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From the magazine SZW-RSDA 3/2017 | S. 291-300 The following page is 291

Erwerb eigener börsenkotierter Aktien

When a company buys own shares, it reimburses the paid-in capital. Before 2013 own shares were always a mixture of a profit-sharing and a purchase of an asset. In 2013 this changed completely; own shares are no longer assets and can no longer be capitalized. This decision of the legislator, that own shares are a form of profit-sharing, has various consequences: the shareholder must treated according to Art. 660 CO which is analogous applicable. The strict treatment of the shareholders is not also for quoted shares based on the takeover board circular for buyback programmes, but for all shares. Since own shares can no more be capitalized the rules of the reduction of the share capital and the dividend distribution apply.

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