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O presente estudo prende-se com a análise dos deveres pré-contratuais de informação no contexto dos contratos de aquisição de empresa, em particular, na forma de transmissão indireta da empresa ou share deal. Tendo em consideração a assimetria informativa típica neste tipo de transações – a favor do vendedor e em desfavor do comprador – a informação assume um papel fundamental e surge como ponto de partida para um contrato simétrico, equilibrado entre as partes e, no limite, para excluir a noção do comprador como parte mais fraca. Para o efeito, afigurou-se necessário analisar o conteúdo característico e distintivo dos contratos de aquisição de empresas, em especial a forma como os comportamentos que as partes adotam na fase pré-contratual, seja através de processos de due diligence, seja através do clausulado contratual negociado nesta fase, são passíveis de alterar ou afetar o conteúdo e extensão dos deveres pré-contratuais de informação e, consequentemente, a alocação do risco entre as partes. Consideramos que, apenas nestes termos, é possível compreender a extensão e os limites dos deveres pré-contratuais de informação que impendem sobre o vendedor neste tipo de transações.
This study focuses on the analysis of pre-contractual information duties in the context of company acquisition agreements, specifically on indirect transfers (share deals or share purchase agreements). Given the typical asymmetric information in these transactions – where the seller holds an advantage over the buyer – information plays a crucial role. It serves as the foundation for creating a balanced agreement that ensures fairness between the parties and, ultimately, prevents the buyer from being positioned as the weaker party. To address this issue, this study explores the distinctive elements of acquisition agreements, emphasizing how pre-contractual conduct – such as a due diligence procedure and the extensive negotiation of contractual clauses – can influence or modify the scope of pre-contractual duties of information and, consequently, affect the allocation of risk between the parties. Our understanding is that only by considering these factors can one fully comprehend the scope and limitations of the pre-contractual information duties imposed on the seller in such transactions.
This study focuses on the analysis of pre-contractual information duties in the context of company acquisition agreements, specifically on indirect transfers (share deals or share purchase agreements). Given the typical asymmetric information in these transactions – where the seller holds an advantage over the buyer – information plays a crucial role. It serves as the foundation for creating a balanced agreement that ensures fairness between the parties and, ultimately, prevents the buyer from being positioned as the weaker party. To address this issue, this study explores the distinctive elements of acquisition agreements, emphasizing how pre-contractual conduct – such as a due diligence procedure and the extensive negotiation of contractual clauses – can influence or modify the scope of pre-contractual duties of information and, consequently, affect the allocation of risk between the parties. Our understanding is that only by considering these factors can one fully comprehend the scope and limitations of the pre-contractual information duties imposed on the seller in such transactions.
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Direito comercial Dever contratual Contratos Aquisição de empresas Análise de risco Garantias Teses de mestrado - 2025 Commercial law Contractual obligations Contracts Company acquisitions Risk analysis Guarantees
