§ Lord Sainsbury of TurvilleMy right honourable friend the Minister for Industry and the Regions (Jacqui Smith) has made the following Written Ministerial Statement.
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 support the objective of agreeing a Cross-Border Mergers Directive and are 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 while avoiding unnecessary burdens and constraints on business. The consultation period ends on 20 September 2004.