Judgment of the Court (Fourth Chamber) of 15 October 2009 (reference for a preliminary ruling from the Cour de cassation (Luxembourg)) - Audiolux SA, BIP Investment Partners SA, Jean-Paul Felten, Joseph Weyland, Luxiprivilège SA, Foyer SA, Investas ASBL, Claudie Stein-Lambert, Christiane Worre-Lambert, Baron Antoine De Schorlemer, Jacques Funck, Jean Petitdidier v Groupe Bruxelles Lambert SA (GBL), RTL Group, Juan Abello Gallo, Didier Bellens, André Desmarais, Gérald Frère, Jocelyn Lefebvre, Onno Ruding, Gilles Samyn, Martin Taylor, Bertelsmann AG, Siegfried Luther, Thomas Middelhoff, Ewald Wagenbach, Rolf Schmidt-Holz, Erich Schumann, WAZ Finanzierungs-GmbH, Westdeutsche Allgemeine Zeitungsverlagsgesellschaft E. Brost & J. Funke GmbH & Co (WAZ)
(Directives 77/91/EEC, 79/279/EEC and 2004/25/EC - General principle of Community law on the protection of minority shareholders - None - Company law - Acquisition of control - Mandatory bid - Recommendation 77/534/EEC - Code of Conduct)
Language of the case: French
Referring court
Cour de cassation
Parties to the main proceedings
Applicants: Audiolux SA, BIP Investment Partners SA, Jean-Paul Felten, Joseph Weyland, Luxiprivilège SA, Foyer SA, Investas ASBL, Claudie Stein-Lambert, Christiane Worre-Lambert, Baron Antoine De Schorlemer, Jacques Funck, Jean Petitdidier
Defendants: Groupe Bruxelles Lambert SA (GBL), RTL Group, Juan Abello Gallo, Didier Bellens, André Desmarais, Gérald Frère, Jocelyn Lefebvre, Onno Ruding, Gilles Samyn, Martin Taylor, Bertelsmann AG, Siegfried Luther, Thomas Middelhoff, Ewald Wagenbach, Rolf Schmidt-Holz, Erich Schumann, WAZ Finanzierungs-GmbH, Westdeutsche Allgemeine Zeitungsverlagsgesellschaft E. Brost & J. Funke GmbH & Co (WAZ)
Re:
Reference for a preliminary ruling - Cour de cassation (Grand Duchy of Luxembourg) - Interpretation of (1) Articles 20 and 42 of the Second Council Directive 77/91/EEC of 13 December 1976 on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies ... in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent (OJ 1977 L 26, p. 1), (2) the Commission Recommendation of 25 July 1977 concerning a European code of conduct relating to transactions in transferable securities (OJ 1977 L 212 p. 37), (3) Council Directive 79/279/EEC of 5 March 1979 coordinating the conditions for the admission of securities to official stock exchange listing (OJ 1979 L 66, p. 21) and (4) Article 3(1)(a) of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids (OJ 2004 L 142, p. 12) - Is there, in Community law, a general principle of the equality of shareholders? - If so, what is the scope ratione materiae and ratione temporis of that principle?
Operative part of the judgment
Community law does not include any general principle of law under which minority shareholders are protected by an obligation on the dominant shareholder, when acquiring or exercising control of a company, to offer to buy their shares under the same conditions as those agreed when a shareholding conferring or strengthening the control of the dominant shareholder was acquired.
____________1 - OJ C 116, 9.5.2008.