Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-12-16-Speech-2-104"
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"en.20031216.3.2-104"2
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".
After years of discussion concerning harmonisation of the law in respect of takeover bids in Europe, we have finally reached the only common sense conclusion: that it is better not to seek harmonisation on the sensitive points, but to allow States the freedom to choose the system that best suits their economic and cultural context. What a lot of time has been lost in getting there!
In particular, we support the compromise that was found on defensive measures against hostile takeover bids. Some Member States will be able to allow boards room for manoeuvre, others will leave it solely to the general meeting of shareholders. Let us hope that this provisional compromise will become the norm: it in fact foreshadows a more pragmatic and less standardising view of the European market, which in our view is the right one.
We regret, however, that this compromise did not include the question of ‘golden shares’ or
in French, which some States use to maintain a public interest in large privatised enterprises, especially when there is a risk of foreign takeovers. The Commission and the Court of Justice are fiercely against the system, but it affords protection and it should be given greater legitimacy."@en1
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