Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-12-15-Speech-1-084"
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"en.20031215.7.1-084"2
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"Mr President, after fourteen years of negotiations to find a minimum agreement on mergers and acquisitions, the European institutions are still divided. Parliament was in favour of harmonising the law. As for the Commission, it advocated the principle of competition but deplored the dominant positions, which were the result of this policy. The Council did not want to see the withdrawal of Member States’ means for intervening in the case of attempted hostile takeover bids for their large national companies. For twenty years, Europe has indeed been systematically destroying the strategic actors that are the Nation States, and what is more without managing to replace them.
The directive proposes to protect the interests of minority shareholders and to keep employees informed. In fact, it lifts the obstacles to our companies being taken over by interests outside Europe, to the extent that, in Article 6 for example, it designates a single supervisory authority and prohibits authorities in Member States from giving their approval or demanding the addition of supplementary information. Furthermore, this directive does not say anything at all about the specific control that the European Commission exercises over mergers that are likely to lead to misuse of a dominant position, control which, strangely enough, is still opposed to this type of merger when a European company has the dominant position, but much less so when a company from outside Europe has this position. Our North American competitors do not allow themselves to be so easily deprived. The Pechiney, Crédit Lyonnais and Vivendi Universal affairs, show this all to well."@en1
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