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Briefing - Company Law - EC takeover directive revised.
(From Financial Director)
The European Commission has introduced a widely-expected revision of the Takeover Directive - the legislative proposal killed off by a single vote in the European Parliament last year after a 12-year gestation. The EC then established a Group of law experts, chaired by Professor Jaap Winter.
Introducing the new proposal, Internal Market Commissioner Frits Bolkestein said that the directive was "an essential step towards the objective of fully integrating European capital markets by 2005" and that it was "a key element in our drive to make Europe the most competitive economy in the world by 2010".
It is regarded as a crucial part of the Financial Services Action Plan (IP/02/796) and is expected to provide transparent rules that would benefit shareholders (especially minority shareholders), employees and other interested parties. The EC expects this directive to be adopted "quickly" by the European Council and the European Parliament.
Key principles
The EC says the key principles, which haven't changed since the last (rejected) draft, are:
- equal treatment for all investors in the offeree company who are in identical situations
- COMPANY LAW: EUROPEAN PARLIAMENT PONDERS CHANGES TO TAKEOVER DIRECTIVE PROPOSAL.
- Newspaper article from: European Report December 13, 2000 700+ words
MEPs in Strasbourg were expected to vote on the Committee's second-reading Recommendation under the co-decision procedure late on 12 or 13 December. Essentially, the new rules serve to protect the interests of a company that is under pressure from another firm that launches a bid for the
- COMPANY LAW: EUROPEAN PARLIAMENT COMMITTEE RE-JIGS TAKEOVER DIRECTIVE PROPOSAL.
- Newspaper article from: European Report December 2, 2000 700+ words
The report by Klaus-Heiner Lehne (EPP-ED, Germany) on the Directive on takeover bids calls for the rules governing defensive measures against hostile takeover bids to be made more flexible. It argues that each Member State should be allowed to opt for different arrangements regarding the
- COMPANY LAW: PARLIAMENT NO VOTE SHREDS TAKEOVER DIRECTIVE.(Brief Article)
- Newspaper article from: European Report July 6, 2001 700+ words
...agreement on the Takeover Directive. "I am...that the European Parliament has not been...implications of the Takeover Directive.The call...redrafting of Takeover Directive was supported...decision of the European Parliament on July 4...
- COMPANY LAW: MAKEOVER OF THE TAKEOVER DIRECTIVE UNLIKELY BEFORE 2002.(Brief...
- Newspaper article from: European Report July 14, 2001 700+ words
...original Takeover Directive fell after...vote in the European Parliament, for and...from the old Takeover Directive, which had...rapporteur on the Takeover Directive and masterminded...more. "The European Parliament expects the...
- Bankers split over blocking of European takeover directive.
- Newspaper article from: Financial News July 9, 2001 700+ words
...after the collapse last week of the proposed European takeover directive after 12 years of work. They argue, however, that the blocking of the directive by the European Parliament will do little to stall the growth of cross-border M...
- EU takeover directive delayed.
- Newspaper article from: Financial News June 25, 2002 700+ words
...proposal" for the long-awaited takeover directive and that the Commission was still...discussions with members of the European parliament in order to "maximise the chances...commission's last efforts failed in the European Parliament after opposition from the German...
- TAKEOVER DIRECTIVE'S PIECES NEARLY IMPOSSIBLE TO STICK BACK TOGETHER.(Brief...
- Newspaper article from: European Report May 5, 2001 700+ words
...turmoil caused by Germany's U-turn over the proposed Takeover Directive - the draft 13th Company Law Directive which has been...and overrule Germany. The problem with this is that the European Parliament, under the German rapporteur Klaus Heine Lehne (EPP...
- COMPANY LAW: UK SUBMITS RECOMMENDATIONS ON TAKEOVER DIRECTIVE TO COUNCIL.
- Newspaper article from: European Report March 12, 2003 700+ words
...use of committee procedure for amending the text of the Takeover Directive at a later date. However, the document does not mention...they have been jointly approved by the Council and the European Parliament. More specifically, the UK wants the exact nature of...