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A New Takeover Code in Austria

The Austrian Takeover Act (Übernahmegesetz, ÜbG) entered into force on 1 January 1999. In 2006, the Takeover Act was amended by the Takeover Amendment Act (Übernahmerechts-Änderungsgesetz, ÜbRÄG) which was passed shortly after the implementation period of the Takeover Directive 2004/25/EC had expired. The Takeover Amendment Act was given retroactive effect as per 20 May 2006. A revision of the Austrian Takeover Act was not only necessary because of the Takeover Directive but also due to constitutional restraints. In particular, the Austrian Constitutional Court challenged the authorization of the Austrian Takeover Commission (Takeover Commission) to issue decrees as well as the definition of a floating ‘controlling interest’ (§ 22 ÜbG).