UK firms see Euro takeover directive as protectionist

British business is concerned at the potentially protectionist impact of the proposed EU takeover directive, according to a survey by CMS, the international network founded by City firm CMS Cameron McKenna.Of the 150 blue-chip European businesses polled, few said it will have a positive effect on them, with UK respondents most pessimistic.The directive - which would be the first pan-European statutory framework for takeovers - would have a particular impact on the UK's non-statutory system of regulation.Half of UK respondents see European Parliament amendments allowing 'poison pills' - frustrating action such as issuing new shares to a third party - as protectionist.Camerons partner Nick Callister Radcliffe said there was 'no unanimous agreement' that the directive will result in a level playing field.Victoria MacCallum