Chapter 41

Shareholder structure explains how power is distributed among a company's different shareholders or groups of shareholders. Major shareholder categories are as follows:

Defensive measures for maintaining control of a company's capital carry a cost, because they prevent investors from taking advantage of the potential opportunities a takeover might create.

These measures include:

The best protection against a change of control is a good operating performance and a high share price which make shareholders happy and loyal.

In recent years, the decline in the number of listed companies and the increase in the number of companies controlled by investment funds has reflected the increased competitive advantage of these funds due to their intrinsic characteristics (governance, profitability, time horizon), while the constraints on listed companies have continued to increase.

As a result, below a value of €1bn, listing a company becomes very complicated. Above €10bn, investment funds find it more difficult to gain a footing for the moment.