Bolkestein ongelukkig met nieuwe overnamerichtlijn (en)

The European Parliament in Strasbourg yesterday voted in favour of new takeover laws, which were endorsed by Member States but bitterly opposed by the European Commission, ending a 14-year wrangle on the issue.

The proposal - which passed by 321 votes to 219 with nine abstentions - was a heavily watered down version of earlier Commission ideas.

The final version of the legislation will allow companies to adopt defensive measures against being taken over without the permission of their shareholders.

This prompted concerns from Internal Market commissioner Frits Bolkestein that in fact takeovers were not being made easier - which was the aim of the proposals. The US was also worried that the revised proposals could lead to protectionism.

Mr Bolkestein, who had previously said that the revised proposal was not sending the right message to the market, stuck to his guns yesterday saying, "the guidelines now agreed will not bring the hoped-for harmonisation".

The watered down version of the law will become national law within two years.