Takeover panel consultation following Kraft

Summary and implications

The Code Committee of the Takeover Panel has published a consultation paper on a range of fundamental aspects of the Takeover Code. A number of the issues raised arguably go beyond regulating the conduct of public takeovers and extend to wider considerations. Political, economic and commercial implications of takeovers, from both the micro level of specific stakeholders such as employees and the macro level of the UK's national interest, are all considered.

Unusually for the Panel, the consultation paper does not propose detailed changes to the Code, but creates an open forum to allow a range of issues to be debated, although implementing a number of them will require parliamentary action.