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The purpose of this proposal for a Directive is to ensure that minority shareholders in listed companies throughout the EU enjoy the same protection when companies change hands, and to lay down minimum procedural and transparency requirements for takeover bids.

The amended proposal leaves Member States free to meet those requirements in whichever manner is most consistent with their existing practices and structures. It is also designed to ensure that takeovers occur within a secure legal framework in which the rules are known to all interested parties beforehand. It requires Member States to designate an authority (which may be a professional body) to supervise all aspects of bids and to ensure that all requisite information is disclosed in the course of the procedure. It also includes a provision preventing a company%%%%s board from adopting defensive measures against a bid without obtaining prior authorisation from the shareholders%%%% general meeting.

The proposal will be transmitted to the Council and Parliament for adoption under the codecision procedure




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Takeover Bids Directive - 20071 articles out of 1.

Takeover Bids Directive - 20061 articles out of 1.

Takeover Bids Directive - 200317 articles out of 17.

Takeover Bids Directive - 200215 articles out of 15.

2001 Takeover Bids Directive
2001-12-20 FT: New German legislation would severely restrict hostile takeovers
2001-11-30 German takeover directive passed Bundesrat
2001-11-14 New Takeover Directive Expected to Be Damp Squib
2001-09-04 Commission creates High Level Group of Experts
2001-07-04 Commission regrets rejection of Takeovers Directive
2001-07-04 EP REJECTS TAKEOVER BIDS DIRECTIVE (3rd reading)
2001-06-25 EP Committee Recommendation for 3rd Reading
2001-06-06 Conciliation Committee reached agreement on Takeover Bids Directive
2001-02-12 Commission Opinion on EP Amendments on Common Position

Prior Years Reports


Takeover Bids Directive - 20004 articles out of 4.

Takeover Bids Directive - 19972 articles out of 2.

Takeover Bids Directive - 19962 articles out of 2.