Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-04-Speech-3-110"

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"en.20010704.3.3-110"2
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". Madam President, ladies and gentlemen, today’s decision against the joint text for an EU directive on company law concerning takeover bids is regrettable. As a result of this House’s decision to reject the directive, the European capital markets will continue to be fragmented in a key area, namely the trading of companies. Future-oriented opportunities to increase prosperity can only be achieved through open markets and free trade. Sadly, Parliament has deviated from this position. It would have been infinitely preferable, in my view, if we had called for management boards to be required to remain neutral, as the interests of owners do not always coincide with those of senior executives. The implication that Germany, for example, requires greater protection from hostile takeovers because golden shares and majority voting shares exist in other countries reflects protectionist attitudes. One cannot pursue a protectionist course simply because other countries are doing so. In the wake of this vote, the European national states will now protect their slices of industry and financial trade; in sum, this is a bad day for the internal market, and a bad day for Europe as a location for industry."@en1

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