Mergers and acquisitions in Germany: social setting and regulatory framework

The paper describes the legal and economic environment of mergers and acquisitions in Germany and explores barriers to obtaining and executing corporate control. Various cases are used to demonstrate that resistance by different stakeholders including minority shareholders, organized labour and the government may present powerful obstacles to takeovers in Germany. In spite of the overall convergence of European takeover and securities trading laws, Germany still shows many peculiarities that make its market for corporate control distinct from other countries. Concentrated share ownership, cross shareholdings and pyramidal ownership structures are frequent barriers to acquiring majority stakes. Codetermination laws, the supervisory board structure and supermajority requirements for important corporate decisions limit the execution of control by majority shareholders. Bidders that disregard the German preference for consensual solutions and the specific balance of powers will risk their takeover attempt be frustrated by opposing influence groups. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press

Microstructure evolution of TI-SN-NB alloy prepared by mechanical alloying

In the present study, Ti-16Sn-4Nb alloy was prepared by mechanical alloying (MA). Optical microscopy, scanning electron microscopy combined with energy dispersive X-ray analysis (SEM-EDX), and X-ray diffraction analysis (XRD) were used to characterise the phase transformation and the microstructure evolution. Results indicated that ball milling to 8 h led to the formation of a supersaturated hcp &alpha;-Ti and partial amorphous phase due to the solid solution of Sn and Nb into Ti lattice. The microstructure of the bulk sintered Ti-16Sn-4Nb alloy samples made from the powders at shorter ball milling times, i.e. 20 min- 2 h, exhibited a primary &alpha; surrounded by a Widmanst&auml;tten structure (transformed &beta;); while in the samples made from the powders at longer ball milling times, i.e. 5- 10 h, the alloy evolved to a microstructure with a disordered and fine &beta; phase dispersed homogeneously within the &alpha; matrix. These results contribute to the understanding of the microstructure evolution in alloys of this type prepared by powder metallurgy.<br /

Online taxation

Internet ; Taxation

Calcium oxalate crystals in floral organs of Helianthus annuus L. and H. tuberosus L. (Asteraceae)

Helianthus annuus L. and Helianthus tuberosus L. belong to Asteraceae that is one of the greatest families of plant kingdom. Calcium oxalate crystals are found in most organs and tissues of many plant species. The type, morphology and distribution of calcium oxalate crystals in floral organs of H. annuus and H. tuberosus were studied. Crystals were investigated at light and electron microscopy levels. CaOx crystals in calyx and bracts both of H. annuus and H. tuberosus were not observed. The ligulate and tubulate corollas of H. annuus had styloid and prismatic crystals. Also in both of the ligulate and tubulate corollas of H. tuberosus were observed prismatic and styloid crystals as similar with H. annuus. Styloid and prismatic types of CaOx crystals in filaments of H. annuus and H. tuberosus were determined. In endothecial layer and tapetum cells of anthers of both of taxa only styloid type crystals were observed. The ovary was not contains CaOx crystals in H. annuus and H. tuberosus, Style of both of taxa had styloid shape crystals. But in stigma trichomes of H. annuus and H. tuberosus druses were found. The raphides were not observed in both of taxa. This study provides additional knowledge about the presence of CaOx crystals in Asteraceae

Biaxial constitutive equation development

In developing the constitutive equations an interdisciplinary approach is being pursued. Specifically, both metallurgical and continuum mechanics considerations are recognized in the formulation. Experiments will be utilized to both explore general qualitative features of the material behavior that needs to be modeled and to provide a means of assessing the validity of the equations being developed. The model under development explicitly recognizes crystallographic slip on the individual slip systems. This makes possible direct representation of specific slip system phenomena. The present constitutive formulation takes the anisotropic creep theory and incorporates two state variables into the model to account for the effect of prior inelastic deformation history on the current rate-dependent response of the material

Condrodisplasia metafisiaria tipo schmid

Revisar bases genotípicas y fenotípicas de la condrodisplasia metafisiaria tipo Schmid