This thesis concerns cross-border mergers between limited liability companies. Cross-border mergers are not only an excellent instrument of integration and cooperation between companies but also for the implementation of freedom establishment and free movement of capital in the European Union. However, until a few years ago, the implementation of cross-border mergers was especially difficult and sometimes prevented both by obstacles to the acknowledgement of companies' freedom establishment, and by private international law ones, related to the variety of the Member State’s legislations. Nowadays, we consider these obstacles removed, due to the gradual acknowledgement of a wider freedom of establishment by the Court of Justice, and to the adoption of the Directive 2005/56/EC on cross-border mergers of limited liability companies. The aim of this paper is to clearly describe the existing situation before the adoption of the Directive 2005/56/EC, highlighting which obstacles fought the full implementation of cross-border mergers and how they were removed. Directive 2005/56/EC and Legislative Decree No. 108/2008 will be analyzed in depth in the last two chapters.
Il presente lavoro tratta la fusione transfrontaliera delle società di capitali. Le fusioni transfrontaliere rappresentano un ottimo strumento non solo d’integrazione e cooperazione tra società ma anche per la realizzazione della libertà di stabilimento e la circolazione dei capitali all’interno dell’Unione europea. Tuttavia, la realizzazione delle fusioni transfrontaliere, fino a pochi anni fa, era resa particolarmente difficile e, in alcuni casi addirittura impedita, sia dagli ostacoli al riconoscimento della libertà di stabilimento delle imprese, sia dagli ostacoli di carattere internazionalprivatistico legati all’eterogeneità delle discipline nazionali in materia. Tali ostacoli possono oramai essere considerati rimossi a seguito del progressivo riconoscimento, da parte della Corte di Giustizia, di una più ampia libertà di stabilimento e all’adozione della Decima Direttiva societaria relativa alle fusioni transfrontaliere. L’obiettivo del presente lavoro è quello di descrivere in modo semplice la situazione esistente prima dell’adozione della Decima Direttiva, evidenziando quali erano gli ostacoli che si opponevano alla piena realizzazione delle operazioni di fusione transfrontaliera e in che modo tali ostacoli sono stati rimossi. Negli ultimi due capitoli verranno analizzate le discipline della Direttiva 2005/56/CE e del D. Lgs. 108/2008.
La Fusione Transfrontaliera
TAVORMINA, VITA ALBA
2014/2015
Abstract
This thesis concerns cross-border mergers between limited liability companies. Cross-border mergers are not only an excellent instrument of integration and cooperation between companies but also for the implementation of freedom establishment and free movement of capital in the European Union. However, until a few years ago, the implementation of cross-border mergers was especially difficult and sometimes prevented both by obstacles to the acknowledgement of companies' freedom establishment, and by private international law ones, related to the variety of the Member State’s legislations. Nowadays, we consider these obstacles removed, due to the gradual acknowledgement of a wider freedom of establishment by the Court of Justice, and to the adoption of the Directive 2005/56/EC on cross-border mergers of limited liability companies. The aim of this paper is to clearly describe the existing situation before the adoption of the Directive 2005/56/EC, highlighting which obstacles fought the full implementation of cross-border mergers and how they were removed. Directive 2005/56/EC and Legislative Decree No. 108/2008 will be analyzed in depth in the last two chapters.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.
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https://hdl.handle.net/20.500.14239/6581