Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-12-12-Speech-2-307"
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"en.20001212.14.2-307"2
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"Mr President, it has been said that this is a very important, crucial piece of legislation we have before us. It is at the heart of the EU financial services action plan. But, more than that, the bigger prize is that we are able to take forward the Lisbon agenda of creating a competitive, dynamic European economy. For that we need an efficient market in goods, services and capital.
Mr Bolkestein, I share your concerns: we cannot afford to risk losing this directive, because the EU economy would pay the opportunity cost for years of not being able to restructure European companies. Yet the amendments tabled by our rapporteur will take us in that direction. I fear it will undermine the effect of corporate restructuring necessary to build that EU competitiveness in global markets. If we are to achieve global excellence in, for example, the telecoms sector, we must ensure that recent take-overs such as Vodafone, Mannesmann, France Telecom, Orange, will show that European models work, cannot be blocked by hostile action or poison pills. That would be turning our back on the opportunity to achieve the competitiveness that we desire.
My delegation of Labour MEPs cannot accept, therefore, the changes in Article 9 to allow company boards the right to defensive measures to frustrate takeovers without getting shareholder approval. Mr Bolkestein himself has said that it is crucial that the management of target companies consult shareholders in this case.
Our primary objective must be to protect our investors, to ensure a fair and equal bidding process. It must be to ensure efficient flow in capital markets; and we must not end up by producing legislation which protects potentially inefficient managers and props up failing companies. That is in nobody's interest. It will result in investors not seeing the EU as an integrated capital market; it will undermine investor confidence and it will result in capital flow out of Europe.
The rapporteur's amendments create confusion in the area of litigation and it would be wrong of us to vote for confusion in potential litigation cases.
I have to say that I cannot understand Mr Lehne's approach in the British
where he has himself agreed that his compromise is unworkable, but that he put it in to keep the socialists happy and he is prepared to take it out in conciliation. That is not acceptable."@en1
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