FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: This means that the minority shareholders, together, will have a majority of the voting rights; and they will act together in exercising these voting rights.
French: Autrement dit, les actionnaires minoritaires possèdent ensemble une majorité des droits de vote, et se concertent pour les exercer.
Italian: Ciò significa che gli azionisti di minoranza detengono congiuntamente la maggioranza dei diritti di voto e che agiscono di comune accordo nell'esercizio di tali diritti di voto.
Swedish: Med andra ord innehar minoritetsaktieägarna tillsammans en majoritet av rösträttigheterna och samordnar sig för att utnyttja dessa.
Finnish: Tämä merkitsee sitä, että vähemmistöosakkailla on yhteensä äänimäärän enemmistö ja että ne käyttävät yhdessä äänioikeuksiaan.
Greek: Αυτό σημαίνει ότι οι μέτοχοι της μειοψηφίας μαζί, θα έχουν πλειοψηφία των δικαιωμάτων ψήφου και θα ενεργούν πάντοτε μαζί κατά την άσκηση των δικαιωμάτων ψήφου τους.
Polish: Oznacza to, że mniejszościowi akcjonariusze, występując razem, będą dysponowali większością praw głosu, a także że będą działali razem przy korzystaniu z tych praw głosu.
Slovenian: To pomeni, da bodo imeli manjšinski delničarji skupaj večino glasov in bodo pri izvajanju navedenih glasovalnih pravic nastopali skupaj.
Romanian: Aceasta înseamnă că acționarii minoritari dețin împreună majoritatea drepturilor de vot, și aceștia acționează împreună în exercitarea respectivelor drepturi.
Estonian: See tähendab, et vähemusaktsionäridel on üheskoos häälteenamus ning nad tegutsevad ühiselt, et seda häälteenamust kasutada.
Latvian: Tas nozīmē, ka mazākuma akcionāriem kopā būs balsstiesību vairākums, un tie kopīgi piedalīsies balsstiesību realizēšanā.
English: In these circumstances, a single shareholder possesses the same level of influence as that normally enjoyed by several jointly-controlling shareholders, i. e. the power to block the adoption of strategic decisions. However, this shareholder does not enjoy the powers which are normally conferred on an undertaking with sole control, i. e. the power to impose strategic decisions.
French: Dans ces circonstances, cet actionnaire dispose, de fait, du pouvoir qui est normalement conféré à plusieurs actionnaires assurant le contrôle en commun d'une entreprise, - c'est-à-dire du pouvoir de bloquer l'adoption de décisions stratégiques - sans toutefois détenir les pouvoirs qui sont normalement conférés sur une entreprise sous contrôle exclusif - c'est-à-dire le pouvoir d'imposer des décisions stratégiques -.
English: A concentration may also occur where an operation leads to a change in the structure of control. This includes the change from joint control to sole control as well as an increase in the number of shareholders exercising joint control.
French: Une opération doit également être considérée comme une concentration, lorsqu'elle entraîne un changement dans la structure du contrôle, tel que le passage d'un contrôle en commun à un contrôle exclusif, ou une augmentation du nombre d'actionnaires exerçant le contrôle en commun.
Spanish: También podrá hablarse de concentración cuando una operación implique una modificación de la estructura de control, como el paso de un control en común a un control exclusivo o el aumento del número de accionistas que ejercen control en común.
Italian: Può verificarsi una concentrazione anche quando un'operazione porta a modifiche nella struttura di controllo, quali il passaggio dal controllo congiunto al controllo esclusivo e l'aumento del numero di azionisti che esercitano il controllo congiunto.
Swedish: En transaktion skall även betraktas som en koncentration om den medför en ändring i kontrollstrukturen, som till exempel en övergång från gemensam kontroll till ensam kontroll, eller en ökning av antalet aktieägare som utövar gemensam kontroll.
English: The guidance set out in this Notice reflects the Commission's experience in applying the Merger Regulation since it entered into force on 21 December 1990. The principles contained here will be applied and further developed by the Commission in individual cases.
Polish: Wskazówki przedstawione w niniejszym obwieszczeniu odzwierciedlają doświadczenie Komisji w stosowaniu rozporządzenia w sprawie połączeń od momentu jego wejścia w życie w dniu 21 grudnia 1990 r. Zasady tu zawarte będą stosowane i dalej rozwijane przez Komisję w indywidualnych przypadkach.
Bulgarian: Насоките, съдържащи се в настоящото известие отразяват опита на Комисията при прилагането на Регламента за сливанията от момента на влизането му в сила на 21 декември 1990 г. Принципите, съдържащи се в настоящото известие, ще се прилагат и ще бъдат доразвиване и в бъдеще от Комисията в индивидуални казуси.
English: According to recital 23 to Regulation (EEC) No 4064/89, the concept of concentration is defined as covering only operations which bring about a lasting change in the structure of the undertakings concerned. Article 3(1) provides that such a structural change is brought about either by a merger between two previously independent undertakings or by the acquisition of control over the whole or part of another undertaking.
Polish: Zgodnie z motywem 23 rozporządzenia (EWG) nr 4064/89 pojęcie koncentracji definiuje się jako obejmujące jedynie te operacje, które powodują trwałą zmianę w strukturze uczestniczących przedsiębiorstw. art. 3 ust. 1 stanowi, że taką zmianę powoduje albo połączenie dwóch wcześniej samodzielnych przedsiębiorstw, albo też przejęcie kontroli nad całością lub częścią innego przedsiębiorstwa.
English: The determination of the existence of a concentration under the Merger Regulation is based upon qualitative rather than quantitative criteria, focusing on the concept of control. These criteria include considerations of both law and fact. It follows, therefore, that a concentration may occur on a legal or a de facto basis.
Polish: W celu ustalania, czy istnieje koncentracja w rozumieniu rozporządzenia w sprawie połączeń, Komisja stosuje kryteria jakościowe bardziej niż ilościowe, skupiające się na pojęciu kontroli. Kryteria te obejmują zarówno czynniki o charakterze prawnym, jak i faktycznym. Wynika z tego, że koncentracja może mieć charakter prawny lub faktyczny.
English: A merger within the meaning of Article 3(1)(a) of the Merger Regulation occurs when two or more independent undertakings amalgamate into a new undertaking and cease to exist as separate legal entities. A merger may also occur when an undertaking is absorbed by another, the latter retaining its legal identity while the former ceases to exist as a legal entity.
Polish: Połączenie w rozumieniu art. 3 ust. 1 lit. a) rozporządzenia w sprawie połączeń ma miejsce wtedy, gdy dwa lub więcej samodzielnych przedsiębiorstw łączy się tworząc nowe przedsiębiorstwo i przestaje istnieć jako odrębne podmioty prawne. Połączenie może również mieć miejsce wtedy, gdy jedno przedsiębiorstwo zostaje włączone do drugiego, tracąc w ten sposób osobowość prawną.
English: In such a situation, control is acquired by the undertaking which in reality is behind the operation and in fact enjoys the power to control the target undertaking (Article 3(4)(b)). The evidence needed to establish this type of indirect control may include factors such as the source of financing or family links.
Polish: W takiej sytuacji kontrolę przejmuje przedsiębiorstwo, które w rzeczywistości stoi za tą operacją i faktycznie posiada uprawnienia umożliwiające mu kontrolowanie docelowego przedsiębiorstwa (art. 3 ust. 4 lit. b)). W celu stwierdzenia, że występuje tego rodzaju pośrednia kontrola, niezbędne mogą być dowody dotyczące np. źródła finansowania czy więzi rodzinnych.
English: The object of control can be one or more undertakings which constitute legal entities, or the assets of such entities, or only some of these assets (11). The assets in question, which could be brands or licences, must constitute a business to which a market turnover can be clearly attributed.
Polish: Przedmiotem kontroli może być jedno przedsiębiorstwo bądź większa liczba przedsiębiorstw stanowiących podmioty prawne lub aktywa takich podmiotów albo też jedynie część tych aktywów [11]. Takie aktywa, jakimi mogą być znaki firmowe lub licencje, muszą składać się na transakcję handlową, której można wyraźnie przypisać obrót handlowy.
English: The acquisition of control may be in the form of sole or joint control. In both cases, control is defined as the possibility of exercising decisive influence on an undertaking on the basis of rights, contracts or any other means (Article 3(3)).
Czech: V obou případech je vymezena jako možnost uplatňovat rozhodující vliv na podnik na základě práv, smluv nebo jiným způsobem (čl. 3 odst. 3).
Slovak: V obidvoch prípadoch je kontrola definovaná ako možnosť uplatňovania rozhodujúceho vplyvu na podnik na báze práv, zmlúv alebo nejakých iných prostriedkov (článok 3 ods. 3).
Polish: Kontrolę przejąć można w formie kontroli wyłącznej lub kontroli wspólnej. W obydwu przypadkach kontrolę definiuje się jako możliwość wywierania decydującego wpływu na przedsiębiorstwo w oparciu o prawa, umowy lub inne środki (art. 3 ust. 3).
English: A rescue operation typically involves the conversion of existing debt into a new company, through which a syndicate of banks may acquire joint control of the company concerned. Where such an operation meets the criteria for joint control, as outlined above, it will normally be considered to be a concentration (30).
Polish: Operacja ratunkowa polega zwykle na przekształceniu istniejącej zadłużonej firmy w nową firmę, w wyniku czego syndykat banków przejmuje wspólną kontrolę nad taką firmą. Jeżeli taka operacja spełnia kryteria określone wyżej dla wspólnej kontroli, będzie na ogół uznawana za koncentrację [30].
English: Although the primary intention of the banks is to restructure the financing of the undertaking concerned for its subsequent resale, the exception set out in Article 3(5)(a) is normally not applicable to such an operation. This is because the restructuring programme normally requires the controlling banks to determine the strategic commercial behaviour of the rescued undertaking.
Italian: Sebbene l'intenzione principale delle banche sia la ristrutturazione finanziaria dell'impresa in oggetto ai fini di una sua successiva dismissione, l'eccezione di cui all'articolo 3, paragrafo 5, lettera a), non è di norma applicabile a tale operazione, in quanto il programma di ristrutturazione richiede in linea di massima che le banche controllanti determinino gli indirizzi strategici dell'attività dell'impresa oggetto del salvataggio.
Swedish: Även om bankerna främst avser att sanera det berörda företagets finanser i syfte att sedan sälja det, omfattas denna typ av transaktion i allmänhet inte av det undantag som anges i artikel 3.5 a. Det beror på att saneringsprogrammet vanligtvis kräver att de banker som har kontroll över företaget i svårigheter bestämmer dess affärsstrategi.
Greek: Μολονότι πρωταρχική πρόθεση των τραπεζών είναι η αναχρηματοδότηση της εν λόγω επιχείρησης με σκοπό την εν συνεχεία πώλησή της, η εξαίρεση που προβλέπεται στο άρθρο 3 παράγραφος 5 στοιχείο α), δεν έχει κατά κανόνα εφαρμογή σε μία τέτοια πράξη.
Polish: Wprawdzie zasadniczą intencją banków jest restrukturyzacja finansów danego przedsiębiorstwa w celu jego dalszej odsprzedaży, wyjątek przewidziany w art. 3 ust. 5 lit. a) nie odnosi się zwykle do takiej operacji, ponieważ program restrukturyzacji wymaga na ogół, by kontrolujące banki zadecydowały o strategicznych zachowaniach handlowych ratowanego przedsiębiorstwa.
English: Furthermore, it is not normally a realistic proposition to transform a rescued company into a commercially viable entity and to resell it within the permitted one-year period. Moreover, the length of time needed to achieve this aim may be so uncertain that it would be difficult to grant an extension of the disposal period.
Polish: Ponadto nie można zwykle uznać za realistyczną propozycji przekształcenia ratowanej firmy w mogący utrzymać się na rynku podmiot handlowy i odsprzedania jej w ciągu dopuszczalnego okresu jednego roku. Poza tym czas potrzebny na realizację tego celu jest sprawą tak niepewną, że trudno byłoby wydać zgodę na przedłużenie terminu zbycia.
Maltese: B'żieda ma' dan, mhix pożizzjoni normalment realistika li tittrasforma kumpannija li tkun salvata f'entità kummerċjalment vijabbli u biex jerġgħu jbiegħuha fil-perjodu li jkun permess ta' sena. B'żieda ma' dan, it-tul ta' żmien meħtieġ biex jiksbu dan l-iskop jista' jkun tant inċert li jkun diffiċli biex tagħti estensjoni tal-perjodu ta' disponiment.
English: Other considerations related to joint control 36.
Bulgarian: Други съображения, свързани със съвместния контрол
Maltese: Konsiderazzjonijiet oħra relatati mal-kontroll konġunt
English: Apart from the typical veto rights mentioned above, there exist a number of other veto rights related to specific decisions which are important in the context of the particular market of the joint venture. One example is the decision on the technology to be used by the joint venture where technology is a key feature of the joint venture's activities.
Italian: A parte i tipici diritti di veto menzionati in precedenza, ne esistono taluni altri su decisioni specifiche che sono importanti nel contesto del mercato dell'impresa comune, ad esempio le decisioni relative alla tecnologia da utilizzare, quando si tratta di un elemento chiave delle attività dell'impresa comune.
English: Even in the absence of specific veto rights, two or more undertakings acquiring minority shareholdings in another undertaking may obtain joint control. This may be the case where the minority shareholdings together provide the means for controlling the target undertaking.
Italian: Anche in assenza di diritti specifici di veto, due o più imprese che acquisiscono partecipazioni di minoranza in un'altra impresa possono ottenerne il controllo congiunto qualora le partecipazioni di minoranza costituiscano congiuntamente il mezzo per controllare l'impresa in oggetto.
English: These veto rights may be set out in the statute of the joint venture or conferred by agreement between its parent companies. The veto rights themselves may operate by means of a specific quorum required for decisions taken at the shareholders' meeting or by the board of directors to the extent that the parent companies are represented on this board.
Spanish: Estos derechos de veto pueden figurar en los estatutos de la empresa en participación o serles conferidos mediante acuerdo entre las empresas matrices y pueden ejercerse cuando se requiera un quórum específico para adoptar ciertas decisiones en la junta de accionistas o en el consejo de administración, siempre que las empresas matrices estén representadas en él.
English: Another example relates to markets characterised by product differentiation and a significant degree of innovation. In such markets, a veto right over decisions relating to new product lines to be developed by the joint venture may also be an important element in establishing the existence of joint control.
Spanish: También cabe citar el ejemplo de los mercados que se caracterizan por la diferenciación del producto y un nivel elevado de innovación, caso en que un derecho de veto sobre las decisiones relativas a las nuevas líneas de productos que la empresa va a desarrollar puede también constituir un elemento importante para demostrar la existencia de control en común.
English: This may be the case where the minority shareholdings together provide the means for controlling the target undertaking. This means that the minority shareholders, together, will have a majority of the voting rights;
Spanish: Esto puede darse cuando la suma de participaciones minoritarias constituya el medio de controlar la empresa en cuestión.
English: and they will act together in exercising these voting rights. This can result from a legally binding agreement to this effect, or it may be established on a de facto basis.
Spanish: Ello significa que los accionistas minoritarios poseen, juntos, la mayoría de los derechos de voto y que los ejercerán conjuntamente, ya sea mediante un acuerdo jurídicamente vinculante o basándose en circunstancias de hecho.
Slovak: Od právne viazaných dohôd to môže viesť k tomuto výsledku, alebo môže to byť vytvorené na báze de facto.
English: These may be preferential shares leading to a majority of the voting rights or other rights enabling the minority shareholder to determine the strategic commercial behaviour of the target company, such as the power to appoint more than half of the members of the supervisory board or the administrative board. A minority shareholder may also be deemed to have sole control on a de facto basis.
Greek: Αυτά μπορεί να είναι προνομιούχες μετοχές που συνεπάγονται πλειοψηφία των δικαιωμάτων ψήφου ή άλλα δικαιώματα που παρέχουν στους μειοψηφούντες μετόχους τη δυνατότητα να καθορίζουν τη στρατηγική εμπορική συμπεριφορά της ελεγχόμενης επιχείρησης, όπως η εξουσία να διορίζουν περισσότερα από τα μισά μέλη του εποπτικού συμβουλίου ή του διοικητικού συμβουλίου.
English: In determining the previous independence of undertakings, the issue of control may be relevant. Control is considered generally in paragraphs 12 et seq. below.
Greek: Για τον προσδιορισμό της προηγούμενης ανεξαρτησίας των επιχειρήσεων, κρίσιμο μπορεί να είναι το ζήτημα του ελέγχου, το οποίο εξετάζεται κατωτέρω στα σημεία 12 και επόμενα.
English: Case IV/M.097 - Péchiney/Usinor, of 24 June 1991; Case IV/M.216 - CEA Industrie/France Telecom/SGS-Thomson, of 22 February 1993.
Swedish: Ärende IV/M.097 - Péchiney/Usinor av den 24 juni 1991 och ärende IV/M.216 - CEA Industrie/France Telecom/SGS-Thomson av den 22 februari 1993.
Greek: Υπόθεση IV/M.097 - Pιchiney/Usinor της 24ης Ιουνίου 1991 7 Υπόθεση IV/M.216 - CEA Industrie/France Telecom/SGS-Thomson της 22ας Φεβρουαρίου 1993.
English: on the concept of concentration under Council Regulation (EEC) No 4064/89 on the control of concentrations between undertakings (98/C 66/02) (Text with EEA relevance)
Bulgarian: относно понятието "концентрация" съгласно Регламент (ЕИО) № 4064/89 на Съвета относно контрола на концентрации между предприятия (98/С 66/02) (текст от значение за ЕИП)
English: Joint control for a limited period.
Bulgarian: Съвместен контрол за ограничен период от време
English: Control by a single shareholder on the basis of veto rights.
Bulgarian: Контрол от единствен акционер въз основа на права на вето
English: MERGERS BETWEEN PREVIOUSLY INDEPENDENT UNDERTAKINGS 6.
Slovenian: ZDRUŽITVE PREDHODNO NEODVISNIH PODJETIJ 6.
Bulgarian: СЛИВАНЕ МЕЖДУ НЕЗАВИСИМИ ДО МОМЕНТА ПРЕДПРИЯТИЯ
English: Where the undertakings were formerly part of different economic units having an independent power of decision, the operation will be deemed to constitute a concentration and not an internal restructuring.
Bulgarian: Когато предприятията са били преди това част от различни стопански субекти, независими при вземане на решения, операцията ще се счита, че представлява концентрация, а не вътрешно преструктуриране.
English: Such independent power of decision does not normally exist, however, where the undertakings are within the same holding company.
Bulgarian: Такива независими права при вземане на решения, обаче, по правило не съществуват, когато предприятията са част от едно и също холдингово дружество.
English: An option to purchase or convert shares cannot in itself confer sole control unless the option will be exercised in the near future according to legally binding agreements (16). However, the likely exercise of such an option can be taken into account as an additional element which, together with other elements, may lead to the conclusion that there is sole control.
Bulgarian: Една опция за покупка или замяна на дялове не може, сама по себе си, да предостави самостоятелния контрол, освен ако юридически обвързващи договори не предвиждат опцията да бъде упражнена в близкото бъдеще..Въпреки това, вероятното упражняване на такава опция може да бъде взето предвид като допълнителен елемент, който заедно с други елементи може да доведе до заключението, че е налице самостоятелен контрол.
English: Joint control 18.
Bulgarian: Съвместен контрол
English: Appointment of management and determination of budget.
Bulgarian: Назначаване на управителните органи и определяне на бюджета
English: Investments.
Bulgarian: Инвестиции.
English: Market-specific rights.
Bulgarian: Права, свързани с особеностите на пазара.
English: Overall context.
Bulgarian: Общ контекст.
English: Joint control for a limited period 38.
Bulgarian: Съвместен контрол за ограничен период от време
English: Article 3(5) sets out three exceptional situations where the acquisition of a controlling interest does not constitute a concentration under the Merger Regulation. 42.
Bulgarian: Член 3, параграф 5 определя три изключения, когато придобиването на контролния пакет не съставлява концентрация по смисъла на Регламента за сливанията.
English: Secondly, there is no change of control, and hence no concentration within the meaning of the Merger Regulation, where control is acquired by an office-holder according to the law of a Member State relating to liquidation, winding-up, insolvency, cessation of payments, compositions or analogous proceedings (Article 3(5)(b)); 44.
Bulgarian: Второ, не е налице промяна в контрола и съответно не е налице концентрация по смисъла на Регламента за сливанията, когато контролът е придобит от държавен служител, съгласно правото на една държава-членка, регулиращо ликвидацията, несъстоятелността, прекратяването на плащанията, учредяването или аналогични процедури (чл. 3, параграф 5, буква б);
English: OJ L 395, 30.12.1989, p. 1, corrected version OJ L 257, 21.9.1990, p. 13.
Romanian: JO L 395, 30.12.1989, p. 1, versiune corectată JO L 257, 21.9.1990, p. 13.
Bulgarian: ОВ L 395, 30.12.1989 г., стр. 1, поправка ОВ L 257, 21.9.1990 г., стр. 13.
English: OJ L 180, 9.7.1997, p. 1.
Romanian: JO L 180, 9.7.1997, p. 1.
Bulgarian: ОВ L 180, 9.7.1997 г., стр. 1.
English: OJ C 385, 31.12.1994, p. 5.
Romanian: JO C 385, 31.12.1994, p. 5.
Bulgarian: ОВ С 385, 31.12.1994 г., стр. 5.
English: Case T 2/93 - Air France v Commission (ibid). Case IV/M.010 - Conagra/Idea, of 3 May 1991.
Italian: Causa T 2/93 - Air France/Commissione (vedi sopra), caso IV/M.010 - Conagra/Idea del 3 maggio 1991.
Bulgarian: Дело Т 2/93 –Air Frаnce v. Comission [1994] Преглед на Съда на Европейските общности ІІ-323. Дело IV/M.010 – Conagra/Idea, от 3 май 1991 г.
English: This starting-up period must not exceed three years. Case IV/M.425 - British Telecom/Banco Santander, ibid.
Bulgarian: Този начален период трябва да не превишава три години. Дело IV/M.425 – British Telecom/Banco Santander, от 28 март 1994 г.
English: OJ L 222, 14.8.1978, p. 11, as last amended by the Act of Accession of Austria, Finland and Sweden.
Romanian: JO L 222, 14.8.1978, p. 11, astfel cum a fost modificată prin Actul de aderare a Austriei, Finlandei și Suediei.
Bulgarian: (29)ОВ L 222, 14.8.1978 г., стр. 11, изменен с Акта за присъединяване на Австрия, Финландия и Швеция.
English: Article 5(3) of this Directive defines financial holding companies as 'those companies the sole objective of which is to acquire holdings in other undertakings, and to manage such holdings and turn them to profit, without involving themselves directly or indirectly in the management of those undertakings, the foregoing without prejudice to their rights as shareholders`.
Romanian: Articolul 5 alineatul (3) din prezenta directivă definește holdingurile financiare ca find „companiile al căror unic obiectiv este de a prelua participații în alte întreprinderi și de a le gestiona și a le face profitabile, fără a se implica direct sau indirect în conducerea respectivelor întreprinderi, fără a aduce atingere drepturilor lor în calitate de acționari”.
Bulgarian: Съгласно член 5, параграф 3 от настоящата директива финансовите холдингови дружества се определят като „такива дружества, основната цел на които е да придобиват холдинги в други предприятия, да управляват тези холдинги и да ги превръщат в печеливши, без самите те да се включват пряко или косвено в управлението на тези предприятия, до степен да не се накърняват техните права като акционери“.