Under the German Securities Acquisition and Takeover Act (WpÜG) of 2002, a public offer must be made if a natural person or legal entity or partnerships jointly with other persons own at least thirty percent of a target company (acquiree: the firm that should be acquired). – See share swap takeover, bidder, buy out, acquisition offer, mergers and acquisitions, concentration price, shark watcher, squeeze out, voting rights database, synergy potential, transaction bonus, takeover offer, target company. – Cf. 2001 Annual Report of the German Federal Supervisory Authority for Securities Trading, p. 36 ff., 2005 Annual Report of BaFin, p. 170 ff. (proceedings; penalty notices; p. 173: admissibility of an exchange takeover bid, p. 175 f.: legal situation regarding bid amendments), 2009 Annual Report of BaFin, p. 201 ff. (bid proceedings since 2005; special cases) as well as the respective Annual Report of BaFin, chapter “Supervision of Securities Trading and Investment Business.”
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