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A aquisição tendente ao domínio total é um dos mais controversos institutos previstos no seio do direito das sociedades. Embora inúmeros preceitos legais procurem proteger os direitos dos sócios minoritários, a aquisição potestativa permite que os sócios maioritários adquiram as participações sociais dessas minorias contra a sua vontade. Por um lado, este meio aquisitivo introduz direitos especiais para os sócios maioritários. Por outro lado, também aos sócios minoritários - cujas participações são objeto de aquisição – o legislador procurou consagrar uma proteção adequada. Em face deste conflito de interesses, torna-se necessário encontrar um equilíbrio. Em Portugal, a regulamentação das aquisições potestativas está prevista em dois diplomas distintos: o CVM para as sociedades abertas ao investimento público e o CSC para as sociedades fechadas. A questão nuclear do presente estudo é determinar qual deverá ser a justa compensação a atribuir aos sócios minoritários em virtude da aquisição potestativa, bem como encontrar o método ideal para a determinar. Esta questão reveste elevada importância, especialmente no âmbito das sociedades fechadas ao investimento público, uma vez que o CSC é omisso quanto ao que se deve entender por “preço justo” a pagar.
The compulsory purchase of shares (squeeze-out) is one of the most controversial institutes of company law. Although numerous regulations seek to protect the rights of minorities, squeeze-out procedure allows majority shareholders to acquire the shares of small shareholders against their will. On the one hand, squeeze-out procedure introduces special rights for majority shareholders. On the other hand, also a minority shareholder - whose shares are the subject of squeeze-out a procedure - is given proper protection. So, it is necessary striking a balance between interests of the minority and the majority. In the Portuguese jurisdiction, regulation regarding the squeeze-out acquisitions is established in two codes: CVM for the listed companies and CSC to the unlisted companies. The general question of this study is to define what fair compensation should be paid to the minority shareholders in the face of a squeeze-out situation, and what is the best valuation method to determine it. This issue is extremely important especially when we talk about unlisted companies because the law remains in silence about what should be the fair price to pay.
The compulsory purchase of shares (squeeze-out) is one of the most controversial institutes of company law. Although numerous regulations seek to protect the rights of minorities, squeeze-out procedure allows majority shareholders to acquire the shares of small shareholders against their will. On the one hand, squeeze-out procedure introduces special rights for majority shareholders. On the other hand, also a minority shareholder - whose shares are the subject of squeeze-out a procedure - is given proper protection. So, it is necessary striking a balance between interests of the minority and the majority. In the Portuguese jurisdiction, regulation regarding the squeeze-out acquisitions is established in two codes: CVM for the listed companies and CSC to the unlisted companies. The general question of this study is to define what fair compensation should be paid to the minority shareholders in the face of a squeeze-out situation, and what is the best valuation method to determine it. This issue is extremely important especially when we talk about unlisted companies because the law remains in silence about what should be the fair price to pay.
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Aquisição tendente ao domínio total Justa compensação Preço justo Squeeze-out Fair compensation Fair price