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International Harmonization and the Legislation of Takeover Bids

Author: Fran├žois GILBERT

Type: Article

ref: 82002853-869

N0:8 of 2002

Pages: 853-869

Besides the fact that it exacerbates the competition between Stock Exchanges, the plurality of rules concerning takeover bids generates inequalities between companies. An international harmonization of the legislation of takeover bids seems therefore necessary ; it also is possible. An analysis of the various national legislations give us an idea of its outline. At present, indeed, the majority of countries possesses common rules insuring the equality of the addresses of a bid as well as the protection of minority shareholders. In front of the persistence of certain national specificities, it is nevertheless advisable to promote, in the years to come, a more ambitious harmonization. Such harmonization would materialize with the completion of two complementary projects : the creation of a world authority of regulation on the one hand ; the adoption of a corpus of common rules applicable to all, on the other hand.