Are there special rules applicable for public takeover bids or for corporate restructuring under bankruptcy procedures?
Public takeover bids are under the control of the Financial Superintendence. Bids relating to the acquisition of publicly held companies are regulated by Resolution 400 of 1995. This regulation has been amended by numerous provisions aimed at maintaining a high degree of transparency in the market, while at the same time protecting the interests of minorities and investors. Any public acquisition bid for more than 25 per cent of the shares of any stock exchange-quoted company must be approved in advance by the Financial Superintendence. If the offer relates to a company where the potential purchaser already holds 25 per cent or more of the shares, any increase of more than 5 per cent of the shares of the company in one year must be made by public offer and approved by the same Superintendence. An application with the terms of the offer must be submitted to the Superintendence with the draft offer notice, which must contain information about the bid. Should the bidding company and the t
