Eu Law and the Harmonization of Takeovers in the Internal Market

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Takeover bids are important for the internal market becausethey contribute to market integration and to businessconsolidation in accordance with the European CommunityTreaty provisions on the freedom of establishment. TheTakeover Bid Directive of 2004 is designed not only to protectthe interests of the holders of securities of companies (inparticular, those with minority holdings), but also, to promoteEuropean Union- (EU) wide clarity and transparency withrespect to legal issues to be settled in the event of takeoverbids and to prevent patterns of corporate restructuring frombeing distorted by arbitrary differences in governance andmanagement cultures. Analysing the Takeover Bid Directive inlight of EU Law, this important monograph examines the extentto which the Directive facilitates the exercise of the fundamentalfreedom of establishment and the free movement of capital inthe internal market.