Since the implementation of the European Directive on Takeover
Bids, a European common legal framework governs regulation of
takeovers in EU Members States. The European Directive on Takeover
Bids was adopted in April 2004, and implemented in the UK and in
other Member States on 20th May 2006. The Directive seeks to
regulate takeovers by way of protecting investors, and harmonising
takeover laws in Europe. In facilitating the restructuring of
companies through takeovers, the Directive aims at reinforcing the
free movement of capital.
Takeovers and the European Legal Framework studies the European
Community Directive on Takeover Bids, in order to provide greater
understanding of both the impact and effect of the European legal
framework of takeover regulation. It firstly looks at the Directive
from a British perspective, focusing on the impact of the
transposition of the Takeover Directive into the UK. The book
examines the provisions of the City Code on Takeovers and Mergers,
and discusses the takeover provisions in the Companies Act 2006
that implement the Takeover Directive in the UK, arguing that the
Directive will provide a new basis for UK takeover regulation, and
that the system will work well.
Jonathan Mukwiri goes on to consider the Directive in relation
to the EU, arguing that despite its deficiencies, in that Member
States are free to opt to restrict takeovers, the Directive
provides a useful legal framework by which takeovers are regulated
in different jurisdictions. Mukwiri highlights how the freedoms of
the EC Treaty and EU Directives interact, and the effects of the
Takeover Directive on political considerations in the law-making
process in European Community. Moreover, he argues that the future
of EU takeover regulation is likely to follow the lead of the UK,
making this book relevant to a wide range of policy makers and
academics across Europe.
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