Takeover Panel concern at EU company law directive

The Irish Takeover Panel has expressed concern at the EU's 13th Directive on Company Law, particularly the removal from national takeover panels of the power to derogate from or waive rules.

"A further area of concern is the apparent provision for the awarding of compensation payments against the supervisory authority," the panel's chairman, Mr Dan O'Keeffe, SC states. "This conflicts with the Irish legislation under which such claims may only succeed if the panel or its officers have acted in bad faith," he says, writing in the Irish panel's annual report.