HL Deb 20 November 1997 vol 583 cc91-2WA
Lord Pearson of Rannoch

asked Her Majesty's Government:

What is the latest position with regard to the proposed EC directive on company takeovers, and whether they believe that the eventual directive will prove beneficial to the City of London and if so, why.

The Minister of State, Department of Trade and Industry (Lord Simon of Highbury)

Following consideration of the European Commission's original proposal by the European Parliament, the Commission has recently adopted a revised text. The revised text—which has yet to be published—will form the basis of any discussions in the Council. The first meeting has been scheduled by the Luxembourg Presidency for 1 December.

The Government do not believe that the directive, as presently drafted, would necessarily prove beneficial to the City of London, since it could risk disrupting the present process by introducing the possibility of tactical litigation.