Acting in Concert in Takeover Law

Uočljiv je nerazmjer između važnosti instituta zajedničkog djelovanja u pravu preuzimanja dioničkih društava i kvalitete njegova uređenja u aktualnim odredbama Zakona o preuzimanju dioničkih društava (ZPDD). Problemi počinju već sa samom definicijom, a zaoštravaju se mnogobrojnim presumpcijama koje po svojoj naravi često nisu dovoljne ni da posluže kao indicij zajedničkog djelovanja, a kamoli da prebace teret dokaza na stjecatelje. Možda najvažnije, zajedničko djelovanje postavljeno je toliko široko da obeshrabruje poželjni dioničarski aktivizam kao što je raspravljanje i dogovaranje oko pojedine odluke na glavnoj skupštini. Osim kritika, članak preporučuje konkretne izmjene, koje zahtijevaju gotovo potpuno novo zakonsko uređenje.There is an obvious discrepancy between the importance of acting in concert in takeover law and the quality of its regulation in the provisions of the Act on the Takeover of Joint-Stock Companies. The problems begin already with the very definition of acting in concert and they are aggravated through numerous presumptions which, in themselves, do not even indicate acting in concert, much less shift the burden of proof on the acquirers. Probably the most important problem is that the acting in concert is so far-reaching that it discourages desirable shareholder activism, such as debating and cooperating in relation to the individual resolutions of the general meeting. Aside from the criticism, the paper suggests specific improvements, which require an entirely new legislative framework