| Country | Rule | Intial Threshold | Increment | Rule Narrative | Takeover Table |
|---|---|---|---|---|---|
| Australia | Takeover Dealing Disclosure | 5% | 1% changes | If a takeover bid is on foot, the period for giving substantial holding notices is reduced – notices in relation to all interests of the bidder and its associates in the target must be provided by 9.30am on the next trading day. | |
| Austria | Takeover Dealing Disclosure | 3% | Any change | In the course of a public offer, shareholders who hold at least three percent of the voting rights of the offeree company (qualified shareholders) have specific rights and obligations during the period of the offer. From the date of the publication of an offer (pre-announcement or offer prospectus) until the end of the additional acceptance period, qualified shareholders have the obligation to report all transactions in the equity securities and in related equity derivatives of the offeree company or the company whose securities are being offered in exchange. | https://www.takeover.ch/transactions/shareholders |
| Belgium | Takeover Dealing Disclosure | 1% | Any change | ||
| Canada | Takeover Dealing Disclosure | 5% | 0.02 | EWR disclosure threshold is reduced to 5% when a takeover bid by another party or an issuer bid is outstanding | |
| Cyprus | Takeover Dealing Disclosure | % | Any change | Any transaction during the takeover bid period involving shares of the target by the bidder or any other persion holding 5% of the target's voting rights must be disclosed immediately. Any person who acquires 0.5% of the share capital of the bidder or ther target must immediately disclosure that transaction and all previous transactions involving such shares. | |
| Cyprus | Takeover Dealing Disclosure | 0.5% | 0.005 | Any transaction during the takeover bid period involving shares of the target by the bidder or any other persion holding 5% of the target's voting rights must be disclosed immediately. Any person who acquires 0.5% of the share capital of the bidder or ther target must immediately disclosure that transaction and all previous transactions involving such shares. | |
| France | Takeover Dealing Disclosure | 5% | Enhanced disclosure obligations apply to holdings of 5% (or 1% for holdings acquired since the start of the pre-offer period). If holdings have increased by 2% or more since the start of the pre-offer period, report objectives intended to be pursued to the AMF. | ||
| France | Takeover Dealing Disclosure | 1% increase | |||
| Greece | Takeover Dealing Disclosure | 5% | Any change | Any acquisition, by the offeror or by natural legal entities, holding 5% of the voting rights of the offeree or offerror (if securities exchange offer). | |
| Greece | Takeover Dealing Disclosure | 0.5% | 0.005 | Increases in positions by 0.5% in the voting rights of the offerree or offerror (if securities exchange offer)since the begining of the takeover. | |
| Hong Kong | Takeover Dealing Disclosure | 5% | All dealings | ||
| Ireland | Takeover Dealing Disclosure | 1% | All dealings | ||
| Spain | Takeover Dealing Disclosure | 1% | 3% and any dealing | In the context of a takeover bid, the following transactions have to be publicly disclosed: • any acquisition reaching or exceeding 1% of the target company’s voting rights; and • any increase or decrease in the stake held by holders of 3% or more of the voting rights in the target company. | |
| Switzerland | Takeover Dealing Disclosure | 3% | All dealings | ||
| United Kingdom | Takeover Dealing Disclosure | 1% | All dealings |
