Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-052"
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"en.20010703.2.2-052"2
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"Mr President, I should like to start by acknowledging the work which Mr Lehne has put into this report, even though I have not always agreed with him. When publicly listed companies are subject to possible takeovers they should be able to take defensive measures, but when management acts it must behave even-handedly towards all shareholders in any one class. That must be included in the rules. If that does not happen, the integrity of the market is eroded. That leads to an unwillingness of capital to invest and thus under-capitalisation, and hence under-performance of Europe's economy. In turn, pension funds will not be able to secure proper retirement provision for their members and the currency will weaken. This conciliation has seen 15 new provisions introduced into the common position, so it cannot be maintained seriously that Parliament's rights have been trampled on. To claim that could undermine our credibility in the future when we may have real cause for concern.
The principle of having a takeover directive has been supported at first and second readings and now, after 12 years, we have a final agreed text. In this Parliament we frequently complain that we are unfairly perceived as immature and irresponsible, and hence disregarded. Let us now prove these critics wrong and vote for the conciliation. It is one which most commentators and all but one European country, Germany – a country which I normally hold in esteem but which welched on a unanimously agreed position of the Council – support. This, as Mr MacCormick very lucidly pointed out, is the first step towards creating a single market in corporate ownership. It is an integral component of the single market and is in the interests of all Europe's citizens."@en1
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