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21 May 1997

EP-Committee adopted Proposal on Takeover Bids Directive (1st reading)




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The committee approved limited harmonization of the rules on takeover bids (codecision - first reading) following its rapporteur Nicole Fontaine. The amendments adopted included one clarifying the definition of the 'offerer'. In addition member states must take measures to protect minority shareholders when the immediate or deferred acquisition of securities results in the holder acquiring control of the company.
The 'supervisory authority' referred to in Article 4 must supervise the 'entire bid procedure'. The report also clarifies the legal remedies available to the injured party to obtain redress. The board of the offeree company must act in the interests of the company as a whole.
Other amendments are designed to strengthen the rights of staff or their representatives. They should be informed within 24 hours of the takeover bid being made public. They should also be informed of the offer document.
see report

© European Parliament


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