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Abstract
This paper takes as an example the intertwined relations between Grupo Espírito Santo and Portugal Telecom and the events surrounding the unpaid Rioforte loan to describe minority blockholders’ strong incentives to protect the extraction of private benefits of control when a third party threatens a company takeover. This paper argues that the combination of the extraction of private benefits of control, the takeover protection granted by a statutory voting rights ceiling provision and the existence of a mandatory takeover rule create a vicious circle with an unintended outcome. Although a mandatory takeover rule should protect minority shareholders, it instead works in favour of the blockholder extracting private benefits of control, which is the exact opposite of its original intent.
| Original language | English |
|---|---|
| Publisher | Universidade Católica Portuguesa |
| Number of pages | 31 |
| Publication status | Published - 2023 |
Publication series
| Name | CGSL Working Papers |
|---|---|
| No. | 1 |
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Dive into the research topics of 'The dark triad: private benefits of control, voting caps and the mandatory takeover rule'. Together they form a unique fingerprint.Projects
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CEID-CRCFL: Católica Research Centre for the Future of Law
Pais, S. O. (Associate Professor), Costa, A. C. R. (Invited Assistant Professor), Afonso, A. (Assistant Professor), Ribeiro, A. T. (PI), Martins, A. A. (Invited Assistant Professor), Guedes, A. (Associate Professor), Sousa, A. F. D. (Assistant Professor), Triunfante, A. (Assistant Professor), Botelho, C. S. (Assistant Professor), Fraipont, C. D. (Student), Tavares, E. (Student), Ferreira, A. S. (Student), Antunes, A. F. M. (PI), Fonseca, A. (PI), Abrantes, A. M. (Student), Amaro, A. E. L. (Scholarship holder), Cortês, A. U. (Associate Professor), Rocha, A. (Assistant Professor), Baldé, A. (Student), Sardinha, C. (Assistant Professor), Lucena, C. (Student), Sequeira, E. V. D. (Assistant Professor), Ferreira-Pinto, F. A. (Assistant Professor), Calvão, F. (Associate Professor), Alves, F. C. (Invited Assistant Teacher), Ribeiro, G. A. (Assistant Professor), Matias, G. (Assistant Professor), Ferreira, H. P. (Student), Salinas, H. (Assistant Professor), Antunes, H. S. (Associate Professor), Sousa, I. P. D. (Invited Assistant Teacher), Costa, I. G. (Student), Duarte, I. T. (Scholarship holder), Dalhuisen, J. (Invited Professor), Geng, J. (Student), Vasconcelos, J. (Associate Professor), Gomes, J. S. (Student), Lopes, J. F. (Student), Silva, J. P. D. (Assistant Professor), Lopes, J. A. (Associate Professor), Moutinho, J. L. (Associate Professor), Antunes, J. E. (Associate Professor), Proença, J. C. B. (Invited Associate Professor), Estaca, J. N. (Student), Domingos, J. L. (Student), Cunha, J. D. D. (Associate Professor), Rodrigues, J. (Student), Taborda, J. (Student), Araújo, L. (Student), Fábrica, L. (Assistant Professor), Naia, L. R. (Scholarship holder), Campos, M. F. (Associate Professor), Queiroz, B. M. (Assistant Professor), Cunha, M. D. C. (Associate Professor), Baptista, D. (Assistant Professor), Ribeiro, M. D. F. (Associate Professor), Ferreira, M. E. (Assistant Professor), Quadros, I. (Assistant Professor), Tavares, M. I. (Assistant Professor), Campos, I. M. (Assistant Professor), Martins, M. D. (Assistant Professor), Faria, M. P. R. D. (Associate Professor), Xavier, R. (Full Professor), Faria, R. L. D. (Assistant Professor), Rocha, V. (Assistant Professor), Almeida, M. A. D. (Full Professor), Domingos, M. P. (Scholarship holder), Rosas, M. (Invited Assistant Teacher), Portocarrero, M. (Assistant Professor), Rouxinol, M. (Assistant Professor), Alija, N. (Student), Silva, N. S. E. (Invited Assistant Professor), Martins, P. F. (Assistant Professor), Pichel, P. (Invited Assistant Teacher), Cunha, P. O. (Associate Professor), Albuquerque, P. P. D. (Full Professor), Marques, P. G. (Assistant Professor), Machete, P. (Associate Professor), Gomes, P. C. (Invited Assistant Professor), Freitas, P. (Assistant Professor), Carvalho, R. (Associate Professor), Moreira, R. R. (Scholarship holder), Andrade, R. (Invited Assistant Teacher), Morais, R. D. (Full Professor), Medeiros, R. (Full Professor), Duarte, R. P. (Full Professor), Carvalho, C. D. O. (Associate Professor), Tavares, S. (Assistant Professor), Vasques, S. (Associate Professor), Venda, S. B. E. (Student), Maltez, S. (Scholarship holder), Rendas, T. (Invited Assistant Professor), Tavares, T. (Assistant Professor), Ventura, V. (Student) & Nogueira, J. F. P. (Assistant Professor)
1/01/20 → 31/12/25
Project: Research