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06 September 2006
Despite the fact that the government originally announced that the EU Takeover Directive (2004/25/EC) would be implemented by Portugal before May 20 2006, Parliament has yet to implement the necessary legislative changes. However, following a public consultation procedure conducted by the Portuguese Securities Market Commission in 2005, the government has produced a final draft of the bill.
As expected, the final version does not extensively amend the existing framework for takeover procedures. According to the latest information, the main amendments are as follows:
The government has stated that the new rules will not apply to ongoing bids or bids placed before the law comes into force.
Only five countries - France, Denmark, Hungary, Luxembourg and the United Kingdom - implemented the directive in due time. Although the Portuguese government's predictions proved too optimistic, the law is expected to be enacted in Portugal shortly.
For further information on this topic please contact João Caldeira or Vasco Rodrigues at Rui Pena, Arnaut & Associados - Sociedade de Advogados by telephone (+351 21 382 8150) or by fax (+351 21 382 8155) or by email (firstname.lastname@example.org or email@example.com).
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