A Greek company financed by funds originating from Dubai recently acquired a 19.9% stake in the Greek Telecommunications Company. The government responded to this perceived threat by proposing a new law which would increase its golden share powers. While the law's validity has been challenged in Europe, it has nonetheless had the desired effect: the 19.9% stake has since been sold to Deutsche Telekom.
A decree which provides tax incentives for mergers of, or transformations to, joint stock companies and limited liability companies has been extended to apply to certain mergers where the main activity of the absorbing company is the construction or exploitation of real estate, provided that the activities of the absorbed company do not fall within this area.
A new law has been passed regulating the issuance of debt securities by Greek private companies, including changes to the Company Law. The new regime introduces flexible procedures for the issuance of bonds and related tax incentives. It is intended and likely to be used by a substantial number of Greek companies for restructuring debt.
Including: Substantive Law; Procedural Law; Shareholders' and Creditors' Protection; Tax Consequences
The Greek Capital Market Commission has formulated the conditions and procedures for the realization of takeover public offers by amending and expanding the scope of an old resolution adopted by the board of directors of the Athens Stock Exchange. This update examines the changes that the amended resolution will bring.