§ Mr. FavellTo ask the Secretary of State for Trade and Industry what is his latest estimate of the cost of the implementation of European Community draft directive document No. 6459/90 on takeovers to(a) the Exchequer (i) directly and (ii) channelled via the European institutions and (b) industry.
716W
§ Mr. RedwoodDocument No. 6459/90 is a communication from the Commission to the Council dated 10 May 1990 on obstacles to takeovers in the Community, outlining measures which the Commission proposed to bring forward to reduce barriers to takeovers. The Commission has subsequently brought forward proposals to amend the proposed fifth and thirteenth company law directives, and the second company law directive. The Government are keen to see measures to level the EC playing field on takeovers. No EC impact assessment has been received for these proposals which are being discussed in Council workings groups. Their precise economic impact will depend on the timing and form of their implementation in member states.