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How One Amendment Could Open Pandora’s Box

How One Amendment Could Open Pandora’s Box

Hellenic Shipping News

The market has been unsettled by a special amendment concerning the

The market has been unsettled by a special amendment concerning the revision of the terms of public takeover bids and the conditions for delisting shares, raising fears that it could open Pandora’s box. While institutional interventions appear to support the Euronext–Hellenic Exchanges (ATHEX) deal, the loosening of safeguards could, in the medium term, make it easier— and under less favorable terms for minority shareholders — for other companies, including those with shareholding ties to European giants or even from the banking sector, to be delisted from the stock exchange. Such a development would have implications for the domestic market and, ultimately, for the broader economy.

Alignment

Through this amendment — included in the Ministry of Education’s bill on vocational education — which both the Hellenic Capital Market Commission and the Bank of Greece were reportedly informed about, the government appears to have sought to institutionally support Euronext’s public offer for ATHEX.
Sources at the Ministry of National Economy, however, indicated that in essence this regulation restores the institutional framework that existed before 2014, aligns domestic provisions with EU standards, and generally facilitates cross-border mergers and acquisitions as well as greater integration of European capital markets at a time when the

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