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LUND UNIVERSITY LIBRARIES

Väsentligen Negativ Inverkan i företagsförvärv

Westerdahl, Filip LU (2023) JURM02 20232
Department of Law
Faculty of Law
Abstract (Swedish)
Förvärvsavtal är en omfattande process som ofta inkluderar många jurister.
Avtalet är tänkt att reglera parternas samtliga åtagande och fördela risken de
emellan. Trots detta återfinns i många företagsförvärv den mycket vaga avtalsbestämmelsen kallad MAC eller MAE. Förkortningarna står för material
adverse change eller material adverse effect, vilket översatt till ett svenskt
avtal ofta skrivs som väsentlig negativ inverkan. Avtalsbestämmelsen ger köparen en rätt att mellan avtalssigneringen och tillträdet kunna frångå avtalet
om företaget lidit en material adverse change. Tillämpning av en sådan avtalsbestämmelse har aldrig varit uppe i svensk domstol och rättsläget sägs
vara oklart. I andra länder har avtalsklausulen varit uppe... (More)
Förvärvsavtal är en omfattande process som ofta inkluderar många jurister.
Avtalet är tänkt att reglera parternas samtliga åtagande och fördela risken de
emellan. Trots detta återfinns i många företagsförvärv den mycket vaga avtalsbestämmelsen kallad MAC eller MAE. Förkortningarna står för material
adverse change eller material adverse effect, vilket översatt till ett svenskt
avtal ofta skrivs som väsentlig negativ inverkan. Avtalsbestämmelsen ger köparen en rätt att mellan avtalssigneringen och tillträdet kunna frångå avtalet
om företaget lidit en material adverse change. Tillämpning av en sådan avtalsbestämmelse har aldrig varit uppe i svensk domstol och rättsläget sägs
vara oklart. I andra länder har avtalsklausulen varit uppe till prövning och det
har satts väldigt höga krav att uppnå för att kunna frångå avtal. Denna uppsats
syftar till att med svensk avtalstolkning utreda hur klausulen kan tillämpas.
Ordalydelsen är vag och för att förstås behöver den försättas i dess kontext.
Resonemang från utländska domar styrker parternas syften med avtalsbestämmelsen och ställs emot avtalstolkningens resultat. Köplagens bestämmelser om fel i varan anses inte spegla parternas avsikt med bestämmelsen.
Att istället tillämpa 36 § avtalslagen vid ändrade förhållanden bedöms ligga
närmare förvärvsparters avsikt. Ett entydigt svar om hur klausulen ska tillämpas kan inte ges då parternas individuella förhandling bedöms bli avgörande. (Less)
Abstract
Merger and Acquisition agreements are an extensive process that often include multiple lawyers. The agreement is intended to regulate all the parties'
commitments and distribute the risk between them. Despite this, in many
business acquisitions the very vague contractual provision called MAC or
MAE is found. The abbreviations stand for material adverse change or material adverse effect and has a standardized Swedish translation. The contract
provision gives the buyer a right to withdraw from the contract between the
signing of the contract and the entry if the company has suffered a material
adverse change. Application of such a contractual provision has never been
brought up in a Swedish court and the legal situation is said to be... (More)
Merger and Acquisition agreements are an extensive process that often include multiple lawyers. The agreement is intended to regulate all the parties'
commitments and distribute the risk between them. Despite this, in many
business acquisitions the very vague contractual provision called MAC or
MAE is found. The abbreviations stand for material adverse change or material adverse effect and has a standardized Swedish translation. The contract
provision gives the buyer a right to withdraw from the contract between the
signing of the contract and the entry if the company has suffered a material
adverse change. Application of such a contractual provision has never been
brought up in a Swedish court and the legal situation is said to be unclear. In
other countries, the contractual clause has been up for review and very high
requirements have been set to be met to withdraw from the contract. This
essay aims to use Swedish contract interpretation to investigate how the
clause can be applied. The wording is vague and to be understood it needs to
be put in its context. Reasoning from foreign judgments confirms the parties'
purposes with the contractual provision and is opposed to the results of the
contractual interpretation. Köplagens provisions on defects in the goods are
not considered to reflect the parties' intention with the provision. Applying 36
§ avtalslagen instead in the event of changed conditions is deemed to be closer
to the acquiring parties' intention. An unequivocal answer about how the
clause is to be applied cannot be given as the parties' individual negotiation
is judged to be decisive. (Less)
Please use this url to cite or link to this publication:
author
Westerdahl, Filip LU
supervisor
organization
alternative title
Material adverse effect in merger and acquisitions
course
JURM02 20232
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
avtalsrätt, förmögenhetsrätt
language
Swedish
id
9143340
date added to LUP
2024-04-04 12:19:31
date last changed
2024-04-04 12:19:31
@misc{9143340,
  abstract     = {{Merger and Acquisition agreements are an extensive process that often include multiple lawyers. The agreement is intended to regulate all the parties'
commitments and distribute the risk between them. Despite this, in many
business acquisitions the very vague contractual provision called MAC or
MAE is found. The abbreviations stand for material adverse change or material adverse effect and has a standardized Swedish translation. The contract
provision gives the buyer a right to withdraw from the contract between the
signing of the contract and the entry if the company has suffered a material
adverse change. Application of such a contractual provision has never been
brought up in a Swedish court and the legal situation is said to be unclear. In
other countries, the contractual clause has been up for review and very high
requirements have been set to be met to withdraw from the contract. This
essay aims to use Swedish contract interpretation to investigate how the
clause can be applied. The wording is vague and to be understood it needs to
be put in its context. Reasoning from foreign judgments confirms the parties'
purposes with the contractual provision and is opposed to the results of the
contractual interpretation. Köplagens provisions on defects in the goods are
not considered to reflect the parties' intention with the provision. Applying 36
§ avtalslagen instead in the event of changed conditions is deemed to be closer
to the acquiring parties' intention. An unequivocal answer about how the
clause is to be applied cannot be given as the parties' individual negotiation
is judged to be decisive.}},
  author       = {{Westerdahl, Filip}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Väsentligen Negativ Inverkan i företagsförvärv}},
  year         = {{2023}},
}