HL Deb 30 November 2000 vol 619 cc168-9WA
Lord Pearson of Rannoch

asked Her Majesty's Government:

Whether the report in the Financial Times of 22 November headlined "Euro MPs threaten to stymie hostile takeovers" is accurate; and, if so, whether they can resist the European Parliament's proposals in the Council of Ministers. [HL4810]

The Minister for Science, Department of Trade and Industry (Lord Sainsbury of Turville)

The common position on the Takeovers Directive adopted by the Council of Ministers in June this year is being considered by the European Parliament under the co-decision procedure. Under this procedure the Parliament, acting by an absolute majority of its members, may propose amendments to the common position. It is expected to vote on possible amendments at its plenary session beginning on 11 December. At this stage, it is not clear whether the Parliament will vote in favour of any proposed amendments to the common position. If it does so, it is not clear what those proposed amendments might be. Under the co-decision procedure the Parliament cannot unilaterally make amendments to the text of a draft directive—they must be agreed by the Council. If the Council does not agree amendments proposed by the Parliament, a conciliation procedure between the Parliament and Council begins with a view to reaching agreement on the text. The Government, in consultation with the Takeover Panel, and together with the other member states, will consider any suggested changes to the text of the common position arising from this process, in order to reach a mutually acceptable outcome.