Euro law experts propose plan to end takeover impasse

The European Commission is considering proposals to clear the way for a community-wide takeover regulation which would unlock the potential of City acquisitions expertise across the continent.A committee of legal experts from the UK, France, Germany, Italy, Spain, Denmark and Holland submitted a report to the commission last week, recommending methods for harmonising takeover regulation.Proposals include maintaining a level-playing field for the equal treatment of shareholders across all member states, and giving uniform rights for majority shareholders on a takeover to buy out minority shareholders - 'squeeze-out provisions'.Vanessa Knapp, a corporate partner at City firm Freshfields Bruckhaus Deringer, and a member of the Law Society's company law committee, said creating an equal regulation for takeovers across Europe would be a helpful step and increase the ability of City firms to handle takeovers in other jurisdictions.Previous proposals for a takeover directive were rejected by the European Parliament last summer following 12 years of negotiations.The group of experts was appointed to suggest resolutions to the more controversial points.Jeremy Fleming