656 KB179 KB201320252015Plavšak, Ninaštevilka:2letnik:41str. 227-290ISSN:0353-6521COBISSID:14321233URN:URN:NBN:SI:doc-3VEV12YDslIUS SOFTWAREPodjetje in delodelnicefinanciranjegospodarske družbezdruževanjePripojitev s povečanim finančnim vzvodom|The author discusses legal and financial effects of merger by leveraged buyout. A characteristic of this type of merger is that a special purpose vehicle (SPV) is established for a sole purpose of debt financing the acquisition of shares of the target company. By merging the SPV with the target company obligation (debt) assumed by the SPV for acquisition of shares of the target company is transferred to the target company. Merger by leveraged buyout is a corporate action that the Slovenian Companies Act (ZGD-1) regulates by defining additional prerequisites (consents of creditors) in order to protect interest of the creditors of both companies. Therefore, this type of merger is allowed (legal) and is not in contradiction with prohibitions to finance acquisition of companies' own shares, regulated in Article 248 of the Companies ActAvtorica obravnava pravne in ekonomske učinke pripojitve s povečanim finančnim vzvodom. Pri tej vrsti pripojitve namenska družba (SPV) financira pridobitev delnic ciljne družbe s posojilom (obveznostjo) in nato izvede pripojitev k ciljni družbi. S pripojitvijo obveznost namenske družbe iz naslova posojila za nakup delnic ciljne družbe preide na ciljno družbo in s tem postane lastna obveznost ciljne družbe. Pripojitev s povečanim finančnim vzvodom je korporacijsko dejanje, ki ga ureja ZGD-1 tako, da v tretjem do petem odstavku 592. člena določa dodatne predpostavke (soglasja), ki morajo biti izpolnjene zaradi varovanja interesov upnikov obeh družb. Zato je taka pripojitev dovoljena in ne krši prepovedi financiranja nakupa lastnih delnic iz 248. člena ZGD-1TEXTznanstveno časopisjejournalsSlovenian National E-content AggregatorNational and University Library of Slovenia