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    Corporate Governance

    7. Change of control/defensive measures

    7.1 Obligatory offer

    Emmi’s Articles of Association include neither an “opting up” clause pursuant to Art. 135(1) FinfraG nor an “opting out” clause pursuant to Art. 125(4) FinfraG regarding the legal obligation to make a takeover bid.

    7.2 Change-of-control clauses

    No contractual agreements exist either for members of the Board of Directors, members of Group Management or other management members in the event of a change in the controlling majority stake.