Merck 2010 Annual Report Download - page 48
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As of the balance sheet date, the company’s subscribed capital is divided into 64,621,125 no-
par value bearer shares plus one registered share. The holder of the registered share is E. Merck
Beteiligungen KG. It is entitled and obliged to appoint one-third of the members of the Super-
visory Board representing the limited liability shareholders. If the holder of the registered share
is a general partner, he or she has no such right of appointment. The transfer of the registered
share requires the company’s approval. The approval is granted at the sole discretion of the
personally liable general partner with an equity interest, namely E. Merck KG.
According to the Articles of Association of the company, the general partners not holding an
equity interest who form the Executive Board are appointed by E. Merck KG with the consent
of a simple majority of the other general partners. A person may only be a general partner not
holding an equity interest if he or she is also a general partner of E. Merck KG. In addition, at
the proposal of E. Merck KG and with the approval of all general partners not holding an equity
interest, further persons may be appointed to the Executive Board who are not general partners
not holding an equity interest.
The Articles of Association of the company can be amended by a resolution of the Annual General
Meeting that requires the approval of the general partners. The resolutions of the Annual
General Meeting are, notwithstanding any statutory provisions to the contrary, adopted by
a simple majority of the votes cast. Where the law requires a capital majority in addition to the
voting majority, resolutions are adopted by a simple majority of the share capital represented
in the vote.
The Articles of Association of the company specify the authorized share capital. The Executive
Board is authorized, with the approval of the Supervisory Board and of E. Merck KG, to
increase the share capital on one or several occasions until April 3, 2014 by up to a total of
EUR 56,521,124.19 by issuing new shares against cash or contributions in kind. The company
is not authorized to acquire its own shares.
The company has not entered into any material agreements subject to a change of control
pursuant to a takeover offer nor has it concluded any compensation agreements with the
members of the Executive Board or employees in the event of a takeover offer.
Merck Annual Report 2010 44