C378/10 OfficialJournaloftheEuropeanCommunities 13.12.97
II
(PreparatoryActs)
COMMISSION
Amendedproposalfora13thEuropeanParliamentandCouncilDirectiveoncompanylaw
concerningtakeoverbids(')
(97/C378/09)
(TextwithEEArelevance)
COM(97)565final—95/0341(COD)
(SubmittedbytheCommissionpursuanttoArticle189a(2)oftheECTreatyon11November
1997)
OOJC162,6.6.1996,p.5.
INITIALPROPOSAL AMENDED PROPOSAL
THEEUROPEANPARLIAMENT ANDTHECOUNCIL Unchanged
OFTHEEUROPEAN UNION,
HavingregardtotheTreatyestablishingtheEuropean
Community ,andinparticularArticle54thereof,
HavingregardtotheproposalfromtheCommission ,
HavingregardtotheopinionoftheEconomicand
SocialCommittee('),
Actinginaccordancewiththeprocedurereferredtoin
Article189boftheTreaty(2),
Whereasitisnecessarytocoordinatecertainsafeguards
whichMemberStatesrequireofcompaniesandfirms
withinthemeaningofthesecondparagraphofArticle58
oftheECTreatyfortheprotectionofmembersand
others,inordertomakesuchsafeguardsequivalent
throughouttheCommunity ;
Whereasitisnecessarytoprotecttheinterestsofshare­
holdersofcompaniesgovernedbythelawsofaMember
Statewhenthesecompaniesaresubjecttoatakeoverbid
ortoachangeofcontrolandtheirsecuritiesare
admittedtotradingonaregulatedmarketwithinthe
scopeofthisDirective;
OOJC295,7.10.1996,p.1.
(2)EuropeanParliamentopinionof26June1997(OJC222,
21.7.1997,p.20).

13.12.97 EN OfficialJournaloftheEuropeanCommunities C378/11
INITIALPROPOSAL AMENDED PROPOSAL
WhereasonlyactionatCommunitylevelcanensurean
adequatelevelofprotectionforshareholdersthroughout
theUnionandprovideforminimumguidelinesforthe
conductoftakeoverbids;whereasMemberStatesacting
independently arenotabletoestablishthesamelevelof
protectionespeciallyinthecaseofcross-border
takeoversorpurchasesofcontrol;
Whereastheadoptionofadirectiveistheappropriate
procedureforlayingdownaframeworkconsistingof
certaincommonprinciplesandalimitednumberof
generalrequirements whichMemberStateswillbe
requiredtoimplementthroughmoredetailedrules
accordingtotheirnationalsystemsandtheircultural
contexts;
WhereasMemberStatesshouldtakethenecessarysteps
inordertoprotectshareholdershavingminorityholdings
afterthepurchaseofthecontroloftheircompany;
whereassuchaprotectioncanbeensuredeitherby
obligingthepersonwhoacquiredthecontrolofa
companytomakeabidtoallshareholdersforallorfor
asubstantialpartoftheirholdingsorbyprovidingfor
othermeanswhichattaintheobjectiveofatleastan
equivalentlevelofprotectionofminorityshareholders ;
WhereaseachMemberStateshoulddesignatean
authorityorauthoritiestosuperviseallaspectsofthebid
andtoensurethatpartiestotakeoverbidscomplywith
therulesmadepursuanttothisDirective;whereasthe
differentauthoritiesmustcooperatewithoneanother;WhereaseachMemberStateshoulddesignatean
authorityorauthoritiestosupervisetheentirecourseof
thebidandtoensurethatpartiestotakeoverbids
complywiththerulesmadepursuanttothisDirective;
whereasthedifferentauthoritiesmustcooperatewith
oneanother;
Whereasitisdesirabletoencouragethevoluntary Unchanged
controlexercisedbyself-regulatory bodiesinorderto
avoidrecoursetoadministrative orjudicialaction;
Whereastoreducethescopeforinsiderdealingofferers
shouldberequiredtoannouncetheirintentionof
launchingabidassoonaspossibleandtoinformthe
supervisoryauthorityandtheoffereecompany'sboard
ofthebidbeforetheyaremadepublic;

C378/12 EN OfficialJournaloftheEuropeanCommunities 13.12.97
INITIALPROPOSAL AMENDED PROPOSAL
Whereastheaddresseesofatakeoverbidshouldbe
properlyinformedofthetermsofthebidbymeansofan
offerdocument :Whereastheadresseesofatakeoverbidshouldbe
properlyinformedofthetermsofthebidbymeansofan
offerdocument;whereasappropriateinformationshould
alsobegiventotherepresentatives ofthecompany's
employeesor,failingthat,totheemployeesdirectly;
WhereasitisnecessarytosetatimelimitfortakeoverUnchanged
bids;
Whereastobeabletoperformtheirfunctionssatisfac­
torily,supervisoryauthoritiesmustatalltimesbeableto
requirethepartiestothebidtoprovideinformationon
it;
Whereastoavoidoperationswhichfrustratethebiditis
necessarytolimitthepowersoftheboardofdirectorsof
theoffereecompanytoengageinoperationsofan
exceptionalnature;
Whereastheboardoftheoffereecompanyshouldbe
requiredtomakepublicadocumentsettingoutits
opiniononthebidandthereasonsonwhichitisbased;
WhereasitisnecessarythatMemberStatesprovidefor
rulescoveringthecaseswhenthebidmaybewithdrawn
ordeclaredvoidoncetheofferdocumenthasbeenmade
public,therightoftheofferertoreviseitsbid,thepossi­
bilityofcompetingbidsforthesecuritiesofacompany
whicharenecessarilytotheadvantageofitsshareholders
andthedisclosureoftheresultofthebid,
HAVEADOPTED THISDIRECTIVE : HAVEADOPTED THISDIRECTIVE :
Article1
ScopeArticle1
Scope
ThecoordinationmeasuresprescribedbythisDirective
shallapplytothelaws,regulationsandadministrative
provisionsorothermechanismsorarrangementsofthe
MemberStatesrelatingtotakeoverbidsforthesecurities
ofacompanygovernedbythelawofaMemberState,
wheresuchsecuritiesareadmitted,whollyorpartially,
totradingonamarketinoneormoreMemberStates
whichisregulatedandsupervisedbyauthorities
recognizedbypublicbodies,operatesregularlyandis
accessible,directlyorindirectly,tothepublic.ThecoordinationmeasuresprescribedbythisDirective
shallapplytothelaws,regulationsandadministrative
provisionsoftheMemberStates,includingmechanisms
orarrangements establishedbyorganizations officially
authorizedtoregulatethemarkets,relatingtotakeover
bidsforthesecuritiesofacompanygovernedbythelaw
ofaMemberState,wheresuchsecuritiesareadmitted,
whollyorpartially,totradingonamarketinoneor
moreMemberStateswhichisregulatedandsupervised
byauthoritiesrecognizedbypublicbodies,operates
regularlyandisaccessible,directlyorindirectly,tothe
public.

13.12.97lENIOfficialJournaloftheEuropeanCommunities C378/13
INITIALPROPOSAL AMENDED PROPOSAL
Article2
DefinitionsArticle2
Definitions
ForthepurposeofthisDirective:
Unchanged —'takeoverbid'('bid')shallmeananoffermadetothe
holdersofthesecuritiesofacompanytoacquireall
orpartofsuchsecuritiesbypaymentincashand/or
inexchangeforothersecurities.Abidmaybeeither
mandatory,ifsoprovidedbyMemberStatesasa
meanstoprotectminorityshareholders ,orvoluntary,
—'offereecompany'shallmeanacompanywhose
securitiesarethesubjectofabid,
'offerer'shallmeananynaturalpersonorlegalentity
inpublicorprivatelawmakingabid,'offerer'shallmeananynaturalpersonorlegalentity
inpublicorprivatelawmakingabidinaccordance
withthelegislationoftheMemberStatedetermined
asprovidedforinArticle4(2),
'securities'shallmeantransferablesecuritiescarrying
votingrightsinacompanyorconferringentitlement
toobtaintransferablesecuritiescarryingsuchrights,'securities'shallmeantransferablesecuritiescarrying
votingrightsinacompany,
Unchanged 'partiestothebid'shallmeantheofferer,the
membersoftheofferer'sadministrative or
managementboard,iftheoffererisacompany,the
addresseesofthebidandthemembersoftheadmin­
istrativeormanagement boardoftheofferee
company .
Article3 Article3
Protectionofminorityshareholders
1.Whereanaturalpersonorlegalentitywho,asa
resultofacquisition,holdssecuritieswhichaddedtoany
existingholdingsgivehimaspecifiedpercentageof
votingrightsinacompanyreferredtoinArticle1,
conferringonhimthecontrolofthatcompany,Member
Statesshouldensurethatrulesorothermechanismsor
arrangementsareinforcewhicheitherobligethisperson
tomakeabidinaccordancewithArticle10oroffer
otherappropriateandatleastequivalentmeansinorder
toprotecttheminorityshareholdersofthatcompany.Protectionofminorityshareholders
1.Whereanaturalpersonorlegalentitywhoasa
resultofimmediateorfutureacquisition,holdssecurities
whichaddedtoanyexistingholdingsdirectlygivehima
specifiedpercentageofvotingrightsinacompany
referredtoinArticle1,conferringonhimthecontrolof
thatcompany,MemberStatesshouldensurethatrulesor
othermechanismsorarrangements areinforcewhich
eitherobligethispersontomakeabidinaccordance
withArticle10orofferotherappropriateandatleast
equivalentmeansinordertoprotecttheminorityshare­
holdersofthatcompany .

C378/14 IEN OfficialJournaloftheEuropeanCommunities 13.12.97
INITIALPROPOSAL AMENDED PROPOSAL
2.Thepercentageofvotingrightswhichconfers
controlforthepurposesofparagraph 1andthewayof
itscalculationshallbedeterminedbythelawofthe
MemberStatewherethesupervisoryauthorityislocated.2.Thepercentageofvotingrightswhichconfers
controlforthepurposesofparagraph 1andthewayof
itscalculationshallbedeterminedbytheMemberState
wherethesupervisoryauthorityislocatedinaccordance
withArticle4(2).Thatauthorityshallalsobe
responsiblefordeterminingwhetherandtowhatextent
theprovisionsofparagraph 1applytothetemporary
holdingofsecuritiesortotheacquisitionofamajority
'holdingwithouttherebeinganyintentiontoexercise
controloverthecompany.
Article4
SupervisoryauthorityArticle4
Supervisoryauthority
1.MemberStatesshalldesignatetheauthorityor
authorities,whichwillsuperviseallaspectsofthebid.
Theauthoritiesthusdesignatedmayincludeassociations
orprivatebodies.MemberStatesshallinformthe
Commissionofthedesignationsandshallspecifyall
divisionsoffunctionsthatmaybemade.1.MemberStatesshalldesignatetheauthorityor
authorities,whichwillsupervisetheentirecourseofthe
bid.Theauthoritiesthusdesignatedmayinclude
associationsorprivatebodies.MemberStatesshall
informtheCommissionofthesedesignationsandshall
specifyalldivisionsoffunctionsthatmaybemade.
2.Theauthoritycompetentforsupervisingthebid
shallbethatoftheMemberStateinwhichtheofferee
companyhasitsregisteredofficeifthesecuritiesofthe
companyareadmittedtotradingonaregulatedmarket
inthatMemberState.Otherwise,thecompetent
authorityshallbethatoftheMemberStateonwhose
regulatedmarketthesecuritiesofthecompanywerefirst
admittedtotradingandarestilltraded.2.Theauthoritycompetentforsupervisingthebid
shallbethatoftheMemberStateinwhichtheofferee
companyhasitsregisteredofficeifthesecuritiesofthe
companyareadmittedtotradingonaregulatedmarket
inthatMemberState.Otherwise,thecompetent
authorityshallbethatoftheMemberStateonwhose
regulatedmarketthesecuritiesofthecompanywerefirst
admittedtotradingandarestilltradedandthelaw
applicableshallbethatofthatMemberState.Ifthat
conditionisnotmeteither,thecompetentauthorityshall
bethatoftheMemberStateonwhoseregulatedmarket
thecompany'ssecuritiesareprincipallytradedduringthe
periodofacquisitionofthesecuritiesconferringcontrol
ofthecompanyandthelawapplicableshallbethatof
thatMemberState.
3.Withoutprejudicetotheirdutyofprofessional
secrecy,thecompetentauthoritiesoftheMemberStates
shallcooperate,insofarasisnecessaryforthe
performanceoftheirdutiesandforthispurposeshall
supplyeachotherwithanyinformationthatmaybe
necessary .3.EachMemberStateshallrequireanyindividuals
whoareorhavebeenemployedbythesupervisoryauth­
oritiestobeboundbyprofessionalsecrecy.Without
prejudicetotheirobligationnottodivulgeinformation
coveredbyprofessionalsecrecy,thesupervisoryauth­
oritiesoftheMemberStatesshallcooperate,insofaras
isnecessaryfortheperformanceoftheirdutiesandfor
thispurposeshallsupplyeachotherwithanyinformation
thatmaybenecessary.

13.12.97ΓΕΝ OfficialJournaloftheEuropeanCommunities C378/15
INITIALPROPOSAL AMENDED PROPOSAL
4.Thesupervisoryauthoritiesshallhaveallthe
powersnecessaryfortheexerciseoftheirfunctions,
whichshallincluderesponsibilityforensuringthatthe
partiestoabidcomplywiththerulesmadepursuantto
thisDirective .4.Thesupervisoryauthoritiesshallhaveallthe
powersnecessaryfortheexerciseoftheirfunctions,
whichshallincluderesponsibilityforensuringthatthe
partiestoabidcomplywiththerulesmadepursuantto
thisDirective.InadditionMemberStatescanprovide
thattheirsupervisoryauthoritiesmay,onthebasisofa
reasoneddecison,grantderogationsfromtherules
drawnupinaccordancewiththisDirectiveprovidedthat
ingrantingsuchderogationsthesupervisoryauthorities
shallrespecttheprinciplesmentionedinArticle5.
5.ThisDirectivedoesnotaffectthepowerwhich
courtsmayhaveinaMemberStatetodeclinetohear
legalproceedingsandtodecidewhetherornotsuch
proceedingsaffecttheoutcomeofthebidprovidedthat
aninjuredpartyenjoysadequateremedies,whether
throughanappealsprocedureoperatedbythesuper­
visoryauthorityorthroughtherighttotakeproceedings
beforethecourtstoclaimcompensation .5.ThisDirectivedoesnotaffectthepowerof
MemberStatestodesignatethejudicalorotherauth­
oritiesresponsiblefordealingwithdisputesandfor
decidingonirregularitiescommittedduringthebid
procedure,providedthataninjuredpartyenjoysappro­
priateandadequateremediestodefenditsinterestsand,
whereappropriate,obtaincompensation foranyloss
suffered .
Article5
GeneralprinciplesArticle5
Generalprinciples
Unchanged 1.Forthepurposesoftheimplementation ofthis
Directive,MemberStatesshallensurethattherulesor
otherarrangements madepursuanttothisDirective
respectthefollowingprinciples :
(a)allholdersofsecuritiesofanoffereecompanywho
areinthesamepositionaretobetreatedequally;(a)allholdersofsecuritiesofanoffereecompanywho
areinthesamepositionaretobegivenequivalent
treatment ;
Unchanged (b)theaddresseesofa.bidaretohavesufficienttime
andinformationtoenablethemtoreachaproperly
informeddecisiononthebid;
(c)theboardofanoffereecompanyistoactinthe
interestsofthecompanyasawhole;
(d)falsemarketsmustnotbecreatedinthesecuritiesof
theoffereecompany,oftheofferercompany,orof
anyothercompanyconcernedbythebid;(c)theboardofanoffereecompanyistoactinallthe
interestsofthecompany,includingemployment ;
(d)falsemarketsmustnotbecreatedinthesecuritiesof
theoffereecompany,oftheofferercompany,orof
anyothercompanyconcernedbythebidinsucha
waythattheriseorfallinthepricesofthesecurities
becomesartificialandthenormalfunctioningofthe
marketsisdisrupted :
Unchanged (e)offereecompaniesmustnotbehinderedinthe
conductoftheiraffairsforlongerthanisreasonable
byabidfortheirsecurities.
2.Inordertoattaintheobjectivesetoutinpara­
graph1,MemberStatesshallensurethatrulesarein
forcewhichsatisfytheminimumrequirementssetoutin
thefollowingArticles.

C378/16lEN OfficialJournaloftheEuropeanCommunities 13.12.97
INITIALPROPOSAL AMENDED PROPOSAL
Article6
InformationArticle6
Information
1.MemberStatesshallensurethatrulesareinforce
requiringthatthedecisiontomakeabidismadepublic
andthatthesupervisoryauthorityandtheboardofthe
offereecompanyareinformedofthebidbeforethis
decisionismadepublic.1.MemberStatesshallensurethatrulesareinforce
requiringthatthedecisiontomakeabidismadepublic
andthatthesupervisoryauthorityandtheboardofthe
offereecompanyareinformedofthebidbeforethis
decisionismadepublic.Assoonasthebidhasbeen
madepublic,theboardoftheoffereecompanyshall
informtherepresentatives ofitsemployeesor,where
therearenosuchrepresentatives ,theemployeesthem­
selves.
2.MemberStatesshallensurethatrulesareinforce
requiringtheofferertodrawupandmakepublicin
goodtimeanofferdocumentcontainingtheinformation
necessarytoenabletheaddresseesofthebidtoreacha
properlyinformeddecisiononthebid.Beforetheoffer
documentismadepublic,theofferershallcommunicate
ittothesupervisoryauthority .2.MemberStatesshallensurethatrulesareinforce
requiringtheofferertodrawupandmakepublicin
goodtimeanofferdocumentcontainingtheinformation
necessarytoenabletheaddresseesofthebidtoreacha
properlyinformeddecisiononthebid.Beforetheoffer
documentismadepublic,theofferershallcommunicate
ittothesupervisoryauthority.Whenitismadepublic,
theboardoftheoffereecompanyshallcommunicate it
totherepresentatives ofitsemployeesor,wherethere
arenosuchrepresentatives ,totheemployeesthemselves .
3.ThoserulesshallrequirethatthedocumentstatesUnchanged
atleast:
—thetermsofthebid,
—theidentityoftheoffereror,wheretheoffererisa
company,thetype,nameandregisteredofficeofthat
company,
—thesecuritiesorclass,orclassesofsecuritiesfor
whichthebidismade,
—theconsiderationofferedforeachsecurityorclassof
securitiesandthebasisofthevaluationusedindeter­
miningitwithparticularsofthewayinwhichthat
consideration istobegiven,—theconsiderationofferedforeachsecurityorclassof
securitiesandthebasisofthevaluationusedindeter­
miningitwithparticularsofthewayinwhichthat
consideration istobegiven,andinparticularthe
methodsandtermsofpaymenttoshareholders
residentinaMemberStateotherthanthatofthe
offereecompany'sregisteredofficeorthanthatin
whichthesecuritiesarelisted.
Unchanged —themaximumandminimumpercentagesorquantities
ofsecuritieswhichtheoffererundertakestoacquire,
—detailsofanyexistingholdingsoftheoffererinthe
offereecompany,
—allconditionstowhichtheoffersissubject,

3.12.97 OfficialJournaloftheEuropeanCommunities C378/17
INITIALPROPOSAL AMENDED PROPOSAL
theofferer'sintentionswithregardtothefuture
businessandundertakingsoftheoffereecompany,its
employeesanditsmanagement ,theofferer'sintentionswithregardtothefuture
businessandundertakingsoftheoffereecompany,its
employeesanditsmanagement ,includinganychange
intheconditionsofemployment ,
—theperiodforacceptanceofthebid,whichmaynot
belessthanfourweeksormorethan10weeksfrom
thedateonwhichthedocumentismadepublic,—theperiodforacceptanceofthebid,whichmaynot
belessthanfourweeksormorethan10weeksfrom
thedateonwhichthedocumentismadepublic,
exceptwheredulyjustifiedauthorization hasbeen
givenbythesupervisoryauthority,
—wheretheconsideration offeredbytheoffererUnchanged
includessecurities,informationaboutthosesecurities .
—theconditionsunderwhichtheoffereristofinance
itsbid.
4.MemberStatesshallensurethatrulesareinforce
requiringthatthepartiestoabidprovidethesupervisory
authorityatanytimeonrequestwithallinformationin
theirpossessionconcerningthebidwhichthesupervisory
authorityconsidersnecessaryforthedischargeofits
functions .4.MemberStatesshallensurethatrulesareinforce
requiringthatthepartiestoabidprovidethesupervisory
authorityatanytimeonrequestwithallinformationin
theirpossessionconcerningthebidwhichisnecessary
forthesupervisoryauthoritytodischargeitsfunctions.
Article7
DisclosureArticle7
Disclosure
1.MemberStatesshallensurethatrulesareinforce
whichrequireabidtobemadepublicinsuchawayas
toavoidthecreationoffalsemarketsinthesecuritiesof
theoffereecompanyoroftheofferer.1.MemberStatesshallensurethatrulesareinforce
whichrequireabidtobemadepublicinsuchawayas
toavoidthecreationoffalsemarketsinthesecuritiesof
theoffereecompany,oftheoffererorofanyother
companyaffectedbythebid,particularlythroughthe
publicationordissemination offalse,exaggerated ,or
tendentiousinformation .
2.MemberStatesshallensurethatrulesareinforce
whichprovideforthedisclosureofallinformationor
documentsrequiredinsuchamannerastoensurethat
theyarebothreadilyandpromptlyavailabletothe
addresseesofthebid.2.MemberStatesshallensurethatrulesareinforce
whichprovideforthedisclosureofallinformationor
documentsrequiredinsuchamannerastoensurethat
theyarebothreadilyandpromptlyavailabletothe
addresseesofthebid,includingthoseresidentina
MemberStateotherthanthatoftheoffereecompany's
registeredofficeorthanthatinwhichthesecuritiesare
listedandtotherepresentatives oftheemployeesofthe
offereecompanyor,wheretherearenosuchrepresen­
tatives,totheemployeesthemselves .
Article8 Article8
Obligationsoftheboardoftheoffereecompany
MemberStatesshallensurethatrulesareinforce
requiringthat:Obligationsoftheboardoftheoffereecompany
MemberStatesshallensurethatrulesareinforce
requiringthat:

C378/18fENl OfficialJournaloftheEuropeanCommunities 13.12.97
INITIALPROPOSAL AMENDED PROPOSAL
(a)afterreceivingtheinformationconcerningthebid
anduntiltheresultofthebidismadepublic,the
boardoftheoffereecompanyshouldabstainfrom
anyactionwhichmayresultinthefrustrationofthe
offer,andnotablyfromtheissuingofshareswhich
mayresultinalastingimpedimenttotheoffererto
obtaincontrolovertheoffereecompany,unlessit
hasthepriorauthorizationofthegeneralmeetingof
theshareholdersgivenforthispurpose,(a)afterreceivingtheinformationconcerningthebid
anduntiltheresultofthebidismadepublic,the
boardoftheoffereecompanyshouldabstainfrom
anyactionwhichmayresultinthefrustrationofthe
offer,andnotablyfromtheissuingofshareswhich
mayresultinalastingimpedimenttotheoffererto
obtaincontrolovertheoffereecompany,unlessit
hasthepriorauthorizationofthegeneralmeetingof
theshareholdersgivenforthispurpose,duringthe
periodofacceptanceofthebid;
(b)theboardoftheoffereecompanyshalldrawupandUnchanged
makepublicadocumentsettingoutitsopinionon
thebidtogetherwiththereasonsonwhichitis
based.
Article9
RulesapplicabletotheconductofbidsArticle9
Rulesapplicabletotheconductofbids
Unchanged InadditionMemberStatesshallensurethatrulesarein
forcewhichgoverntheconductofbidsatleastforthe
followingmatters:
(a)withdrawalornullityofthebid,
(b)revisionofbids,
(c)competingbids,
(d)disclosureoftheresultofbids.
Article10
MandatorybidArticle10
Mandatorybid
1.WhereaMemberStateprovidesforamandatory
bidasameanstoprotecttheminorityshareholders ,this
bidshallbelaunchedtoallshareholders forallorfora
substantialpartoftheirholdingsatapricewhichmeets
theobjectiveofprotectingtheirinterests.1.WhereaMemberStateprovidesforamandatory
bidasameanstoprotecttheminorityshareholders ,this
bidshallbelaunchedtoallshareholders forallorfora
substantialpartoftheirholdingsatapricewhichensures
equaltreatmentforshareholders .Theterm'substantial
part'shouldnotbeinterpretedasmeaninglessthan
70%ofthesecurities,exceptwheredulyjustifiedauth­
orizationhasbeengivenbythesupervisoryauthority.
2.Ifthemandatorybidcomprises .onlyapartoftheUnchanged
securitiesoftheoffereecompanyandtheshareholders
offertoselltotheofferermoresharesthanthepartial
offercovers,shareholdersshouldbetreatedequallyby
meansofaproratatreatmentoftheirshareholdings .

13.12.97 OfficialJournaloftheEuropeanCommunities C378/19
INITIALPROPOSAL AMENDED PROPOSAL
Article11
TranspositionoftheDirective
1.MemberStatesshallensurethatthelaws,regu­
lationsandadministrative provisionsorothermech­
anismsorarrangementsnecessaryforthemtocomply
withthisDirectiveareinforcebefore1January1999.
UnchangedArticle11
TranspositionoftheDirective
1.MemberStatesshallensurethatthelaws,regu­
lationsandadministrative provisionsorothermech­
anismsorarrangementsnecessaryforthemtocomply
withthisDirectiveareinforcebefore1April1998.
2.MemberStatesshallcommunicate tothe
Commission theprovisionsorotherarrangements
referredtoinparagraph 1,makingexpressreferenceto
thisDirective .
Article12 Article12
AddressessoftheDirective AddresseesoftheDirective
ThisDirectiveisaddressedtotheMemberStates.Unchanged