Take-over talks to restart

Date: 31/05/01

EFFORTS to approve long-awaited EU rules governing company take-overs are not dead yet - despite the break-down of talks on the issue on Tuesday night.

MEPs and representatives of EU governments remained deadlocked at the late night session over whether company directors could use 'poison pills' to ward-off hostile takeovers without the permission of shareholders. This week's meeting had been billed as the last chance for a deal.

But a Swedish negotiator said efforts will now be made to resume talks in Luxembourg next week (5 June). He said the Parliament was expected to table fresh ideas for a compromise to EU diplomats before this new take-overs showdown.

Meanwhile Scottish Nationalist Party MEP Neil MacCormick said some members of the 15-strong Parliament delegation in the conciliation talks would prefer the whole assembly to decide if the directive should live or die if an acceptable deal is not struck next week.

For that to happen MEPs in the conciliation talks would have to formally approve the deal on offer - even if they do not really support it.

Efforts to approve long-awaited EU rules governing company take-overs are not dead yet - despite the breakdown of talks on the issue on 29.5.01.