The EU Takeover Directive has had an impact on Portugal's Public Offer Rules. With business yet to be won over on some aspects of Portugal's revised takeover rules, the general consensus is positive, as Joao Nuno Barrocas and Ana Faria Nogueira explain
Takeovers in Europe will continue to be controlled at a national level, even after the adoption of the European Union (EU) Takeover Directive, which requires member states to have rules on takeover regulation in place reflecting certain general principles. The Directive aims to provide an EU-wide framework by setting minimum requirements for the regulation of takeovers of companies whose securities are admitted to trading on regulated EU markets. The Directive came into force in May 2004 and is required to be implemented by member states within two years – which means by May 2006.
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