Company Law, Modernisation of Company Law and Enhancement of Corporate Governance, Takeover Bids

Takeover Bids

Shareholder cooperation and acting in concert

ESMA issues Public Statement containing Information on shareholder cooperation and acting in concert under the Takeover Bids Directive, to facilitate effective and sustainable shareholder engagement in listed companies

Application of the Directive

The Commission adopts a Report on the application of the Directive on takeover bids (28.06.2012)

  • Commission Report PDF - 252-697 KB
  • External Study on the application of the Directive on takeover bids, undertaken by Marccus Partners on behalf of the Commission:

Implementation of the Directive

The Commission publishes a report on the implementation of the Directive on takeover bids

Legislation in force

Directive 2004/25/EC of 21.04.2004 on takeover bids
(Text with EEA relevance)

Policy background

02.10.2002 Commission proposes a transparent framework for takeover bids
10.01.2002 Commission welcomes experts’ report on takeovers
  • Press release
  • Press release of the high level group of expert PDF - 121-126 KBDeutschEnglishFrançais
  • Report PDF - 252-697 KBDeutschEnglishFrançais
11.09.2001 Commissioner Bolkestein discusses takeovers with Parliament’s Legal Affairs Committee English
04.09.2001 Commission creates High Level Group of Experts
04.07.2001 Commission regrets rejection of Takeovers Directive by the European Parliament
06.06.2001 Takeovers Directive compromise agreed by Conciliation Committee PDF - 90 KBEnglish
12.02.2001 Takeover bids: developpements after the Parliamentary session in December 2000
19.06.2000 Commission welcomes Common Position on the takeovers Directive
21.06.1999 Internal Market Council close to agreement on proposed Takeovers Directive
PDF - 74 KBEnglish
20.11.1997 Amended proposal for a Directive on takeover bids

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Last update: 29.10.2014