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14/06/2004
Proposals set to simplify cross-border mergers
Proposals by the European Commission to establish common rules to make cross-border mergers simpler for EU companies were published today by Industry Minister Jacqui Smith.
There are presently no specific procedures under British or European Union law for cross-border mergers. This can lead to long delays for mergers as arrangements are worked out on an individual basis or by dual listing arrangements and take-overs involving companies in complex and costly legal arrangements, the government said.
The Cross-Border Mergers Directive aims to create a new legal framework for cross border mergers within the EU, enabling UK companies to engage more easily and with greater certainty in cross-border mergers with companies from other Member States.
The government is seeking views on the Commission's proposal and, in particular, on the types of company that the proposal should apply to.
Announcing the consultation, Jacqui Smith said: "The proposal aims to help cross-border mergers take place more effectively within the single market.
"It offers increased legal certainty and seeks to avoid unnecessary burdens and constraints on business while ensuring adequate safeguards for those who deal with the companies involved."
She added: "I want to hear from businesses so we can make sure the details deliver that."
Companies seeking to merge cross-border will be subject to the requirements set out in the Directive; however, Member States' own company law will continue to apply where the Directive does not apply.
The Directive is one of the final outstanding measures under the Lisbon Financial Services Action Plan to create an integrated European financial market.
(gmcg)
There are presently no specific procedures under British or European Union law for cross-border mergers. This can lead to long delays for mergers as arrangements are worked out on an individual basis or by dual listing arrangements and take-overs involving companies in complex and costly legal arrangements, the government said.
The Cross-Border Mergers Directive aims to create a new legal framework for cross border mergers within the EU, enabling UK companies to engage more easily and with greater certainty in cross-border mergers with companies from other Member States.
The government is seeking views on the Commission's proposal and, in particular, on the types of company that the proposal should apply to.
Announcing the consultation, Jacqui Smith said: "The proposal aims to help cross-border mergers take place more effectively within the single market.
"It offers increased legal certainty and seeks to avoid unnecessary burdens and constraints on business while ensuring adequate safeguards for those who deal with the companies involved."
She added: "I want to hear from businesses so we can make sure the details deliver that."
Companies seeking to merge cross-border will be subject to the requirements set out in the Directive; however, Member States' own company law will continue to apply where the Directive does not apply.
The Directive is one of the final outstanding measures under the Lisbon Financial Services Action Plan to create an integrated European financial market.
(gmcg)
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