Huhne proposes revised Takeover draft report

01 October 2003

Chris Huhne, EMAC rapporteur on the Takeover Directive, proposed a revised draft report on the heavily debated Commission proposal. Referring to the revised Lehne report and the existing problems among member states he still sees a small but realistic chance on a single reading adoption.

According to his statement there is no majority in Council neither on a minimum, nor on maximum harmonisation solution.

However, a compromise as laid out in the revised Lehne report might well be possible. Based on the Portuguese proposal, companies should have the possibility to opt out to the articles 9 and 11. Therefore, companies apply to these articles unless they make a public declaration that they opt for a more restrictive regime.

The Huhne report will be available soon.

Vote in EMAC is planned for 20 October, vote in Jury for 27 November

Revised Lehne report (German)

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