Amendments to two key legislative frameworks governing the Greek capital market
Amendments to two key legislative frameworks governing the Greek capital market were introduced through a government amendment that was incorporated—somewhat unusually—into a Ministry of Education bill concerning vocational training.
The amendment modifies Laws 3461/2006 (on public takeover bids) and 3371/2005 (on capital market operations and share delistings), aiming, according to the explanatory report, to “clarify and facilitate procedures” relating to critical issues of corporate transformations and acquisitions.
The measure takes retroactive effect from October 1, 2025, and was approved by Parliament on Wednesday, October 8, as part of the bill “Establishment of Vocational Training Academies – Integration of the Academies into the National System of Vocational Education and Training and other vocational training matters.”
Although presented as a technical and harmonizing measure, both the timing and content of the amendment are seen as far from coincidental, since it may have practical implications for the progress of Euronext’s takeover bid for ATHEX.
Two key changes
The amendment focuses on two main areas; namely, the revision of terms governing public takeover bids, and the framework for voluntary delisting of shares from the stock exchange.
1. From “improvement” to “revision” of takeover bids
By amending paragraph 2 of Article 21 of Law
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