§ The Parliamentary Under-Secretary of State, Department of Trade and Industry (Lord Sainsbury of Turville)My right honourable friend the Secretary of State for Trade and Industry (Ms Hewitt) has made the following Written Ministerial Statement.
A consultative document seeking views on the Government's proposals for implementing the EU directive on takeover bids has been published today. Copies are available in the Library and on the DTI website at www.dti.gov.uk/cld/current.htm. The deadline for comments is 15 April.
35WSThe consultative document reflects the Government's view that our existing system of takeover regulation overseen by the Takeover Panel has many strengths and enjoys the confidence of business. In order to minimise disruption to the current regime, the Government have therefore concluded that the panel should retain responsibility for takeover regulation and that a central objective in implementing the directive should be to build on the strengths of the existing system.
36WSIn order to comply with the requirements of the directive this will require the panel being given powers to make statutory rules whilst retaining scope to determine its own constitutional and operational framework. The consultative document explains the issues to which this gives rise and how the Government propose to deal with them.
Primary legislation making the necessary provisions to implement the directive on this basis will be introduced when parliamentary time allows.