Memo: Take-overs Directive compromise agreed by Conciliation Committee, Luxembourg, 5-6 June 2001

The Council of the European Union and the European Parliament, meeting at the Conciliation Committee in Luxembourg on 5-6 June 2001, reached agreement on the Directive concerning take-over bids (13th Directive on Company Law). The main objective of the Directive is to protect the interests of shareholders - particularly minority shareholders - in case of a take-over bid on a listed company. It also ensures greater transparency in (attempted) cases of take-overs. The Directive will, however, harmonise only the essentials of national take-over regulations in the EU and leave considerable scope for Member States to adopt more stringent rules and/or to implement the Directive according to their national systems and traditions.

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