BERLIN, Feb 21 (Reuters) - Germany's BDI industry federation has urged Chancellor Angela Merkel's government to take 'urgent' steps to make it tougher for investors to launch clandestine corporate takeovers, business daily Handelsblatt said on Sunday.
BDI managing director Werner Schnappauf has sent a letter to the finance, economy and justice ministries arguing it was too easy for investors to build up stakes in German firms without disclosing their holdings, the paper said on its website.
'In view of current developments on the international and national takeover market, an adjustment to capital market law on transparency requirements is urgently needed,' the newspaper quoted Schnappauf as saying in the letter.
The BDI stated it was particularly important that 'certain swap transactions' were no longer exempted from disclosure requirements pertaining to takeover law, the paper said.
Schnappauf noted that countries like the United States, Britain and France had more stringent rules on disclosure of financial market instruments, reflecting fears that German firms were exposed to foreign predators, the paper said.
(Writing by Dave Graham) Keywords: GERMANY INDUSTRY/TAKEOVERS (dave.graham@reuters.com; Reuters Messaging: dave.graham.reuters.com@reuters.net; 49 30 2888 5217) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
BDI managing director Werner Schnappauf has sent a letter to the finance, economy and justice ministries arguing it was too easy for investors to build up stakes in German firms without disclosing their holdings, the paper said on its website.
'In view of current developments on the international and national takeover market, an adjustment to capital market law on transparency requirements is urgently needed,' the newspaper quoted Schnappauf as saying in the letter.
The BDI stated it was particularly important that 'certain swap transactions' were no longer exempted from disclosure requirements pertaining to takeover law, the paper said.
Schnappauf noted that countries like the United States, Britain and France had more stringent rules on disclosure of financial market instruments, reflecting fears that German firms were exposed to foreign predators, the paper said.
(Writing by Dave Graham) Keywords: GERMANY INDUSTRY/TAKEOVERS (dave.graham@reuters.com; Reuters Messaging: dave.graham.reuters.com@reuters.net; 49 30 2888 5217) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.