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Verbatim report of proceedings
Wednesday, 21 April 2004 - Strasbourg OJ edition

Vote (continuation)
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  Arvidsson, Cederschiöld, Grönfeldt Bergman, Stenmarck and Wachtmeister (PPE-DE), in writing. (SV) We have today voted against the report, our justification being as follows.

An agreement on takeover bids (relating to company purchases) has been made just recently. The EU institutions should keep to what has been agreed in these negotiations. This report proposes deviations from the agreement. Such behaviour may lead to its becoming more difficult in the future to conclude agreements, if the institutions do not keep to them. We therefore believe that the points relating to the weighting of voting rights and various forms of defensive measure should not have been included in the report.

When those aspects of company law that benefit from harmonisation are changed through European legislation, the principle of subsidiarity must be respected, and central corporate governance must as far as possible be avoided. The freedom to enter into agreements must never be infringed in the manner proposed.

We particularly welcome trade and industry’s initiatives in the interests of increased transparency and the scrutiny of administration and reporting, and we hope that these principles will influence future European development in this area.

 
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