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THE TAKEOVERS DIRECTIVE

THE TAKEOVERS DIRECTIVE. “ALL OTHER LINES, GOOD SERVICE…” Mike Edbury Department of Trade & Industry May 2006. MAN ON THE CLAPHAM OMNIBUS. Squeeze-out and Sell-out Wish to Own Being British Bid Documentation Football Clubs. THE THIRD ESTATE (PRESS). France Steel Companies

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THE TAKEOVERS DIRECTIVE

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  1. THE TAKEOVERS DIRECTIVE “ALL OTHER LINES, GOOD SERVICE…” Mike Edbury Department of Trade & Industry May 2006

  2. MAN ON THE CLAPHAM OMNIBUS • Squeeze-out and Sell-out • Wish to Own • Being British • Bid Documentation • Football Clubs

  3. THE THIRD ESTATE (PRESS) • France • Steel Companies • Economic Patriotism • Dawn Raiding • Eurocratic Nightmares

  4. MEMBER STATES • 20 May • The Detail • Board Neutrality • Breakthrough • Reciprocity

  5. THE THEORY • Creates Synergies • Premium to Shareholders • Discipline on Management • Efficient Allocation of Resources ….But Not All Takeovers Are A Good Thing

  6. ACTIVITY LEVELS • European Mergers and Acquisitions at an All Time High - $272 Billion in Last Year • 1993-2003 Foreign Direct Investment Increased 7 Fold in EU • Consumer Behaviour – Half of UK Customers have Switched Gas/Electricity Supply Since Liberalisation

  7. EMPRICAL EVIDENCE • Company Performance • Shareholder Returns • Management • Employment

  8. WILD CARDS • European Court of Justice • European Commission • What is nationality? • Third Countries

  9. ALL OTHER LINES, GOOD SERVICE… • Regulation Back in Hands of Regulators • Markets Making Decisions • Takeovers – Will Still Happen • Review!

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