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The Second Time as Farce? The EU Takeover Directive, the Clash of Capitalisms and the Hamstrung Harmonization of European (and French) Corporate Governance

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  • BEN CLIFT

Abstract

This article focuses on the EU Takeover Directive and its transposition into French law. French outcomes diverge from European Commission aspirations for greater clarity and uniformity. The clash of European capitalisms as well as heightened uncertainty and differentiation in takeover regulation exacerbate problems of asymmetric vulnerability of EU states (and firms) to the European Commission's liberal reform agenda. This explains the failings of EU‐level harmonization of varieties of capitalism and corporate governance.

Suggested Citation

  • Ben Clift, 2009. "The Second Time as Farce? The EU Takeover Directive, the Clash of Capitalisms and the Hamstrung Harmonization of European (and French) Corporate Governance," Journal of Common Market Studies, Wiley Blackwell, vol. 47(1), pages 55-79, January.
    • Handle: RePEc:bla:jcmkts:v:47:y:2009:i:1:p:55-79
    DOI: 10.1111/j.1468-5965.2008.00801.x
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    References listed on IDEAS

    as
    1. Marco Becht & Colin Mayer, 2002. "Corporate control in Europe," Revue d'économie politique, Dalloz, vol. 112(4), pages 471-498.
    2. Ben Clift, 2007. "French Corporate Governance in the New Global Economy: Mechanisms of Change and Hybridisation within Models of Capitalism," Political Studies, Political Studies Association, vol. 55(3), pages 546-567, October.
    3. Barca, Fabrizio & Becht, Marco (ed.), 2001. "The Control of Corporate Europe," OUP Catalogue, Oxford University Press, number 9780199247424.
    4. Gregory JACKSON & Hideaki MIYAJIMA, 2007. "Varieties of Capitalism, Varieties of Markets: Mergers and Acquisitions in Japan, Germany, France, the UK and USA," Discussion papers 07054, Research Institute of Economy, Trade and Industry (RIETI).
    5. Marco Becht & Fabrizio Barca, 2001. "The control of corporate Europe," ULB Institutional Repository 2013/13302, ULB -- Universite Libre de Bruxelles.
    6. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73(2), pages 110-110.
    7. Luca Enriques & Paolo Volpin, 2007. "Corporate Governance Reforms in Continental Europe," Journal of Economic Perspectives, American Economic Association, vol. 21(1), pages 117-140, Winter.
    8. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73(4), pages 351-351.
    9. Cheffins, Brian R., 1997. "Company Law: Theory, Structure and Operation," OUP Catalogue, Oxford University Press, number 9780198764694.
    10. Ben Clift, 2007. "French Corporate Governance in the New Global Economy: Mechanisms of Change and Hybridisation within Models of Capitalism," Political Studies, Political Studies Association, vol. 55, pages 546-567, October.
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    Cited by:

    1. Ben Clift, 2013. "Economic Patriotism, the Clash of Capitalisms, and State Aid in the European Union," Journal of Industry, Competition and Trade, Springer, vol. 13(1), pages 101-117, March.
    2. Giorgos Gouzoulis & Giorgos Galanis & Panagiotis (Takis) Iliopoulos, 2024. "Financialisation, shareholder value orientation, and the decline of trade union membership in the EU," Transfer: European Review of Labour and Research, , vol. 30(2), pages 161-179, May.
    3. Alcalde-Fradejas, Nuria & Pérez-Soba, Inés, 2025. "Has the European Takeover Bids Directive reached its objectives? The cases of Finland, Germany and Spain," International Review of Law and Economics, Elsevier, vol. 83(C).
    4. Matthieu Montalban & Sigfrido Ramïrez-Përez, 2011. "EU Competition policy revisited: Economic Doctrines within european political work," Post-Print hal-00651720, HAL.
    5. Schneider, Sebastian, 2014. "Varieties of capitalism, varieties of crisis response Bank bailouts in comparative perspective," PIPE - Papers on International Political Economy 21/2014, Free University Berlin, Center for International Political Economy.

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