Trading book

(1) BaFin permits, on application by the offeror, that securities of the target company be disregarded for the purposes of the supplementary particulars under section 11(4), no. 2, the publication obligations under section 23, the calculation of the share of voting rights under section 29(2), and the determination of the consideration under section 31(1), (3) and (4) and of the monetary consideration under section 31(5).
(2) An application for exemption under subsection (1) may be made where the offeror, the persons acting in concert with it, or their subsidiaries 1. hold or intend to hold the securities concerned in order to exploit, in the short term, existing or expected differences between the acquisition price and the disposal price, and 2. demonstrate that the acquisition of the securities, insofar as they are voting shares, is not intended to influence the management of the company.
(3) Voting rights from shares that are disregarded on the basis of an exemption under subsection (1) may not be exercised where, if they were taken into account, an offer would have to be made as a takeover offer, or an obligation under section 35(1), first sentence and (2), first sentence would exist.
(4) Where the offeror no longer intends to hold securities for which an exemption has been granted under subsection (1) for the purposes named in subsection (1), no. 1, or to influence the management of the company, this must be notified to BaFin without delay. BaFin may revoke the exemption under subsection (1), otherwise than under the provisions of the Administrative Procedure Act, where the obligation under the first sentence has not been fulfilled.