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European Union to examine takeover defenses

European Commission will review legislation on hostile takeovers

The European Union will examine the legislation on corporate acquisitions to determine companies’ abilities to protect against hostile takeovers. The European Commission is the executive body of the Union that will review the current legislation to evaluate whether change is needed.

Some members of the U.K. regard takeovers, such as the takeover of Cadbury Plc by Kraft Foods Inc. last year, as largely motivated by the fees that attorneys and banks collect when they are completed.

The commission will assess if current legislation is allowing for effective takeovers and rights for shareholders, and should release their findings by the end of the year. Then, in 2012 the commission will evaluate how to proceed with any necessary changes.

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Danielle Feinstein

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