Britain and Germany have struck an informal deal to toughen the proposed European takeover code in an effort to encourage more cross-border bids, the
FT reported. Germany is likely to back the UK on other issues in return, including efforts to water down proposals to give temporary workers and long-term staff identical rights to pay and conditions. EU diplomats say London has agreed to support Berlin in its efforts to outlaw all defensive measures used by companies to stave off bids, the
FT reports.
Commissioner Bolkestein will visit Berlin on 14 February, discussing the so-called Volkswagen law. According to German law experts these provisions are not to equate with ‘golden share’ rules. Therefore it might be possible that this law will remain untouched if a deal between the Commission and the German government on the Takeover Directive can be made, German vwd reports.
© Graham Bishop
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