§ Lord Pearson of Rannochasked Her Majesty's Government:
Whether, in view of the German Government's proposals to amend the draft takeover directive and the Spanish Government's reservation in relation to Gibraltar, they remain confident that they will be able to preserve the long-term independence of the United Kingdom's Takeover Panel at the meeting scheduled in Brussels for 7 December, and thereafter. [HL172]
§ Lord Sainsbury of TurvilleThe Government successfully negotiated changes to the proposed takeovers directive designed to allow the UK system of takeover supervision administered by the Takeover Panel to remain undisturbed following adoption and implementation of the directive. It has made absolutely clear that these changes are a prerequisite to its support for the directive as a whole. The German Government has not made any proposals to amend the current text of the directive. Her Majesty's Government and the Government of Spain have been negotiating a solution to Spain's reservation concerning the application of the directive to Gibraltar. An agreement between the UK and Spain would not affect the UK Takeover Panel.