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EU takeovers Directive: Will the proposal of the European Commission create unequal conditions in the European Union?

Author

Listed:
  • Brigitte Zypries
  • Heinz Putzhammer
  • Franz Häuser

Abstract

In October 2002 the European Commission submitted a new proposal for an EU-wide regulation of cross-border takeovers. For Brigitte Zypries, Federal Minister of Justice, this draft Directive does not live up to its claim of creating "a level playing field and fair competitive conditions. With the proposed Directive, German enterprises would be forced to forego defensive strategies while at the same time enterprises of other member states would be permitted to protect themselves effectively from takeovers via multiple voting rights." Heinz Putzhammer, DGB, welcomes the fact that "a Directive on company takeovers would create a legal framework and transparency in takeover procedures. However, the present draft does not change the double and multiple voting rights that exist in France and in the Scandinavian countries while requiring the abolition in Germany of possible anticipatory resolutions of companies' supervisory boards. Prof. Franz Häuser, Leipzig University, also sees an advantage for the Scandinavian countries and for France. The draft proposal fails to meet the Commission's own goal of creating the same general conditions for enterprise takeovers.

Suggested Citation

  • Brigitte Zypries & Heinz Putzhammer & Franz Häuser, 2003. "EU takeovers Directive: Will the proposal of the European Commission create unequal conditions in the European Union?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 56(02), pages 3-10, January.
    • Handle: RePEc:ces:ifosdt:v:56:y:2003:i:02:p:3-10
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    More about this item

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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