European Union Law Mergers & Acquisitions Law

Unfinished Business: Two Decades with the EU Takeover Directive

Edited by Susan Emmenegger · Martin Winner · Andreas Recalde Castells · Rolf Skog
New Arrival Cambridge University Press March 2026

Specifications

ISBN-13
9781009654425
Publisher
Cambridge University Press
Publication
March 2026
Format
Hardback
Jurisdiction
U.K. ? Countri(es) for reference only

Details

The adoption of the EU Takeover Directive in 2004 was marked by significant challenges, with negotiations spanning over a decade. This book provides comprehensive analysis, practical insights, and forward-looking policy recommendations. It discusses contentious issues such as the mandatory bid rule, acting in concert, and take-over defences. It also looks at developments such as sustainability in takeovers, multiple voting rights, or new ways to structure ownership changes. It offers a clear and engaging understanding of the TOD's historical evolution, its transposition, the current institutional design of takeover authorities, conflict of law issues, and the enforcement of takeover law across the EU. And it looks at its practical impact as well as its future developments. With contributions from leading experts, international comparisons, and case studies, it is an authoritative guide to the takeover law in Europe and beyond.

Table of Contents

Introduction
Susan Emmenegger, Martin Winner, Andrés Recalde Castells and Rolf Skog

Part I. Foundation:
1. The genesis of the takeover directive
Blanaid Clarke and Rolf Skog
2. Basic issues surrounding the TOD`s transposition
Markus Roth, Klaus Hopt and Adam Opalski
3. The institutional design of takeover law
Susan Emmenegger and Martin Winner
4. Enforcement of takeover law
Peter Agstner and Dörte Poelzig
5. Conflict of law issues in takeover law
Rui Dias

Part II. Mandatory Bid Rule:
6. Development and impact of the mandatory bid rule in Europe
Martin Winner and Philipp Fidler
7. Derogations from the mandatory bid rule
Rolf Skog and Eric Sjöman
8. Acting in concert Javier
García de Enterría and Matteo Gargantini
9. Conceptional issues of equal treatment and the mandatory bid rule
Edmund Schuster

Part III. Resisting Takeovers:
10. The defensive measures provisions of the takeover directive: from ambition to resignation to distrust
Paul Davies and Alain Pietrancosta
11. Death by a thousand cuts: the hostile bids regime in Europe, 2004–2023
Luca Enriques and Matteo Gatti
12. Takeovers and corporate sustainability
Guido Ferrarini and Michele Siri

Part IV. New Developments:
13. Multiple voting rights and takeovers
Erik Lidman and Andrés Recalde-Castells
14. The changing ownership landscape
Anna Christie
15. The alternative to takeovers in the UK: using schemes of arrangement to effect a change of control
Jennifer Payne
16. Change of control by merger of corporations
Susanne Kalss
17. Reform of the takeover directive: harmonisation or member state autonomy?
Jesper Lau Hansen and Therese Strand
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