-The German Bundesrat has passed a takeover directive that is supposed come into force on 1. January 2002.
The basic aim is not to prohibit takeovers in general but to regulate the process on a legal basis. In case of a takeover bid the Board of Directors is not allowed to undertake any measures on itself that may hamper the success of the bid but the general meeting is able to authorise the BoD to take action.
In July this year the European takeover directive was rejected by the European Parliament.
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