Christopher Huhne, EP rapporteur of the Economic and Monetary Affairs Committee, issued a revised draft opinion on the Takeover Directive. According to the MEP the issue of 'multiple voting rights' (MVRs) is of significant importance to several Member States, and negotiations on the directive will be blocked unless the issue is tackled.
He therefore proposes to adopt the amendments of Mr. Lehne, the draftsman of JURI Committee, which bring MVRs within the scope of Article 11, with the effect of neutralising them in a take-over situation. An exception could be French-style shares with double votes. The loss of MVRs should not be compensated for.
Mr Huhne proposes two different options of coping with MVR’s, either delaying the implementation of Articles 9 and 11 which foresee the removal of MVRs until 1 January 2010, or introducing a grandfathering clause.
The total number of amendments is now up to 220.
The Conference of Presidents decided on 6 March to accord the 'enhanced cooperation procedure' . EMAC vote on Mr. Huhne’s part of the Takeover Directive will be on 23 April 2003
Revised draft Opinion of Mr Huhne
Amendments 150-220
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