As part of the company law harmonisation process (discussed in Chapter 6 above), the Directive seeks to regulate an important element of the functioning of capital markets: the public bid for all the shares of a company.1

The Directive deals with the regulation of listed companies with securities traded on a regulated market. This raises the question whether takeovers should be discussed as a matter of securities regulation or company law. Whereas takeover bids would be considered to belong to securities regulation in most Member States, the EU deals with it from the – apparent – angle of company law.2