Rechtsfragen der Unternehmensbewertung bei aktienrechtlichen Abfindungsansprüchen in Deutschland und Italien

The appraisal remedy provides an elegant and effective instrument for minority protection in situations of fundamental changes. Its effectiveness depends however on the “right to exit at a fair price”. Determining a fair price has given rise to legal questions of business valuation. This paper takes up these questions in Italian and German stock corporation law. It first describes the scope and operation of appraisal rights. This is followed by an examination of how both jurisdictions deal with the intricate problems of defining and operationalising “fair value” within appraisal proceedings, revealing surprising differences in their approaches.

Il lavoro affronta il tema, poco esplorato in chiave comparatistica, della disciplina legale dei criteri di valutazione delle azioni dei soci in caso di recesso dalla s.p.a. Tema tanto più rilevante in quanto dalla sua esatta comprensione discende una compiuta tutela dei soci recedenti. Ne emerge un quadro ad alta risoluzione di due ordinamenti che percorrono, sul punto, strade assai diverse.