Europe: Takeovers The European Commission has proposed new rules amending
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the European Parliament and Council Directive on Company Law Concerning Takeover Bids. These will: • Require companies involved in takeover bids to inform their employees of the position once the bid is made public; • Require that any general meeting authorisation for the adoption of defensive measures must be granted during the period of acceptance of the bid—this is designed to ensure that the fate of the takeover bid ultimately lies with the shareholders; • Clarify the definition of the person or company making the bid, and add to rules determining which supervisory authority and national laws are involved.
Intrastat returns
From 1 January 1998 the threshold above which businesses are required to provide intrastat returns has been increased from £195,000 to £225,000. Only companies with EU trade above this threshold are required to provide more detailed monthly statistical returns to Customs & Excise.