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Takeovers in Europe: the effects of the implementation
of the thirteenth directive

Contact Bocconi University for this project

Marco Ventoruzzo
Associate Professor of Commercial Law
Department of Legal Studies
Bocconi University
Via Gobbi 5, 20136 Milan, Italy

Bocconi University

The 13th Directive on Takeovers has been largely criticised for the insufficient level of harmonization that it achieved, granting Member States significant freedom in some central issues, such as the breakthrough rule and the reciprocity rule. In addition, it also seems to have raised, in some states, the potential costs of an acquisition. The research will assess the impact of the directive in some selected countries. The key question will be to determine whether the implementation of the directive has fostered or hindered the market for corporate control, in particular with respect to cross-border deals.

Relevance to future of European societies
The theme affects the creation of a common market for corporate control in Europe and the possibility of a true integration among the economies of the Member states with respect to corporate ownership.
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