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Panagiotis Drakopoulos Evangelos Margaritis Lately, domestic and international financial and corporate players have been looking to the Athens Exchange for safe yet high return investment opportunities in Greece and south east Europe. They are seeking to make takeover bids on securities of companies established in Greece and listed on the local exchange with significant presence in the wider region. It is common knowledge that M&As are the most transparent and efficient way to gain control of the desired target company, following a public offer on all or a part of the target's capital. However, this does not seem to be their unique advantage in the Greek legal order. The speed of their conclusion, with an average duration of two months, allows the investor to begin their business quickly and efficiently. The investor will be in a position to choose a board of his own preference within a few days of the expiry of the public offer, and to focus on what matters: building the business. The Greek legal framework on takeover bids (mainly 3461/2006 as in force – the Law) harmonises local law with the relevant EU Directive 2004/25/EC. The Law distinguishes between mandatory and voluntary offers. The former is necessary whenever an investor gains direct or indirect control of more than a third of the voting rights in a company, and as a result the control of that company. In this case, the investor is obliged, within 20 days of the acquisition, to make a public offer (mandatory bid) for the remaining shares of the company. The same obligation lies with every shareholder who holds more than a third but less than half of the voting rights of the target company, if within six months said shareholder acquires (alone or with others), securities of the target company which represent more than three percent of the voting rights. Voluntary offers can be submitted at any time, and refer not only to voting, but also to non-voting shares. The bidder can stipulate a minimum and a maximum quantity of shares that the bidder is willing to acquire.

Mak Lin Kum The Companies Bill 2013, tabled by the Companies Commission of Malaysia, proposes a new approach to the reduction of share capital, in line with developments in jurisdictions like Australia and Singapore. At present, a special resolution for the reduction of share capital requires a confirmation by the court before it can take effect. The new bill allows an alternative and a seemingly simpler process of capital reduction, whereby only a special resolution and solvency statement are required. The option of going to court to confirm a capital reduction resolution is still preserved under this new Bill. Although it may appear that this non-court approach is simpler, several reasons may be offered as to why the court approach may continue to remain popular and not be rendered obsolete.

A draft law promises to revamp the country's public-private partnership regime. Gide Loyrette Nouel's Mariam Rouissi analyses the funding opportunities that will follow

The success of IPOs often hinges on the cornerstone investors involved. But standards are slipping and the HKEx must intervene

Indonesia’s new free float requirement is intended to boost market liquidity, but regulators may be unable to enforce penalties against non-complying companies

Recent Tier 2 offerings prove that Asia’s regulatory capital market is growing, but the evolution of write-down features depends on local regulations

IFLR's latest poll is live. Vote now on what needs to change in order to improve London's equity markets

UBS’s purchase of StabFund from Swiss National Bank ended the stabilisation transaction it launched in 2008. Here’s what it means for Swiss banks

Aviva’s £5 billion swap dispensed of an external intermediary and has sparked others to find new ways to de-risk pension schemes’ longevity risk

A new stock exchange geared towards startups is set to open in Chile in this summer. It should help the country achieve its goal of becoming a regional hub for startups, and offers a model to be exported to other jurisdictions