Brussels, 04/10/2002 (Agence Europe) - Whereas most MEPs welcomed the European Commission's new proposal for a directive on takeover bids, some of them continue to dislike the text (see EUROPE of 3 October, p.7). This is the case of German Social-Democrat Willi Rothley who states that the European Parliament could not accept this proposal as it stands. What Mr. Bolkestein is proposing is "purely and simply unfair", he said. In particular, he notes that in Germany, "except for VW, the principle "one share - one vote" is practically the reality everywhere, which is not the case in certain other Member states. But if at the same time we limit the board's possibilities of defence, then Germany is vulnerable to all kinds of takeover bids. It would seem that that is Mr. Bolkestein's aim, pursuing his project with obsession".
Even Parliament's rapporteur, Klaus-Heiner Lehne (CDU), while being on the whole satisfied with the new proposal, which, for him, is "much better" than the one rejected on 4 July 2001, retains doubts. It is "incomprehensible" that the Commission did not take the suggestion of the group of experts led by Winter regarding "multiple voting rights" to its logical conclusion, he said, adding: "lobbies defending the interest of families who no longer have the majority of the capital in their former companies, but exercise de facto control, seem to have won the day". According to him, "there is no reason why these "family-controlled but not family-owned" companies should benefit from special protection".
The President of the Liberal Group, Graham Watson, on the other hand, welcomed the text: stressing that his group had been the only one to have unanimously backed the first proposal last year, he said that the European Commission "can count on our support for this new proposal" and urged the leaders of the other groups not to take up "destructive" stances. Watson recalled that the then President of the Liberal Group, Pat Cox, had called on the Commission, on 4 July 2001, to present a new proposal as quickly as possible. On the contents of the new text, the Scottish member remarked: "in particular, it appears that Gerhard Schroeder's much-loved Volkswagen law will not be affected …".