The high-level panel of legal experts set up to design the European Union’s long-awaited common takeover code have called for sweeping new shareholder rights to stop companies rejecting bids out of hand.

The panel, set up by the European Commission (EC) last year in the wake of the 11th hour rejection of the previous directive by the EU Parliament, this month published a report calling for shareholders to have veto rights over all major decisions in bids.