Helsinki Takeover Code

In November 2005 The Confederation of Finnish Industries EK, The Central Chamber of Commerce of Finland and NASDAQ OMX Helsinki Ltd (former OMX Nordic Exchange Group Oy) established a working group in order to prepare a recommendation, the purpose of which was to promote good securities markets practice and provide direction for the procedures to be complied with in takeover bids.

In December 2006 on the basis of this  work the Panel on Takeovers and Mergers at The Central Chamber of Commerce of Finland has issued the Recommendation Regarding the Procedures to Be Complied with in Takeover Bids (Helsinki Takeover Code). The Securities Market Association maintains the above-mentioned recommendation. The Association does not attend to the duties which The Panel on Takeovers and Mergers at The Central Chamber of Commerce of Finland attends to. This kind of duties are for example issuing a recommendations for resolutions regarding individual issues relating to the recommendations according to Chapter 6, Section 17 of the Securities Markets Act.

The purpose of the recommendation is to promote the development of good securities markets practice and provide direction for the procedures to be complied with in takeover bids. The objective of the recommendation is to standardise the procedures complied with in takeover bids in Finland, and this way promote the legal protection of the parties to a takeover bid. The recommendation shall be applied and interpreted in accordance with the goals and provisions of the Securities Markets Act. The recommendation concerns all parties involved in a takeover bid, such as the offeror, the offeree company and their advisors.

Recommendation Regarding the Procedures to Be Complied with in Takeover Bids, Helsinki Takeover Code

Contact persons/ the secretariat of the Panel on Takeovers and Mergers:

Legal Counsel Anne Horttanainen
Telephone +358 9 4242 6265
Mobile phone: +358 40 510 4907
firstname.lastname@chamber.fi

Legal Counsel Jaakko Turunen
Telephone +358 9 4242 6244
Mobile phone +358 40 552 7663
firstname.lastname@chamber.fi