Following the vote on Wednesday, Internal Market Commissioner
Frits Bolkestein commented:
"I am very disappointed that the European
Parliament has not been able to ratify the agreement approved by
its delegation last month, despite the tremendous efforts made by
the Commission and the Council to meet the Parliament's
concern…
"Financial markets, investors and European
companies have been waiting eagerly for this Directive. Fourteen
out of fifteen Member States clearly wanted the Directive. It is
tragic to see how Europe's broader interests can be frustrated by
certain narrow interests."
Bolkestein attributed the failure of the Directive to a reversal
of support by Germany. The parliament vote was split evenly.
According to Bolkstein, the Directive was intended:
"to ensure an adequate level of protection
for minority shareholders throughout the Union when control of a
company changed hands. It would also have ensured that employee
representatives received full and prompt information on the
implications of a takeover bid and that they could inform
shareholders of their views on the bid."
Opponents to the Directive argued that the failure to eliminate
special shares and those carrying multiple voting rights meant that
it would not have improved the current takeover situation.
