The Competitiveness Council agreed a Directive on cross-border mergers. The Directive covers all limited liability companies except undertakings for collective investment in transferable securities (UCITS, or mutual funds). Member States have the option of excluding certain types of co-operatives from taking part in cross-border mergers. In general, mergers will be governed by the principles and rules applicable to domestic mergers.
The proposed Directive is expected to be approved by Parliament in early 2005.
Commission press release
Council document
© Council of the European Union
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