Bank Control, Takeovers and Corporate Governance in Germany

Mayer, Colin and Franks, Julian (1998) Bank Control, Takeovers and Corporate Governance in Germany. Journal of Banking and Finance, 22 (10-11). pp. 1385-1403.


This paper examines the three cases of hostile takeovers in Germany in the post Second World War period. It describes the important role played by banks in affecting the outcome of the bids: bank representatives were chairmen of the supervisory board in all three cases and banks voted a large number of proxies in important decisions affecting the bids. The paper reports that low returns were earned by shareholders of two of the target firms and offers an explanation in terms of bank control and the regulatory regime operating in Germany.

Item Type: Article
Keywords: Takeovers; Bank control; Corporate governance; finance
Subject(s): Finance
Date Deposited: 26 Feb 2012 15:26
Last Modified: 20 Sep 2018 08:30
Funders: N/A

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