Pravo dioničara zahtijevati obvezno sklapanje ugovora o prodaji dionica : posebnost hrvatskog prava preuzimanja

croatian

2025

volume 51, issue 3/4

Croatian law   hrvatsko pravo   mandatory conclusion of share sale agreement   obvezno sklapanje ugovora o prodaji dionica   ponuda za preuzimanje   postupak preuzimanja   preuzimanje dioničkih društava   protection of minority shareholders   sanctions for non-publishing a takeover bid   sankcije za neobjavljivanje ponude za preuzimanje   takeover bid   takeover procedure   takeovers   zaštita manjinskih dioničara

Narodna in univerzitetna knjižnica
(Obvezni izvod spletne publikacije)

The paper analyses the provision of Article 49 of the Croatian Takeover Act according to which any shareholder of the target company may, if the offeror does not publish a takeover bid, under the conditions and in the manner provided by the Act, file a lawsuit before the commercial court with territorial jurisdiction demanding the mandatory conclusion of a share sale agreement under the conditions under which the takeover bid should have been published. The authors separately address the issues of jurisdiction for determining the obligation to publish a takeover bid, active and passive standing, the moment when a claim can be filed, the time limit for bringing an action for mandatory conclusion of the agreement, the form of the share sale agreement, and the amount of the claim. A review of the case law of national courts shows that there are different interpretations of the cited provision, which lead to inconsistent case law and, ultimately, result in legal uncertainty. However, despite the perceived inconsistency of court practice, the authors oppose the proposal to delete the provision of Article 49 of the Takeover Act, as this would lead to the deprivation of the rights of minority shareholders that were given to them by the Takeover Act in 2002, and would also be against the purpose and goal of the Takeover Act, which is the protection of minority shareholders. Also, they advocate the certainty and precision of the legal norm, which will ensure clarity and predictability in its application.

08.12.2025