Mukwiri, Jonathan (2013) 'Free movement of capital and takeovers : a case-study of the tension between primary and secondary EU legislation.', European law review., 38 (6). pp. 829-847.
One of the objectives of the Takeover Directive is to reinforce the single market by enabling the free movement of capital throughout the European Union. This requires takeover rules to be in harmony with capital movement rules, yet both 2007 and 2012 European Commission reports reveal a continuing tension. While art.63 TFEU prohibits obstacles to free movement of capital, art.12 of the Directive makes the removal of obstacles that would frustrate takeover bids optional. In order to harmonise takeovers with free movement of capital, this article examines the extent to which the tension between capital movement and takeover rules could potentially be resolved with negative integration. The conclusion is that negative integration could resolve tension. However, the suggestion is made that strict negative integration is inadvisable since there seems to be a lack of political will in Member States to eliminate takeover obstacles and an uncertain economic situation in the European Union at present.
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|Publisher statement:||This is a pre-copyedited, author-produced version of an article accepted for publication in European law review following peer review. The definitive published version Mukwiri, Jonathan (2013) 'Free movement of capital and takeovers : a case-study of the tension between primary and secondary EU legislation.', European law review., 38 (6). pp. 829-847 is available online on Westlaw UK or from Thomson Reuters DocDel service.|
|Date accepted:||No date available|
|Date deposited:||11 March 2014|
|Date of first online publication:||December 2013|
|Date first made open access:||No date available|
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