The European Commission said today that a much-delayed EU proposal aimed at boosting cross-border corporate takeovers would be unveiled on October 2nd.
The Commission wants the new bill, known as the takeover directive, to promote takeovers and help industry consolidation to make European Union industry more competitive.
"The new proposal is pencilled in for October 2nd . . . that date will be confirmed nearer the time," Mr Jonathan Todd, spokesman for European Internal Market Commissioner Frits Bolkestein, told a news briefing.
The bill has suffered fierce opposition from Germany, particularly Chancellor Mr Gerhard Schroeder. The proposal, originally due for July, was delayed until after Germany's election to allay these sensitivities.
The new rules are eagerly awaited by industry after a previous draft bill was killed by the European Parliament last year after over a decade of negotiation.