purposes as being those of the acquiring company. Cost savings, an acquired company is dissolved without going into liquidation which obviates the need to incur liquidation costs. This work deals with the most important phases of the evolution of the regulation of cross-border mergers in Europe and in Italy, analyzing, from a legal and economic point of view, the various provisions that regulate this phenomenon. We will try to understand why the European legislator has decided to intervene again on the matter by promulgating the new Directive 2019/2121 EU. In the first part of the work reference is made to the European context and the evolution of the discipline and clarifies, through a more in-depth analysis, the concept of freedom of establishment of companies, which represents one of the fundamental freedoms recognized by the European Union. and thanks to which companies are now entitled to carry out cross-border mergers. An effective corporate governance framework creates a positive EU-wide business environment in the internal market. The objective of harmonising company law is to promote the achievement of freedom of establishment (Title IV, Chapter 2 TFEU) and to implement the fundamental right laid down in Article 16 of the Charter of Fundamental Rights of the European Union, the freedom to conduct a business within the limits of Article 17 of the Charter. The analysis continues with the interventions of the European Court of Justice, decisive for the affirmation of the freedom of establishment, such as the Centros, Uberseering and National Grid Indus BV cases. This part ends with an in-depth study on Directive 2005/56/EC. The second part is dedicated to the national context, to the original internal regulations on cross-border mergers. In particular, the reference is to law 218/95, which sets the criteria for identifying the applicable law, thus determining the scope of Italian jurisdiction, and to Legislative Decree n. 108/2008, following the transposition of Directive 2005/56 EC. In the third and last part, the work will focus on the problems and difficulties that have arisen in the application of the aforementioned rules, in the European and national context, thus arriving at the analysis of the new Directive n. 2019/2121.
Questo lavoro ripercorre le più importanti fasi dell’evoluzione della disciplina delle fusioni transfrontaliere in Europa e in Italia, analizzando, da un punto di vista giuridico ed economico, le varie disposizioni e cercando di capire per quale ragione il legislatore europeo abbia deciso di intervenire nuovamente in materia e a promulgare la nuova Direttiva (UE) 2019/2121. Nella prima parte del presente elaborato, infatti, si fa riferimento al contesto europeo e all’evoluzione della disciplina e si chiarisce, attraverso un’analisi più approfondita, il concetto di libertà di stabilimento delle società, che rappresenta una delle libertà fondamentali riconosciute dall’Unione Europea e grazie alla quale le imprese sono oggi legittimate a realizzare fusioni transfrontaliere. L’analisi prosegue con gli interventi della Corte di Giustizia Europea, determinanti per l’affermazione della libertà di stabilimento, quali i casi casi Centros, Uberseering e National Grid Indus BV. Questa parte si conclude con l’approfondimento concernente la Direttiva 2005/56/CE, relativa alle fusioni transfrontaliere delle società di capitali. La seconda parte è dedicata al contesto nazionale, ossia alla disciplina originaria interna in materia di fusioni transfrontaliere. In particolar modo il riferimento è alla legge 218/95, la quale pone i criteri per l'individuazione del diritto applicabile, determinando così l'ambito della giurisdizione italiana, e al Dlgs. 108/2008, alla luce del recepimento della Direttiva 2005/56. Nella terza e ultima parte, il lavoro si concentrerà sulle problematiche e difficoltà sorte nell’applicazione delle suddette norme, nel contesto europeo e nazionale, giungendo in questo modo all’analisi della nuova Direttiva n. 2019/2121.
LE FUSIONI TRANSFRONTALIERE NELL'UE
SANTINO, FRANCESCO
2019/2020
Abstract
There are a number of advantages of cross-border mergers, including: Legal certainty, a cross-border merger cannot be declared null and void after it has been approved. Less paperwork, assets and liabilities are transferred by operation of law meaning that much of the documentation required to effect transfers in traditional sales, purchases or reconstructions is not required in the case of a cross-border merger. Flexibility, the merging companies can generally select a date from which the transactions of an acquired company are to be treated for accounting purposes as being those of the acquiring company. Cost savings, an acquired company is dissolved without going into liquidation which obviates the need to incur liquidation costs. This work deals with the most important phases of the evolution of the regulation of cross-border mergers in Europe and in Italy, analyzing, from a legal and economic point of view, the various provisions that regulate this phenomenon. We will try to understand why the European legislator has decided to intervene again on the matter by promulgating the new Directive 2019/2121 EU. In the first part of the work reference is made to the European context and the evolution of the discipline and clarifies, through a more in-depth analysis, the concept of freedom of establishment of companies, which represents one of the fundamental freedoms recognized by the European Union. and thanks to which companies are now entitled to carry out cross-border mergers. An effective corporate governance framework creates a positive EU-wide business environment in the internal market. The objective of harmonising company law is to promote the achievement of freedom of establishment (Title IV, Chapter 2 TFEU) and to implement the fundamental right laid down in Article 16 of the Charter of Fundamental Rights of the European Union, the freedom to conduct a business within the limits of Article 17 of the Charter. The analysis continues with the interventions of the European Court of Justice, decisive for the affirmation of the freedom of establishment, such as the Centros, Uberseering and National Grid Indus BV cases. This part ends with an in-depth study on Directive 2005/56/EC. The second part is dedicated to the national context, to the original internal regulations on cross-border mergers. In particular, the reference is to law 218/95, which sets the criteria for identifying the applicable law, thus determining the scope of Italian jurisdiction, and to Legislative Decree n. 108/2008, following the transposition of Directive 2005/56 EC. In the third and last part, the work will focus on the problems and difficulties that have arisen in the application of the aforementioned rules, in the European and national context, thus arriving at the analysis of the new Directive n. 2019/2121.È consentito all'utente scaricare e condividere i documenti disponibili a testo pieno in UNITESI UNIPV nel rispetto della licenza Creative Commons del tipo CC BY NC ND.
Per maggiori informazioni e per verifiche sull'eventuale disponibilità del file scrivere a: unitesi@unipv.it.
https://hdl.handle.net/20.500.14239/135