The Liechtenstein government is proposing the creation of a legal framework for the cross-border takeover of stock exhange-listed companies, and has adopted a report and draft law to this effect to be considered by Parliament.
The government says that the Takeover Act guarantees a fair and transparent takeover procedure in accordance with the guidelines of the relevant EC directive, administered under the supervision of an independent authority and taking into account the interests of all players concerned.
The Takeover Act aims to remedy the current negative conflict of powers in relation to third countries, especially Switzerland.
"The government is convinced that the proposed Takeover Act both properly implements Directive 2004/25/EC on takeover bids and at the same time remedies the existing negative conflict of powers in relation to third countries," a government statement announced.
"The Act also ensures a transparent and fair takeover procedure and takes adequate account of the interests of all parties concerned," the statement added.
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