This article aims at analyzing the new harmonized rules for the protection of shareholders in cross-border mergers. The new Art. 126 a of Directive 2019/2121 introduced for the first time harmonized provisions on the protection of shareholders in cross-border mergers. After a brief discussion of the previous regime, the rights of the new harmonized legal framework of shareholders’ protection under Art. 126 a of Directive 2019/2121 are scrutinized: the right of dissenting minority shareholders to dispose of their shares for adequate cash compensation (exit right), the right to claim additional cash compensation in case of an inadequate initial cash compensation and the right to challenge the share exchange ratio and to claim a cash payment. The minimum harmonization nature of the protection of shareholders in cross-border mergers is also scrutinized. Additionally, this article discusses the status of national law mechanisms for the protection of shareholders after the adoption of new Art. 126 a of Directive 2019/2121. Another interesting issue is the right balance between the effective protection of shareholders and the facilitation of the process of cross-border mergers. There are also some interesting questions for consideration. A few concluding remarks are deduced.

中文翻译：

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跨境并购中的股东保护：新的协调规则

本文旨在分析跨境并购中股东保护的新协调规则。新艺术。第 2019/2121 号指令的 126 a 首次引入了关于跨境并购中股东保护的统一规定。在对以前的制度进行了简要讨论之后，新的协调一致的股东保护法律框架下的权利。对 2019/2121 号指令的 126 a 进行审查：反对的少数股东出售其股份以获得足够现金补偿的权利（退出权）、在初始现金补偿不足的情况下要求额外现金补偿的权利以及质疑的权利换股比率并要求支付现金。跨境并购中股东保护的最低限度的协调性也受到审查。此外，本文还讨论了采用新艺术法后股东保护的国家法律机制的状况。指令 2019/2121 的 126 a。另一个有趣的问题是如何在有效保护股东和促进跨境并购之间取得平衡。还有一些有趣的问题需要考虑。得出一些结论性意见。另一个有趣的问题是如何在有效保护股东和促进跨境并购之间取得平衡。还有一些有趣的问题需要考虑。得出一些结论性意见。另一个有趣的问题是如何在有效保护股东和促进跨境并购之间取得平衡。还有一些有趣的问题需要考虑。得出一些结论性意见。