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Company law: cross-border mergers Directive adopted and published
The European Commission has welcomed the recent adoption of the cross-border mergers Directive, which has now been published in the Official Journal. The Directive was adopted in a single reading by both the Council and the European Parliament. This key measure responds to strong demand from businesses and enables cross-border mergers of limited-liability companies in the European Union, which until now had been impossible or very difficult and expensive. It will be of particular interest to small and medium sized companies that want to operate in more than one Member State, but not throughout Europe, and are not able to seek incorporation under the European Company Statute. The Directive is expected to reduce costs, while guaranteeing the requisite legal certainty and enabling as many companies as possible to benefit. It is one of the key actions for growth and employment under the Lisbon agenda.
Internal Market and Services Commissioner Charlie McCreevy said: "It will now be much easier for Europe's companies to cooperate and restructure themselves across borders. This will make Europe more competitive and enable businesses further to reap the benefits of the Single Market. I congratulate all parties on the swift adoption of this Directive and call upon Member States to ensure equally swift implementation at national level."
The Directive will facilitate mergers of limited-liability companies on a cross-border basis, which at present are impossible or entail prohibitive costs. It sets up a simple framework drawing largely on national rules applicable to domestic mergers and avoids the winding up of the acquired company. The Directive fills an important gap in company law and is the first measure to be adopted under the Commission's Action Plan on company law and corporate governance in the European Union, published in May 2003.
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