The takeover bids: an evaluation
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Abstract
Informed refl ection on takeover bids, given its economic, ethical, legal and political prominence. Mergers and adquisitions of large enterprises take place in the context of globalization, and so we raise the necessity to subject them to control, introducing in the process rational and equity criteria, including the necessary interventions in order to treat its possible “losers” in a preferential way. Besides a brief account of the Endesa case, which has been the factor that gave place to a fl ood of information about their problems, it is clearly and briefl y exposed what a takeover bid is and why they have proliferated in Spain; an ethical approximation from different angles to the phenomenon is proposed; from the legal point of view, the Spanish norm on takeover bids is analysed, as well as the European guideline which is being incorporated to Spanish legislation; fi nally clashes of interests brought at stake by the affected are refl ected on.
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