According to a report in the Financial Times Deutschland this week, the German government is planning to put in place measures to allow firms to defend themselves against hostile takeovers, in contravention of proposed EU legislation designed to faciliate cross-border mergers.
The German business daily reported that the new directive aims to lift national barriers against takeovers to make it easier for cross-border mergers to take place, but revealed that the German authorities are using a clause in the same directive to opt out of implementing the rules.
The measures set to be introduced by the government include allowing firms to implement capital increases, or to look for an alternative 'friendly' buyer.
"The goal of our draft laws is to provide (companies with) the same ammunition. Therefore, the right to defend itself, which a German company now enjoys, should remain in place," FT Deutschland quoted Finance Ministry division head Joerg Asmussen as announcing.
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