Squeeze out - transfer of minority shareholder's shares

Pravni institut kojim se prenose dionice u vlasništvu manjinskih dioničara na dioničare koji su kroz poslovanje ostvarili vlasništvo nad 95% dionica u dioničkim društvima reguliran je Zakonom o trgovačkim društvima (Narodne novine, 111/1993, 34/1999, 121/1999, 52/2000, 118/2003, 107/2007,146/2008, 137/2009, 125/2011, 152/2011, 111/2012, 68/2013, 110/2015, 40/2015, 34/2022.), preciznije, odredbama članaka 300.f – 300.k. Navedenim odredbama regulira se prestanak članstva manjinskih dioničara u dioničkom društvu bez njihove volje, gdje većinski dioničar, pod zakonom propisanim uvjetima, „istiskuje“ manjinske dioničare. Ovakav prijenos dionica manjinskih dioničara na većinske dioničare poznat je u angloameričkoj terminologiji i kao „squeeze out“. Navedeni institut uveden je u hrvatski pravni sustav 2003. godine tijekom postupka usklađenja zakonske regulative Republike Hrvatske s pravom Europske unije. Cilj uvođenja instituta „squeeze out“ je poticanje poduzetničke klime unutar dioničkog društva jačanjem „koncernskih veza“ između društava. Zbog istiskivanja manjinskih dioničara potrebno je zaštititi njihova prava pa im se tako kroz ovaj institut osigurava materijalno obeštećenje u vidu isplate otpremnine. U svrhu jačanja poduzetničkog interesa glavnog dioničara prilikom „istiskivanja“ manjinskih dioničara, kojima su s obzirom na njihove minimalne udjele do 5% ionako reducirana upravljačka i imovinska prava, zakonodavac se odlučio za rješenje kojim nastoji očuvati interes glavnog dioničara bez da se gospodarski našteti manjinskim dioničarima. Navedena zakonska mogućnost prijenosa dionica manjinskih dioničara ostvaruje se pod sljedećim uvjetima: „Dionice koje se odnose na najmanje 95% temeljnog kapitala društva isključivo moraju pripadati glavnom dioničaru; broj manjinskih dioničara je neograničen, pri čemu je bitno da njihov ukupan zbroj ne prelazi 5% ukupnog temeljnog kapitala dioničkog društva;a odluku o prijenosu dionica manjinskih dioničara donosi glavna skupština dioničkog društva.“The legal institute by which shares owned by minority shareholders are transferred to shareholders who have ownership of 95% of the share capital of the joint stock companies is regulated by the Company Law (Official Gazette, 111/1993, 34/1999, 121/1999, 52/2000 , 118/2003, 107/2007, 146/2008, 137/2009, 125/2011, 152/2011, 111/2012, 68/2013, 110/2015, 40/2015, 34/2022), more precisely, provisions Articles 300.f – 300.k. The aforementioned provisions regulate the termination of the membership of minority shareholders in a joint-stock company without their will, where the majority shareholder, under the conditions prescribed by law, "squeezes out" the minority shareholders. This transfer of shares from minority shareholders to majority shareholders is known in Anglo-American terminology as "squeeze out". The aforementioned institute was introduced into the Croatian legal system in 2003 during the process of harmonizing the legislation of the Republic of Croatia with the law of the European Union. The goal of introducing the "squeeze out" institute is to encourage the entrepreneurial climate within the joint-stock company by strengthening connections between the companies. The „squeeze out“ of minority shareholders creates a necessity to protect their rights, so this institute provides them with material compensation in the form of severance pay. To strengthen the entrepreneurial interest of the main shareholder during the "squeeze out" of minority shareholders, whose management and property rights have been reduced due to their minimal shares of up to 5%, the legislator opted for a solution that seeks to preserve the interest of the main shareholder without economically harming the minority shareholders. The aforementioned legal possibility of transferring shares of minority shareholders is achieved under the following conditions:"Shares relating to at least 95% of the company's share capital must exclusively belong to the main shareholder; the number of minority shareholders is unlimited, and their total sum mustn't exceed 5% of the total share capital of the joint-stock company, and the decision on the transfer of shares of minority shareholders is made by the general assembly of the joint-stock company.