Berlin glee greets demise of EU takeover directive

The German government welcomed the rejection of the European takeover directive in the European Parlimaent on 4 July 2001 but announced its will to co-operate in a new attempt to develop European takeover regulations. The draft of a national takeover regulation is to be discussed in the federal cabinet in July 2001 and includes clauses allowing managers to take defensive measures against hostile takeovers. German MEPs rejected the European directive because no such clauses were to be included.