Statement on Risks Related to Financial Investments
At the end of September 2007, BIO Deutschland was asked by the Federal Ministry of Finance to provide a statement on the Draft Law on the Limitation of the Risks Associated with Financial Investments. In the document that was submitted to the Ministry, one of BIO Deutschland’s demands was the safeguarding of legal certainty for investors by clear wording in the draft of the law, as well as the avoidance of additional financial risks. The draft law should be so worded that communication between shareholders remains possible, while at the same time there should be clarity about what is meant by “acting in concert”. A legal grey area that would be harmful for the investment climate in Germany and the legal uncertainty associated with this would thus be avoided. Otherwise, even a business discussion between two investors could be interpreted as a type of collaboration that “is capable of permanently or significantly influencing the corporate direction of the issuer”. Thus, merely exchanging views could lead to the obligation to make a takeover offer and in certain circumstances to a financial risk worth millions.