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Working Paper
Mergers and acquisitions in Germany
National differences in corporate governance practices in Europe, such as board structures, shareholder structures, and labor participation rights, make it difficult to operate in the European cross-border mergers and acquisitions environment. Particularly thorny issues are "golden shares" and labor participation in corporate decision-making. The widespread use of golden shares among its European neighbors was critical for Germany in causing the collapse of the proposed takeover directive in the European parliament in July 2001. Another area in which the harmonization efforts of the ...