AFTER intensive consultation the European Commission has come up with a proposed new EU take-over directive that it hopes will avoid the fate of its predecessor, which was rejected by the European Parliament last year. The earlier text was strongly opposed by Germany, which feared it could weaken defences against hostile take-overs. The Commission has changed the proposal to reflect some of the specific concerns but has

maintained the basic principles that all shareholders in the target company get equal treatment, have sufficient time ...

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