Brussels, 26/04/2002 (Agence Europe) - A few days away from the Prodi-Schröder meeting (next Monday during a working lunch), Fritz Bolkestein, the Commissioner for the Internal Market, declared in an interview in the Milan daily, Il Sole 24 ORE, in response to recent criticism of Chancellor Schröder by the European Commission that, "there are elections in Germany and there are things that the Chancellor doesn't like, just as other Member States find things that they don't like. I am convinced that what we are doing is in the interest of Germany and its industry. I worked for a long time in the petro-chemical industry, I know the German chemical industry, I know what I'm talking about and understand what it needs. The financial services action plan is in the interest of German industry because it reduces capital costs and will allow Frankfurt to compete with London. Industry and services are not diametrically opposed".
As for the new Take Over Directive prepared by the Commission, Mr Bolkestein admitted that, "this will depend on the Parliament or Council, where it will not be easy to obtain a qualified majority agreement because the Chancellor has his ideas, in Sweden Wallenberg has his, in Italy there is the problem of the pyramid structure of companies, in France the problem of the double vote". Asked about the Winther Group proposal to insert a so-called "breakthrough" clause when 75% of capital is controlled by the company to be taken over, Mr Bolkestein replied, "The clause…is valuable in that it is applicable to everybody. Besides, it is not unreasonable to give full powers to those who have succeeded in controlling 75% of capital…We haven't yet reached a decision. Our proposal will no doubt be reached before summer".