EUROPE: Feedback on Public Consultation on Application of Directive 2007-44 EC on EU Takeover Bids

Tuesday May 15 2012

On 8 December 2011, the European Commission published a consultation document on the application of Directive 2007/44 EC as regards EU acquisitions and increase of holdings in the financial sector.  The Commission has now published the feedback received in response to the consultation.

The majority of respondents indicated that, in general, the Directive has met its objectives and has resulted in a more equal treatment of domestic and cross-border acquisitions of EU qualifying holdings throughout the EU.

The aim of Directive 2007/44/EC was to ensure that supervisory authorities are as specific and transparent as possible if they have doubts about the sound and prudent management of the financial institution concerned, and to minimise the scope for public authorities to invoke prudential rules in order to hinder cross-border mergers and acquisitions for protectionist reasons.