News & Events
IRISH EUROPEAN LAW FORUM - Thirteenth Annual Conference
'The Takeovers Directive Five Years On - A Reflection of Takeover Regulation in Europe'
Speakers and participants at the Irish European Law Forum December 2009
Despite the introduction in 1985 of a White Paper on Completing the Internal Market which announced an intention to propose a directive on the approximation of Member States’ regulations governing takeovers, almost 20 years passed before Directive 2004/25/EC on Takeover Bids was actually adopted.
The Directive’s adoption was greeted by a luke-warm response from the Commission and the Member States faced with its implementation. Many of the original core objectives proved too contentious to agree without the introduction of substantial compromises. Even the manner of its implementation has proved controversial with the Commission itself admitting that many Member States have implemented it in a “seemingly protectionist way”. Despite this, there may be some indications that the Directive has led to improved shareholder protection and a potential stimulus for more transparent corporate governance structures with extended shareholder involvement.
This year the conference aimed to review the manner in which the Directive was implemented and to determine its contribution particularly to areas such as corporate governance and the market for corporate control. Article 20 of the Directive provides that the Commission in 2011 must examine the Directive in the light of the experience acquired in applying it and, if necessary, propose its revision. Speakers included Prof. Joe McCahery, University of Amsterdam, Prof. Luca Enriques, University of Bologna, Barbara Muston, The Takeover Panel(UK), Prof.
Peter
Mülbert ,
University of Mainz , Dr. Beate Sjåfjell, University of Oslo, Professor Peer Zumbansen, Osgoode Hall, Toronto, Dr. David Kershaw, London School of Economics, Prof. Blanaid Clarke, UCD School of Law, Professor Alan Dignam, Queen Mary University of London, and Professor Jan Schans Christensen,
