Ukraine: restrictions on corporate raids and hostile takeovers


On 17 September 2008, changes to Ukraine’s Commercial Procedural Code were adopted by Parliament to reduce the number of corporate raids and hostile takeovers .

The new law gives effect to the position adopted by the Supreme Court of Ukraine in prohibiting courts from granting interim measures via injunctions which:

· ban shareholders meetings from being held

· ban shareholders from making decisions

· order the securities registrar, custodian or depository to produce the shareholders register or any information about shareholders needed to call a shareholders meetings

· order any shareholder to attend a shareholder’s meeting, or

· determine the competence of a general meeting of shareholders

Law: amendments to Article 67 of the Commercial Procedural Code of Ukraine