Integration as an Indicator of (under) Development of the Croatian Capital Market

Acquisition processes are considered to be the acquisition of a company or a significant share in the equity of other companies, regardless of whether this was achieved by purchasing the property or ownership share of the acquired company or by pooling ownership interests. A takeover is considered hostile if management officially rejects the takeover bid. In countries whose capital markets are dominated by banks, including Croatia, companies are significantly more protected from hostile takeovers compared to economies with developed financial markets. The authors explore the features of integration processes, with special emphasis on hostile takeovers in the context of the development of the Croatian capital market. The results of primary research indicate its relative underdevelopment, which can be related to the achieved degree of institutional stability as one of the preconditions for its development.