A timely report. Frits Bolkestein is right to postpone until end October at the earliest the presentation of the new draft European Directive on Takeover Bids. One should take one's time. The international earthquake that occurred after the European Parliament's rejection of the earlier project imposes global reflection on all aspects of financial market regulation, company law and the functioning of stock exchanges. Takeover bid regulation is part of this. Reflection is underway (the...