§ The Minister for Industry and the Regions (Jacqui Smith)I have today placed in the Libraries of the House copies of a consultation document entitled "European Company Law—Draft Directive on Cross-Border Mergers".
The cross-border mergers directive introduced by the European Commission will enable cross-border mergers between companies with share capital from different member states. The Government strongly supports the objective of agreeing a cross-border mergers directive and is committed to extending the opportunities for corporate restructuring across the EU as crucial to the single market.
This consultation explores a range of issues, such as which types of companies cross-border mergers should be available to, and its purpose is to seek business views with the aim of ensuring that the final directive offers a practical solution to the issues of cross-border restructuring for businesses within the EU—providing legal certainty whilst avoiding unnecessary burdens and constraints on business. The consultation period ends on 20 September 2004.