The UK government last week launched a consultation on proposed EU legislation governing cross-border company mergers.
The consultation document released by the Department of Trade and Industry (DTI) seeks views on the proposal for a Company Law Directive on Cross-Border Mergers published by the European Commission on 18 November 2003.
The proposed Directive seeks to establish common rules across the EU governing cross-border mergers, and would allow companies across the EU to merge cross-border based on the approach taken in the Third Company Law Directive, which applies to domestic company mergers of public limited companies, and the cross-border provisions in the European Company Statute.
Currently, the coordination of national laws regarding cross-border mergers can be time consuming and expensive. The proposed Directive aims to simplify the process and introduce more certainty into the process of mergers undertaken by companies from different EU member states.
Comment is invited until September 20.
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