To ask the Secretary of State for Trade and Industry (1) if he plans to alter the scope and emphasis of the work of the takeover panel to take account of the effect of Europewide takeover policies in the run-up to 1992;(2) if he intends to prepare Europewide takeover regulations as a replacement for the takeover panel.
The draft directive on the regulation of takeovers provides for each member state to designate an authority or authorities to discharge the functions specified in the directive. These matters are regulated in the United Kingdom by the Panel on Takeovers and Mergers through the takeover code. The Commission is currently revising its proposals. When discussions resume, the Government will be seeking to ensure that supervisory authorities in member states can operate with a combination of flexibility and certainty. The takeover panel's experience has shown this to be necessary for effective takeover regulation.