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Clifford Chance

Clifford Chance


Restricting stealth takeover strategies - The German Investor Protection Improvement Act

13 April 2011

The German Investor Protection and Capital Markets Improvement Act (Anlegerschutz- und Funktionsverbesserungsgesetz) was promulgated in the German Federal Law Gazette (Bundesgesetzblatt) on 7 April 2011.

Along with a range of investor protection and capital market improvement issues, the Act also tightens up the existing provisions of the German Securities Trading Act ("WpHG") on shareholder transparency. This will help to combat the phenomenon of stealth takeover strategies aimed at listed companies.

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