Schaeffler KG/Continental AG im Lichte der CSX Corp.-Entscheidung des US District Court for the Southern District of New York - Meldepflichten bei öffentlichen Übernahmen und deren Umgehung durch Einsatz von derivativen Finanzinst rumenten

This report analyses the possibility to outflank disclosure obligations under the German SecuritiesTrading Act as well as the German Takeover Act by using derivative instruments in thecontext of the attack of Schaeffler KG on Continental AG.Irrespective of a limited knowledge of the complete facts it comes to the conclusion that, undercertain conditions, there are good reasons to assume violations of legal obligations thatwould entitle the Federal Financial Supervisory Authority to fix hefty fines but not to prohibitthe offer.