Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-051"
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"en.20010703.2.2-051"2
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"Mr President, Commissioner, European companies, workers and savers urgently need a European capital market which is free from protectionist constraints, integrated and efficient. The strength of the euro itself will depend on the strength and attractiveness of the financial markets. The competitiveness of public limited companies is an essential factor for an efficient capital market which is geared to the creation and protection of value
for large and, in particular, small shareholders. In this sense, precisely the most disputed article of the directive – Article 9 – is a step in the right direction towards providing, within the single European market, a reliable, homogeneous legislative framework for public takeover bids. This is why the Italian radicals of the Bonino List are going to vote for the directive. Moreover, when we refer to the United States model, I feel that it is not right to pick and choose: either we take the entire model, Mr Lehne, or else we reject the model completely.
In recent weeks, the conservatives and protectionists, who have opposed this measure, have had a wonderful excuse in the shape of the asymmetries between the different countries. The case of
the bid by what was actually a subsidiary of
to take control of the second Italian private electricity group
is symbolic.
is a company which is not quoted on the Stock Exchange, which is 100% the property of the French government and which enjoys a legal monopoly in France. Clearly, its aggressive policy of shopping around in Europe is an intolerable distortion of the European capital market. In promising to reinforce competitiveness and competition in the markets of some public services, we are letting statism and monopolistic management in by the back door.
In conclusion, Mr President, in order to avoid these types of operations prompting reactions such as the golden share, block decrees or rejection of legislation such as that which is to be put to the vote tomorrow on the competitiveness of companies, it is necessary for the Commission to intervene with its powers with regard to State aid and abuse and facilitation of dominant positions, to prevent these asymmetries from destroying the European capital market."@en1
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"Montedison"1
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