Austria: Procedure under takeover law violates EU law

The Austrian Takeover Commission is an independent authority, not subject to directives, established at the Vienna Stock Exchange. In accordance with the Austrian Takeover Act, it reviews major transactions on the capital market. However, the European Court of Justice sees a lack of legal protection in the current legal situation. The Austrian Takeover Commission is not an independent and impartial tribunal and an effective legal remedy against its decisions is not possible. This is not in line with European law, in particular Art 47 of the European Charter of Fundamental Rights. (ECJ dated 09.09.2021 Ref. C 546/18 and C-605/18).

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This article is based on publicly available information and given for informational purposes only. It is not intended as legal advice or as a comprehensive analysis of the matters referred to herein.

TAIYO Legal – Dr. Alexander T. Scheuwimmer Rechtsanwalts GmbH

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