Advanced

Tvångsinlösen - En undersökning av tvistvärden och kostnader 2000 - 2013

Wahlberg, Joel LU (2015) LAGM01 20142
Department of Law
Abstract (Swedish)
Enligt 22 kap. ABL har en aktieägare som innehar mer än nio tiondelar av aktierna i ett aktiebolag rätt att av de övriga aktieägarna i bolaget lösa in återstående aktier, och den vars aktier kan lösas in på detta sätt har i sin tur en rätt att få sina aktier inlösta av majoritetsaktieägaren. Institutet kallas tvångsinlösen och infördes med 1944 års Aktiebolagslag. Tvist i anledning av inlösen hänskjuts till skiljenämnd. För tillvaratagandet av minoritetsaktieägares rätt utses i förekommande fall en god man.

Uppsatsen studerar skiljedomar meddelade i tvångsinlösenförfaranden under perioden 1 januari 2000 till 31 december 2013 avseende utvecklingen av tvistvärden och tvistbenägenhet, den gode mannens framgång i icke uppgjorda förfaranden... (More)
Enligt 22 kap. ABL har en aktieägare som innehar mer än nio tiondelar av aktierna i ett aktiebolag rätt att av de övriga aktieägarna i bolaget lösa in återstående aktier, och den vars aktier kan lösas in på detta sätt har i sin tur en rätt att få sina aktier inlösta av majoritetsaktieägaren. Institutet kallas tvångsinlösen och infördes med 1944 års Aktiebolagslag. Tvist i anledning av inlösen hänskjuts till skiljenämnd. För tillvaratagandet av minoritetsaktieägares rätt utses i förekommande fall en god man.

Uppsatsen studerar skiljedomar meddelade i tvångsinlösenförfaranden under perioden 1 januari 2000 till 31 december 2013 avseende utvecklingen av tvistvärden och tvistbenägenhet, den gode mannens framgång i icke uppgjorda förfaranden och de kostnader som uppkommer i samband med förfarandet.

Vad avser tvistbenägenhet kan inte någon entydig slutsats dras rörande huruvida denna ökat eller ej. Inte heller kan någon entydig slutsats dras huruvida tvistvärdena stigit eller sjunkit vid en jämförelse av uppsatsens undersökningsperioder.

Enligt undersökningen uppgår det sammanlagda tvistvärdet i icke uppgjorda förfaranden under perioden till 1,7 miljarder kronor, vilket fördelat på 86 skiljedomar ger ett genomsnittligt tvistvärde om ca 19,5 miljoner kronor. Av dessa 1,7 miljarder lyckades den gode mannen utverka 533,7 miljoner kronor till minoriteten, till ett genomsnittligt värde av 6,1 miljoner kronor per tvistigt förfarande, eller 31 procent av det totala tvistvärdet.

Den sammanlagda kostnaden för 84 tvistiga förfaranden under perioden 1 januari 2000 till 31 december 2013 var 83,4 miljoner kronor exklusive moderbolagets egna ombudsarvoden. Av dessa erhöll den gode mannen 41,2 miljoner kronor, varav 31,4 miljoner kronor för dennes arbete och 9,8 miljoner kronor för dennes kostnader i samband med förfarandet.
Jämfört perioden 1990 - 1999 kan den gode mannens arbete beskrivas med orden ”lägre tvistvärden, större chans till framgång”. Ersättningarna till den gode mannen har förblivit ungefär desamma, dock att andelen av den gode mannens arvode som utgörs av dennes kostnader har minskat. (Less)
Abstract
According to Chapter 22 of the Swedish Companies Law, a shareholder holding more than nine-tenths of the shares of a company is able to redeem the remaining shares, and those shareholders whose shares can be redeemed in this way, in turn, have a right to have their shares redeemed by the majority shareholder upon request. These rules of compulsory acquisition (squeeze out), were introduced with the Companies Law of 1944. Disputes arising from such acquisitions are submitted to arbitration. For the protection of minority shareholders' rights and interests a Trustee is appointed when necessary.

The thesis studies the arbitration awards made in the compulsory acquisition procedures during the period 1 January 2000 to 31 December 2013... (More)
According to Chapter 22 of the Swedish Companies Law, a shareholder holding more than nine-tenths of the shares of a company is able to redeem the remaining shares, and those shareholders whose shares can be redeemed in this way, in turn, have a right to have their shares redeemed by the majority shareholder upon request. These rules of compulsory acquisition (squeeze out), were introduced with the Companies Law of 1944. Disputes arising from such acquisitions are submitted to arbitration. For the protection of minority shareholders' rights and interests a Trustee is appointed when necessary.

The thesis studies the arbitration awards made in the compulsory acquisition procedures during the period 1 January 2000 to 31 December 2013 regarding the development of dispute values and dispute propensity, the Trustee's success in non-settled disputes and the costs incurred in arbitration.

As regards the dispute propensity, no definite conclusion can be drawn on whether this has increased or not in comparison to previous studies. Nor can any definite conclusion be drawn on whether dispute values have risen or fallen in a comparison of previous studies.

According to the study, the total dispute the value of non-settled disputes during the period was 1.7 billion, with an average dispute value of about 19.5 million. Of these 1.7 billion, the Trustees managed to win 533.7 million crowns in favor of the minority, with average value of 6.1 million per dispute, or 31 percent of the total dispute value.

The total cost in the 84 disputes during the period 1 January 2000 to 31 December 2013 was 83.4 million excluding the parent companies own attorney's fees. Of these, 41.2 million crowns were rewarded the Trustee, of which 31.4 million crowns for work and 9.8 million for expenses in connection with the proceedings.

Compared to 1990 – 1999, the work of the Trustee can be described with the words "lower dispute values, greater chance of success." The payments to the Trustee has remained on the same level as previous studies, however, the proportion of the Trustee's fees made up of his costs have decreased. (Less)
Please use this url to cite or link to this publication:
author
Wahlberg, Joel LU
supervisor
organization
alternative title
Compulsory acquisition - A study of dispute values and costs 2000 - 2013
course
LAGM01 20142
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Compulsory acquisition, associationsrätt
language
Swedish
id
4927112
date added to LUP
2015-02-15 11:14:42
date last changed
2015-02-17 11:11:46
@misc{4927112,
  abstract     = {According to Chapter 22 of the Swedish Companies Law, a shareholder holding more than nine-tenths of the shares of a company is able to redeem the remaining shares, and those shareholders whose shares can be redeemed in this way, in turn, have a right to have their shares redeemed by the majority shareholder upon request. These rules of compulsory acquisition (squeeze out), were introduced with the Companies Law of 1944. Disputes arising from such acquisitions are submitted to arbitration. For the protection of minority shareholders' rights and interests a Trustee is appointed when necessary.

The thesis studies the arbitration awards made in the compulsory acquisition procedures during the period 1 January 2000 to 31 December 2013 regarding the development of dispute values and dispute propensity, the Trustee's success in non-settled disputes and the costs incurred in arbitration.

As regards the dispute propensity, no definite conclusion can be drawn on whether this has increased or not in comparison to previous studies. Nor can any definite conclusion be drawn on whether dispute values have risen or fallen in a comparison of previous studies.

According to the study, the total dispute the value of non-settled disputes during the period was 1.7 billion, with an average dispute value of about 19.5 million. Of these 1.7 billion, the Trustees managed to win 533.7 million crowns in favor of the minority, with average value of 6.1 million per dispute, or 31 percent of the total dispute value.

The total cost in the 84 disputes during the period 1 January 2000 to 31 December 2013 was 83.4 million excluding the parent companies own attorney's fees. Of these, 41.2 million crowns were rewarded the Trustee, of which 31.4 million crowns for work and 9.8 million for expenses in connection with the proceedings.

Compared to 1990 – 1999, the work of the Trustee can be described with the words "lower dispute values, greater chance of success." The payments to the Trustee has remained on the same level as previous studies, however, the proportion of the Trustee's fees made up of his costs have decreased.},
  author       = {Wahlberg, Joel},
  keyword      = {Compulsory acquisition,associationsrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Tvångsinlösen - En undersökning av tvistvärden och kostnader 2000 - 2013},
  year         = {2015},
}