Wallenberg attacks EU over Takeover Proposals

31 January 2002

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The Swedish industrialist Jacob Wallenberg, vice-chairman of holding company Investor, said some of the recommendations of a group of experts asked by the European Commission to come up with ideas for a new code would make it easier for US companies to buy European rivals. Mr Wallenberg will today meet Frits Bolkestein, European single market commissioner, to voice Swedish industry's opposition to proposals to scrap the system of dual voting rights - in which some shares carry more voting powers than others - when a bid is received.
Mr Bolkestein has still to decide whether to accept all the recommendations of the experts group as the basis of a new takeover directive.

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