Directive 2004/25/EC of the European Parliament and of the Council of 21 april 2004 on takeover bids (Text with EEA relevance)
- In force
- CELEX number: 32004L0025
- Official Journal: JOL_2004_142_R_0012_01
- Form: Directive
- Procedure number: 2002/0240(COD), 2002/0240/COD
- Languages:
- bg
- cs
- da
- de
- el
- en
- et
- fi
- fr
- hr
- hu
- it
- lv
- lt
- mt
- nl
- pl
- pt
- ro
- sk
- sl
- es
- sv
Dates
Date of document: - April 21, 2004
- April 30, 2004
- May 20, 2004
- Entry into force - Date pub. + 20 See Art 22
- May 20, 2006
- At the latest See Art 21
Modified by
Modified by:
- Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (Text with EEA relevance) - detail
- Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council Text with EEA relevance - detail
- Regulation (EC) No 219/2009 of the European Parliament and of the Council of 11 March 2009 adapting a number of instruments subject to the procedure referred to in Article 251 of the Treaty to Council Decision 1999/468/EC with regard to the regulatory procedure with scrutiny — Adaptation to the regulatory procedure with scrutiny — Part Two - detail
- Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 amending certain Directives as regards the establishment and functioning of the European single access point (Text with EEA relevance) - detail
Modifies
Affected by case
- Judgment of the Court (Fourth Chamber) of 9 September 2021. FN and Others v Übernahmekommission. Request for a preliminary ruling from the Bundesverwaltungsgericht. Reference for a preliminary ruling – Company law – Takeover bids – Directive 2004/25/EC – Article 5 – Mandatory bid – Article 4 – Supervisory authority – Final decision making a finding of infringement of the obligation to submit a takeover bid – Binding effect of that decision in subsequent proceedings for an administrative penal sanction initiated by the same authority – Principle of effectiveness of EU law – General principles of EU law – Rights of the defence – Charter of Fundamental Rights of the European Union – Articles 47 and 48 – Right to silence – Presumption of innocence – Access to an independent and impartial tribunal. Case C-546/18.
- Judgment of the Court (Third Chamber) of 20 July 2017. Marco Tronchetti Provera SpA and Others v Commissione Nazionale per le Società e la Borsa (Consob). Request for a preliminary ruling from the Consiglio di Stato. Reference for a preliminary ruling — Company law — Directive 2004/25/EC — Takeover bids — Second paragraph of Article 5(4) — Possibility of changing the price of the offer in specific circumstances and according to clearly determined circumstances and criteria — National law providing an option for the supervisory authority to increase the price of a takeover bid in the event of collusion between the offeror or the persons acting in concert with it and one or more sellers). Case C-206/16.
- A05P4L2
- Judgment of the Court (Fourth Chamber) of 10 December 2020. Euromin Holdings (Cyprus) Limited. Request for a preliminary ruling from the Augstākā tiesa (Senāts). Request for a preliminary ruling – Company law – Directive 2004/25/EC – Takeover bid – first and second subparagraphs of Article 5(4) – Protection of minority shareholders – Mandatory bid – Method of calculating the value of shares in order to determine the equitable price – Power to adjust the equitable price – Exceptions to the standard method of calculation in circumstances and in accordance with criteria that are clearly determined – Liability of the Member State concerned – Damage suffered by the offeror as a result of an excessively high bid. Case C-735/19.
- A05P4
- A05P4L1
- A03P1
- A05P4L2
- Order of the Court (Eighth Chamber) of 11 January 2018. Amber Capital Italia Sgr SpA and Others v Commissione Nazionale per le Società e la Borsa (Consob). Requests for a preliminary ruling from Tribunale Amministrativo Regionale per il Lazio. Reference for a preliminary ruling — Company law — Directive 2004/25/EC — Takeover bids — Second subparagraph of Article 5(4) — Possibility of altering the price of the bid in specific circumstances and in line with clearly determined criteria — National legislation providing for the fixing of the price of the bid at the price ascertained in the event of collusion between the offeror or persons acting in concert with it and one or more sellers — Concept of ‘clearly determined criterion’. Joined Cases C-654/16 and C-657/16.
- A05P4L2
- Judgment of the Court (Fourth Chamber) of 9 September 2021. Adler Real Estate AG and Others v Finanzmarktaufsichtsbehörde (FMA). Request for a preliminary ruling from the Bundesverwaltungsgericht. Reference for a preliminary ruling – Securities admitted to trading on a regulated market situated or operating within a Member State – Obligation of transparency – Notification of ‘major holdings’ in companies acquired by ‘persons acting in concert’ – Directive 2004/109/EC – Fourth subparagraph of Article 3(1a) – Concept of ‘more stringent’ requirements – Directive 2004/25/EC – ‘Supervision’ by an authority designated pursuant to Article 4 of that directive. Case C-605/18.
- Order of the Court (Eighth Chamber) of 24 October 2017. Hitachi Rail Italy Investments Srl and Finmeccanica SpA v Commissione Nazionale per le Società e la Borsa (Consob). Request for a preliminary ruling from the Tribunale Amministrativo Regionale per il Lazio. Reference for a preliminary ruling — Article 99 of the Rules of Procedure of the Court of Justice — Company law — Directive 2004/25/EC — Takeover bids — Second subparagraph of Article 5(4) — Possibility of changing the price of the bid in specific circumstances and in line with clearly determined criteria — National legislation providing an option for the supervisory authority to increase a takeover bid in the event of collusion between the offeror and the seller. Joined Cases C-655/16 and C-656/16.
- A05P4L2
- Case C-206/16: Request for a preliminary ruling from the Consiglio di Stato (Italy) lodged on 13 April 2016 — Marco Tronchetti Provera SpA and Others v Commissione Nazionale per le Società e la Borsa (Consob)
- article 3 paragraph 1
- article 5 paragraph 4 L 2
- Case C-658/16: Request for a preliminary ruling from the Tribunale Amministrativo Regionale per il Lazio (Italy) lodged on 19 December 2016 — Elliot International Lp and Others v Commissione Nazionale per le Società e la Borsa (Consob)
- article 5 paragraph 4 L 2
- article 5 paragraph 4 L 1
- article 3 paragraph 1
- Case C-605/18: Request for a preliminary ruling from the Bundesverwaltungsgericht (Austria) lodged on 25 September 2018 — Adler Real Estate AG and Others
- article 4
- Case C-546/18: Request for a preliminary ruling from the Bundesverwaltungsgericht (Austria) lodged on 23 August 2018 — FN and Others
- article 17
- article 4
- Case C-654/16: Request for a preliminary ruling from the Tribunale Amministrativo Regionale per il Lazio (Italy) lodged on 19 December 2016 — Amber Capital Italia Sgr SpA, Amber Capital Uk Llp v Commissione Nazionale per le Società e la Borsa (Consob)
- article 3 paragraph 1
- article 5 paragraph 4 L 1
- article 5 paragraph 4 L 2
- Case C-655/16: Request for a preliminary ruling from the Tribunale Amministrativo Regionale per il Lazio (Italy) lodged on 19 December 2016 — Hitachi Rail Italy Investments Srl v Commissione Nazionale per le Società e la Borsa (Consob)
- article 5 paragraph 4 L 2
- article 3 paragraph 1
- Case C-656/16: Request for a preliminary ruling from the Tribunale Amministrativo Regionale per il Lazio (Italy) lodged on 19 December 2016 — Finmeccanica SpA v Commissione Nazionale per le Società e la Borsa (Consob)
- article 5 paragraph 4 L 2
- article 3 paragraph 1
- Case C-735/19: Request for a preliminary ruling from the Augstākā tiesa (Senāts) (Latvia) lodged on 7 October 2019 — Euromin Holdings (Cyprus) Limited v Finanšu un kapitāla tirgus komisija
- article 5 paragraph 4 unnumbered paragraph 2
- article 5 paragraph 4
- article 5 paragraph 4 unnumbered paragraph 1
- article 5
- Case C-657/16: Request for a preliminary ruling from the Tribunale Amministrativo Regionale per il Lazio (Italy) lodged on 19 December 2016 — Bluebell Partners Limited v Commissione Nazionale per le Società e la Borsa (Consob)
- article 3 paragraph 1
- article 5 paragraph 4 L 2
- article 5 paragraph 4 L 1
- Case C-339/19: Request for a preliminary ruling from the Înalta Curte de Casație și Justiție (Romania) lodged on 25 April 2019 — SC Romenergo SA and Aris Capital SA v Autoritatea de Supraveghere Financiară
- article 2 paragraph 2
Legal basis
- Treaty establishing the European Community (Nice consolidated version) Part Three: Community policies Title III: Free movement of persons, services and capital Chapter 2: Right of establishment Article 44 Article 54 - EC Treaty (Maastricht consolidated version) Article 54 - EEC Treaty
EuroVoc Vocabulary
- Securities
- Company law
- Free movement of capital
- Internal market: policy relating to undertakings
- Takeover bid
- Issue of securities
- Organisation
- Approximation of laws
- Internal market - Principles
- Disclosure of information
- Official market