It requires member states to set rules on mandatory bids, providing information to shareholders and treating them equally.

This principle normally implies that persons acquiring control of a listed company should launch a mandatory bid over the capital held by minority shareholders.

The Greek supervisor, the Hellenic Capital Market Commission, has decided that OTE is still undergoing a privatisation process and that, in consequence, no mandatory bid was necessary.

Rule 37.1 does not impose a mandatory bid obligation on a shareholder not acting in concert with the directors unless he purchased shares at a time when he had reason to believe that a redemption or purchase would take place.

(4) An underwriter who may acquire 30 per cent or more of the bidder's voting rights as a result of the underwriting may trigger an obligation to make a mandatory bid for the offeror and the Panel should be consulted in such cases.

In October, Compagnia di Navigazione SpA, mother company of the Grimaldi Group, raises its stake above the limit of one third of shared capital and voting rights, which triggers a mandatory bid for the rest of the shares.

The purchase of more than 29.9% of any company triggers a mandatory bid for the remaining shares in company law, however to avoid making such a bid, a portion of those shares equal to 9.46% of Sheffield Wednesday PLC were donated to the fledgeling fans' trust.