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First, pension reform; second, tax law reforms; and third, eventually, we expect the development of a takeover code in Germany.
As Emerson and Huawei entered into negotiations, China's securities regulator began drafting a takeover code of sorts and asked foreign law firms and banks for their comments.
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And countries are learning that an effective takeover code can be a competitive advantage.In this section Summers' lease The lion's friendly approach Barriers to entry Mrs Watanabe learns to invest Eisuke Sakakibara's flights of fancy The bumpy ride of Joe Stiglitz ReprintsGermany is at the forefront of this move.
In 2001, Germany succeeded in crushing a draft takeover code after fierce lobbying by German companies, including BASF, Siemens and Volkswagen, that feared exposure to hostile takeover bids.
MOST European governments have felt for some time that their single market needs a single takeover code to speed up vital corporate restructuring.
Having blocked a proposed EU takeover code, Germany passed a national takeover law giving managers more freedom to thwart hostile bids than the EU code would have done.
A new European Commission takeover code is again under threat from Germany, keen to protect its biggest car maker.
Combined with the effect of the euro, a wave of mergers was expected, leading to the restructuring of European industry.The chances of all this happening have been strengthened by an unexpected agreement this week on an EU-wide takeover code, which will make it harder for companies to use "poison pill" defences to ward off takeovers.
Their belief that Europe remains riddled with rigidities and is unlikely to change much has also been reinforced by recent developments, such as the European Commission's veto of the GE-Honeywell merger and the European Parliament's rejection of an EU-wide takeover code.
Mr. Lehne led a successful rebellion to derail a tougher version of the takeover code two years ago.
A commission is already working on a law to replace its ineffective voluntary takeover code.
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