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Events

2013/09/18
   EC - Commission response to text adopted in plenary
Documents
2013/05/21
   EP - Results of vote in Parliament
2013/05/21
   EP - Decision by Parliament
Details

The European Parliament adopted a resolution on the application of Directive 2004/25/EC on takeover bids.

Members stress that the effects of the Directive are not limited to the core provisions on takeover bids but need to be assessed in the wider context of company law , including corporate governance, capital market law and also employment law. They reiterate that the objectives of the Directive, in particular providing a level playing field for takeover bids while protecting the interests of shareholders, employees and other stakeholders, are crucial cornerstones for a well-functioning market for corporate control.

Parliament notes the Commission's conclusion that the Directive is working satisfactorily. It is concerned, however, as regards the dissatisfaction of employees' representatives when it comes to the protection of employees' rights , and calls on the Commission to enhance the dialogue with the employee's representatives on how pressing issues can be tackled in a better way.

In addition, Parliament:

is convinced that, in the long term, further improvements could be envisaged to strengthen the level playing field for takeover bids in Europe ; stresses that the competent national authorities should remain responsible for the public oversight of takeover bids. However, it believes that it is not necessary to arrange for supervision of takeover bids at EU level; suggests that a more detailed analysis is undertaken in order to identify possible means by which the concept of ‘acting in concert’ could be further clarified and harmonised . This concept is essential when calculating the threshold that triggers the launch of a mandatory bid ; supports the Commission's intention to gather additional information with a view to determine whether the widely used derogations are contrary to the protection of minority shareholders . Members take the view that national competent authorities should discourage techniques designed to circumvent the mandatory bid rule and thus avoid paying the control premium to minority shareholders; notes that the board neutrality rule relating to post-bid defences has been transposed by the majority of Member States, while only a very limited number of Member States has transposed the breakthrough rule which neutralises pre-bid defences; underlines that the question of how to protect and strengthen workers' rights urgently requires further consideration and that the relevant provisions of the Directive on workers' rights are to be effectively applied and, where necessary, properly enforced.

Takeover bids during the crisis : the resolution emphasises that the period of transposition of the Directive coincides with the beginning of the financial crisis, which eventually developed into an economic and debt crisis. It underlines that, according to the External Study, takeover activities have dramatically declined after the transposition date of the Directive as a result of the crisis , including in the UK, where activities in the market for corporate control are traditionally more concentrated than in the rest of the Union.

As the market for corporate control has steadily been shrinking during this period of financial crisis, Members consider that the assessment on whether and to what extent further harmonisation measures should be introduced with regard to takeover bids would be distorted .

Lastly, the Commission is asked therefore to continue to close-monitor the developments in the market for corporate control and prepare a new assessment on the application of the Directive when takeover activities return to a more regular volume.

Documents
2013/05/21
   EP - End of procedure in Parliament
2013/03/25
   EP - Committee report tabled for plenary, single reading
Documents
2013/03/24
   EP - Committee report tabled for plenary
Documents
2013/03/19
   EP - Vote in committee
2013/02/22
   EP - Committee opinion
Documents
2013/01/31
   EP - Amendments tabled in committee
Documents
2012/12/06
   EP - Committee draft report
Documents
2012/11/21
   EP - STEINRUCK Jutta (S&D) appointed as rapporteur in EMPL
2012/10/25
   EP - Committee referral announced in Parliament
2012/10/19
   EP - LEHNE Klaus-Heiner (PPE) appointed as rapporteur in JURI

Documents

AmendmentsDossier
27 2012/2262(INI)
2013/01/09 EMPL 21 amendments...
source: PE-502.222
2013/01/31 JURI 6 amendments...
source: PE-504.238

History

(these mark the time of scraping, not the official date of the change)

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  • date: 2012-12-06T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE501.966 title: PE501.966 type: Committee draft report body: EP
  • date: 2013-01-31T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE504.238 title: PE504.238 type: Amendments tabled in committee body: EP
  • date: 2013-02-22T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE502.005&secondRef=02 title: PE502.005 committee: EMPL type: Committee opinion body: EP
  • date: 2013-09-18T00:00:00 docs: url: /oeil/spdoc.do?i=22742&j=0&l=en title: SP(2013)519 type: Commission response to text adopted in plenary
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  • date: 2012-10-25T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2013-03-19T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2013-03-25T00:00:00 type: Committee report tabled for plenary, single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2013-89&language=EN title: A7-0089/2013 summary: The Committee on Legal Affairs adopted an own-initiative report by Klaus-Heiner LEHNE (EPP, DE) on the application of Directive 2004/25/EC on takeover bids. It stresses that the effects of the Directive are not limited to the core provisions on takeover bids but need to be assessed in the wider context of company law , including corporate governance, capital market law and also employment law. They reiterate that the objectives of the Directive, in particular providing a level playing field for takeover bids while protecting the interests of shareholders, employees and other stakeholders, are crucial cornerstones for a well-functioning market for corporate control. Members notice with concern, however, the dissatisfaction of employees’ representatives, as expressed in the External Study, when it comes to the protection of employees’ rights , and call on the Commission to enhance the dialogue with the employee’s representatives on how pressing issues can be tackled in a better way. The report emphasises that the period of transposition of the Directive coincides with the beginning of the financial crisis, which eventually developed into an economic and debt crisis. It underlines that, according to the External Study, takeover activities have dramatically declined after the transposition date of the Directive as a result of the crisis , including in the UK, where activities in the market for corporate control are traditionally more concentrated than in the rest of the Union. As the market for corporate control has steadily been shrinking during this period of financial crisis, Members consider that the assessment on whether and to what extent further harmonisation measures should be introduced with regard to takeover bids would be distorted . Lastly, the Commission is asked therefore to continue to close-monitor the developments in the market for corporate control and prepare a new assessment on the application of the Directive when takeover activities return to a more regular volume.
  • date: 2013-05-21T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=22742&l=en title: Results of vote in Parliament
  • date: 2013-05-21T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2013-198 title: T7-0198/2013 summary: The European Parliament adopted a resolution on the application of Directive 2004/25/EC on takeover bids. Members stress that the effects of the Directive are not limited to the core provisions on takeover bids but need to be assessed in the wider context of company law , including corporate governance, capital market law and also employment law. They reiterate that the objectives of the Directive, in particular providing a level playing field for takeover bids while protecting the interests of shareholders, employees and other stakeholders, are crucial cornerstones for a well-functioning market for corporate control. Parliament notes the Commission's conclusion that the Directive is working satisfactorily. It is concerned, however, as regards the dissatisfaction of employees' representatives when it comes to the protection of employees' rights , and calls on the Commission to enhance the dialogue with the employee's representatives on how pressing issues can be tackled in a better way. In addition, Parliament: is convinced that, in the long term, further improvements could be envisaged to strengthen the level playing field for takeover bids in Europe ; stresses that the competent national authorities should remain responsible for the public oversight of takeover bids. However, it believes that it is not necessary to arrange for supervision of takeover bids at EU level; suggests that a more detailed analysis is undertaken in order to identify possible means by which the concept of ‘acting in concert’ could be further clarified and harmonised . This concept is essential when calculating the threshold that triggers the launch of a mandatory bid ; supports the Commission's intention to gather additional information with a view to determine whether the widely used derogations are contrary to the protection of minority shareholders . Members take the view that national competent authorities should discourage techniques designed to circumvent the mandatory bid rule and thus avoid paying the control premium to minority shareholders; notes that the board neutrality rule relating to post-bid defences has been transposed by the majority of Member States, while only a very limited number of Member States has transposed the breakthrough rule which neutralises pre-bid defences; underlines that the question of how to protect and strengthen workers' rights urgently requires further consideration and that the relevant provisions of the Directive on workers' rights are to be effectively applied and, where necessary, properly enforced. Takeover bids during the crisis : the resolution emphasises that the period of transposition of the Directive coincides with the beginning of the financial crisis, which eventually developed into an economic and debt crisis. It underlines that, according to the External Study, takeover activities have dramatically declined after the transposition date of the Directive as a result of the crisis , including in the UK, where activities in the market for corporate control are traditionally more concentrated than in the rest of the Union. As the market for corporate control has steadily been shrinking during this period of financial crisis, Members consider that the assessment on whether and to what extent further harmonisation measures should be introduced with regard to takeover bids would be distorted . Lastly, the Commission is asked therefore to continue to close-monitor the developments in the market for corporate control and prepare a new assessment on the application of the Directive when takeover activities return to a more regular volume.
  • date: 2013-05-21T00:00:00 type: End of procedure in Parliament body: EP
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  • The Committee on Legal Affairs adopted an own-initiative report by Klaus-Heiner LEHNE (EPP, DE) on the application of Directive 2004/25/EC on takeover bids.

    It stresses that the effects of the Directive are not limited to the core provisions on takeover bids but need to be assessed in the wider context of company law, including corporate governance, capital market law and also employment law. They reiterate that the objectives of the Directive, in particular providing a level playing field for takeover bids while protecting the interests of shareholders, employees and other stakeholders, are crucial cornerstones for a well-functioning market for corporate control.

    Members notice with concern, however, the dissatisfaction of employees’ representatives, as expressed in the External Study, when it comes to the protection of employees’ rights, and call on the Commission to enhance the dialogue with the employee’s representatives on how pressing issues can be tackled in a better way.

    The report emphasises that the period of transposition of the Directive coincides with the beginning of the financial crisis, which eventually developed into an economic and debt crisis. It underlines that, according to the External Study, takeover activities have dramatically declined after the transposition date of the Directive as a result of the crisis, including in the UK, where activities in the market for corporate control are traditionally more concentrated than in the rest of the Union.

    As the market for corporate control has steadily been shrinking during this period of financial crisis, Members consider that the assessment on whether and to what extent further harmonisation measures should be introduced with regard to takeover bids would be distorted.

    Lastly, the Commission is asked therefore to continue to close-monitor the developments in the market for corporate control and prepare a new assessment on the application of the Directive when takeover activities return to a more regular volume.

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  • body: EC dg: url: http://ec.europa.eu/dgs/competition/ title: Competition commissioner: ALMUNIA Joaquín
procedure
reference
2012/2262(INI)
title
Application of Directive 2004/25/EC on takeover bids
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Rules of Procedure of the European Parliament EP 048
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Preparatory phase in Parliament
summary
See also Directive 2004/25/EC
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INI - Own-initiative procedure
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