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Trusts designate a close co-operation and/or combination of different enterprises, a whose primary goal is the increase of the profit. Further important goals are: Mutual assistance and support as well as the extension of the power and the reputation of the enterprises.
Economical barriers between the companies involved can be diminished by trusts. For example a company of the processing trade the procurement of raw materials can facilitate itself, if it is received a co-operation with a raw material-promoting enterprise. Beyond that same divisions, as for instance the selling or certain administration offices, can be folded up, what leads to cost lowerings.
A common occurrence at the market opens besides advantages with the financing, collateral increased there be ordered can and the admission of loans are facilitated.
Enterprise co-operation: With an enterprise co-operation a loose union develops, with which the legal and economic of the companies involved remains. This is present for example if two enterprises for a certain order co-operate or accomplish common research.
A closer co-operation represents the Joint venture. Here companies form an additional joint enterprise, in order to accomplish common work.
Concentration of enterprise: With a concentration of enterprise the enterprises involved give their economic independence up and exist only legally independently. A common line is furnished (mostly by a parent company; English: Getting thing).
Fusion: Even if individual enterprises give up still their legal thus "they go under ". This is done either via reestablishment (several companies close together) or with the admission of the respective companies with another enterprise. From a fusion often result large concerns, which appear mostly as corporation at the market.
Frequently concentrations of enterprise and/or fusions result from the buying up of Kapitalanteilen, more rarely by a contractual conclusion.
Trusts occur both in horizontal and vertical or inorganic form:
Trusts are contractual co-operation of enterprises, which remain legally independent, but a part of their economic independence depending upon kind of the trust voluntarily give up. These agreements aim often off to limit or waive the competition among themselves. Trusts are subject to the law in Germany against restraints of trade (GWB), in particular the trust prohibition. Therefore trusts are in principle forbidden (GWB "§ 1, 1). There can be however certain exceptions, if trusts are helpful to the competition. These must be announced then and/or approved by the office for trust.
Connected enterprises mostly result from purchase of portions or the conclusion of contracts. These forms are in each case in the law on limited companies (AktG) regulated.
Enterprises can become if their portions turn into too over 50% to another enterprise (majority possession - AktG "§ 16). In other cases at least a dependence can develop (direct and/or indirect dependence - AktG "§ 17). Of enterprises mutually taken part one speaks, if the companies hold mutually in each case more than 25% of the portions.
Companies are a form of the connected enterprises. They represent a union of legally independent enterprises, which by one-sided financial connection (subordination company) or summary under common line are connected. The economic independence is given up, as the enterprises take shelter to a uniform line (either the parent company or a parent company/a getting thing). To the company in the sense of the law governing share transactions see "§ 18 of the law on limited companies.
In Germany not common name for unions of enterprises, which give their legal and economic independence up. They result to fusion from fusion, also mentioned. These are done either via admission (an enterprise buys another practically on) or with new formation. A new society is created, to which all shares in an estate will transfer.
With that as "companies" and "Trusts" designated scenarios it acts here in the sense of right around union of enterprises, which - subject to a certain competitive weight - which is subject to German or European union control. Legal basis in Germany is to that extent the law against restraints of trade.
By the companies involved mostly a market domination is aimed at by trusts, whereby however the danger of oligopoly and monopoly formations increases (relative concentration or centralization of capital).
A Mark control develops if an enterprise holds a market share of more than one third or no crucial competitors is present. In this case the office for trust can prevent a union, if the respective enterprises cannot prove an improvement of the competition by their union.
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