How will large companies be acquired in Albania? - Increased protection for small shareholders. New rules guarantee price parity
The rules for how publicly listed companies, meaning those companies that have shares open to the public, are acquired, will change.
The government has proposed several changes to the relevant law, which applies when an investor wants to buy a large part of a company's shares, in order to take control of it. The new changes aim to make this process fairer, more transparent and better protect all shareholders, especially small ones.
One of the most important changes concerns the offer price. If an investor publicly announces a price for buying shares, but then buys shares at a higher price, he will be forced to increase the offer for all shareholders. So if someone is paid more, then everyone must be paid the same price. This increases equality and avoids collusion.
The law also gives more powers to the Financial Supervisory Authority. This institution will have the right to intervene in cases of suspected price manipulation, exceptional market situations, or when a company is in financial difficulty. Any decision to change the price will have to be argued and made public.
Another important point relates to voting in the company during the offer period. In certain cases, restrictions on voting rights will not apply and shares with multiple votes will be counted as a single vote. The aim is to ensure that decision-making is as equal as possible among shareholders.
The draft law also strengthens cooperation with European Union countries and aligns Albanian rules with European directives on the takeover of companies. Some of these provisions will only enter into force when Albania joins the EU.
Essentially, the changes aim to increase confidence in the capital market, protect investors, and establish clearer rules for how large companies are acquired in the country.
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