Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-059"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20010703.2.2-059"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
". – Mr President, the Commission is delighted that Parliament and the Council have at last come to an agreement in the Conciliation Committee on the proposal for a directive concerning takeover bids. I should like to thank the Parliament delegation and in particular the rapporteur, Mr Lehne, and Mr Provan, who chaired the delegation, for their important contributions. Once again we have shown that the institutions are capable of finding an acceptable compromise. This proposal for a directive is important for the European Union, it is important for the Financial Services Action Plan, which has been identified as a priority by the Lisbon European Council. It is equally important for industry, for all sorts of companies, because it will provide a secure legal framework for restructuring operations.
Some fears have been expressed about the directive. First, some say that it leaves the companies defenceless when faced with a hostile takeover bid. However, I would remind you that the directive allows any company to take any defensive measure deemed necessary provided that the shareholders agree with it.
Secondly, it is claimed that some European companies would be put at a disadvantage compared to American companies, because the managers of American companies can defend themselves without consulting their shareholders. However, I may point out that if they do not take shareholders' interests into account, management decisions may be contested by any shareholder before the courts.
Thirdly, there are concerns that there is no level playing field in Europe for the protection of minority shareholders. But this directive provides for a first step towards creating such a level playing field by protecting all shareholders, and in particular minority shareholders, in the case of a change of control in their companies. In particular, it provides for a mandatory offer to all shareholders for all their holdings at an equitable price, and with an obligation of cash consideration in certain conditions.
Fourthly, some claim there is no protection for the employees of the companies involved, but this directive provides for complete and immediate information for employees and also gives them the opportunity to state their opinion on the offer. And, of course, the companies involved must obey national and European regulations, especially the employment directives.
Fifthly, some claim that we shall see a huge number of aggressive takeovers across the Union, but the facts tell us otherwise. Today, only 2% of all notified mergers or acquisitions are hostile. The Commission has undertaken to monitor and ensure that no such distortions emerge.
Fourteen Member States and the Commission are in favour of this improvement in company law. The Commission will undertake further work on the definition of equitable price, the squeeze-out procedure and the level playing field for protecting shareholders in the Member States, particularly in response to the European Parliament. We shall produce this work by March 2002.
In conclusion, the adoption of this directive will build confidence in the European institutions and in European financial markets. The efforts made jointly by your parliamentary delegation, the Council and the Commission in order to reach the agreement of 6 June make it worth sending a message that, after 12 years of work on this proposal for a directive, there can be a compromise between the co-legislators in this field. This makes it worth encouraging the further development of company law at European level. I trust in the judgment of Parliament and am confident that it will vote in favour of adopting this proposal for a directive."@en1
|
| lpv:unclassifiedMetadata |
Named graphs describing this resource:
The resource appears as object in 2 triples