Series Title | European Voice |
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Series Details | Vol.9, No.18, 15.5.03, p23 |
Publication Date | 15/05/2003 |
Content Type | News |
Date: 15/05/03 EU GOVERNMENTS are hoping to thrash out a deal on the takeover directive - by scrapping all its controversial aspects. But EU sources warned that the move - to be discussed by diplomats today (15 May) ahead of next Monday's meeting of internal market ministers - could, perversely, delay adoption of the law by up to two years until 2005. European Voice has learned that Scandinavian member states are ready to scrap bans on the use of 'poison-pill' defences against hostile takeover bids, provided Germany also drops its insistence that special voting rights wielded by privileged investors, such as the Swedish Wallenberg family, are neutralized. The compromise, if approved, would tear the heart out of the draft directive, intended to both protect minority shareholders and promote single market takeover activity. However, experts say the deal would face stiff opposition from the European Commission and many MEPs, not to mention some other member states which favour a fully-fledged directive."It would be pretty meaningless," said one Union source, speaking on condition of anonymity. Under EU rules, the Commission can insist on a unanimous vote in the Council of Ministers on points that it opposes. The EU executive could even choose to tear up the draft directive if it believes deals are too far removed from the law's original remit. The latest twist means the chances of an agreement this year with only one hearing in the European Parliament are "receding fast", added the insider. Parliamentary elections next year, coupled with a new European Commission, mean the law would be unlikely to reach the statute books before 2005. |
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Subject Categories | Law |
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