Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-12-16-Speech-2-314"
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"en.20031216.3.2-314"2
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".
Although I have voted in favour of the directive, I have great difficulty with it and I have been tempted to vote against.
A few elements, such as the compulsory bid as a means of protecting minority shareholders, constitute a slight improvement.
After years of political tug-of-war, the legislative proposal has degenerated into a watered-down compromise. In fact, the term 'directive' is not even justified; 'empty shell' would be a more accurate label. The directive's original goal, namely to create equal conditions for company takeovers across the entire EU, has been completely eroded away. Since it is up to Member States to decide whether they want to transpose the directive into national legislation, defensive mechanisms in the EU will continue to form a barrier to the free movement of capital. As a result, the internal market's desperately-needed dynamism is under-used.
The fact that the Council and Parliament have accepted this proposal demonstrates once again that national interests still prevail over enhancing the competitive capacity of the EU as a whole. With this, some of Europe's powerlessness is once again exposed in a painful manner.
I have from the very outset pleaded in favour of a complete breakthrough rule. Only a complete breakthrough rule guarantees a fair internal market for takeovers, which is of crucial importance for optimising the EU's competitive position compared to the rest of the world. This is also the view of all the Members belonging to the VVD, the Dutch People's Party for Freedom and Democracy."@en1
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