Ministers water down takeover Directive

European industry ministers have backed a law designed to make cross-border takeovers of companies easier, ending 15 years of political wrangling.

But the decision to make some core elements of the Directive non-binding has weakened the legislation, says the Commission, and highlighted serious differences between Member States.

The Commission initially put forward the proposal for a new takeover code as part of its drive to open up the EU's financial markets.