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### Viewing cable 04FRANKFURT10394, Council Agrees on Cross-Border Merger Directive:

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
04FRANKFURT10394 | 2004-12-10 13:17 | 2011-08-24 01:00 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Consulate Frankfurt

`

    This record is a partial extract of the original cable. The full text of the original cable is not available.

` `

    UNCLAS SECTION 01 OF 03 FRANKFURT 010394

    SIPDIS

    SENSITIVE

    STATE FOR EUR PDAS, EB, EUR/AGS, AND EUR/ERA
    STATE PASS FEDERAL RESERVE BOARD
    STATE PASS NSC
    TREASURY ALSO FOR IMB, Monroe ICN COX, HULL

    E.O. 12958: N/A
    TAGS: ECON EFIN EUN
    SUBJECT:  Council Agrees on Cross-Border Merger Directive:
    Another Step Toward EU Corporate Governance

    This cable is sensitive but unclassified.  Not/not for
    Internet distribution.

    ¶1.  (SBU) Summary:  The European Council's agreement on the
    proposed directive on cross-border mergers concludes a
    nearly 20-year process.  The directive is to facilitate
    cross-border mergers of companies with share capital,
    particularly small and medium-sized enterprises that opt not
    to establish a Societas Europa (SE), a European Company.
    Key to the Council's adoption was a compromise on worker's
    participation rules which are broadly similar to the rules
    of an SE, albeit slightly less stringent.  Germany was the
    sole holdout for retaining the SE measures.  Commission
    officials are confident that the measure will move swiftly
    through Parliament.

    ¶2.  (SBU) While agreement on the measure is a major
    accomplishment for the Commission, the measure may have
    little immediate effect.  By replicating the SE regime it
    broke no new legal ground and the legal issues it did
    address do not seem to impede cross-border mergers, an
    activity that is already robust.  However, like the SE and
    other measures that ensure free movement of capital in
    Europe, it adds to the EU legislation that increases
    competition among various forms of business organization
    that can take place not only among member states but also
    within member states.  These steps, indirectly, could lead
    to more business consolidation.  Risks that the measure
    could get stalled in Parliament are not negligible if the
    directive is perceived as an attack on Germany's worker's co-
    determination regime.  It would not be the first time
    Germany changed direction on a directive involving corporate
    governance once the measure was in Parliament. End Summary.

    Agreement on Cross-Border Mergers
    ---------------------------------

    ¶3. (SBU) On November 25, the European Council reached
    agreement on the European Commission's proposed directive on
    cross-border mergers.  The proposed directive would require
    each company participating in the merger to be governed by
    the provisions of its national law on domestic mergers.
    However, common draft terms of the cross-border merger would
    be governed by the new directive, e.g. the name, form and
    registered office of the merging companies, and other
    details of the merger relating to the exchange or allotment
    of securities and application of new accounting rules.  The
    new directive would overcome legal problems in some member
    states where mergers are not legal, e.g. Netherlands,
    Sweden, Ireland, Greece, Germany, Finland, Denmark and
    Austria.  At present, to circumvent this legal obstacle,
    merging enterprises create a third entity that would be
    comprised of the two "merging" enterprises, a time-consuming
    and expensive operation.

    Long History
    ------------

    ¶4.   (SBU) The Commission first proposed the directive in
    December 1984, but withdrew it in 2001.  The major sticking
    point was employees' participation rules that would be
    adopted by the merged firm.  As a recent European Parliament
    report put it, there was an "overriding fear concerning
    cross-border mergers that the process might be hijacked by
    companies which, faced with having to live with employee
    participation, might try to circumvent it by means of such a
    merger."  In 2001 the regulation and directive were adopted
    for a Statute for a European Company, the Societas Europa
    (SE).  An SE could be a wholly new company, but when created
    out of two merged firms, a special negotiation body is to be
    established to set the terms of employee participation.
    Failure of the body to agree in six months would result in
    adoption of the worker participation rules that apply to 25%
    or more of the total employees of the companies
    participating in the merger.  Generally, this would be terms
    most favorable to the employees.

    ¶5.  (SBU) In November 2003 the Commission issued a new
    proposal on cross-border mergers incorporating by reference
    the SE solution on worker's participation.  Again the
    sticking point was employee participation.  This time most
    member states wanted to increase the threshold to 50%,
    increasing the possibility that participation rules less
    favorable to the employees would be adopted.  Germany
    resisted.   According to press reports, in German
    Parliamentary hearings on the directive, the German
    government declared the directive would not make it possible
    to "flee from German co-determination."  Germany, however,
    could not muster sufficient votes to retain the SE rules.

    ¶6.  (SBU) The compromise is complex.  Basically, where the
    two merging firms have employee participation rules, the
    rules most favorable to the employees will be adopted.
    Where one of the merging entities has no employee
    participation rules a special negotiating body is
    established.  As in the case of an SE, failure to reach
    agreement in the negotiations would mean that employee
    participation rules that apply to at least 33% of the total
    workers in the merging companies would be adopted for the
    entire merged firm.  This is a slightly higher threshold
    than in the SE directive.  Falling under that threshold
    would imply that negotiations would have to produce an
    acceptable result for the merger to proceed.  A new element
    was added with respect to participation on the board.
    Again, if negotiations failed to produce an acceptable
    result, the number of employees represented on the board
    would be at least 33% of the total if, in one of the merging
    entities, employees had at least one-third of the board
    seats.  A German official called the compromise "fair" and
    something "right down the middle."

    On to Parliament
    ----------------

    ¶7.   (SBU) The directive now goes to the Legal Affairs
    Committee of Parliament for consideration.  European
    Commission officials are confident that the legislation will
    move "smoothly" through the legislative process.  They point
    out that the lead manager in Committee for the legislation,
    Klaus-Heiner Lehne, is "on board" and will use the
    compromise produced by the Council.  The measure may pass in
    one reading in the spring, according to a Commission
    official.

    Comments: Parliamentary Risks, Broader Implications and a
    --------------------------------------------- ------------
    Touch of Reality
    ----------------

    ¶8.  (SBU) Risks that the directive may get stalled in
    Parliament are not negligible.  Mr. Lehne spearheaded the
    German Government's weakening of the Takeover Bids Directive
    after the German Presidency had secured agreement in Council
    on the measure.  While Parliament's initial report in April
    regarded the proposed directive as "positive and practical,"
    it also stressed the need to reduce the risk of  "lower
    employee participation standards."  The Commission staff
    believes that the German Government has run the necessary
    traps to give them confidence there will be no repeat of the
    Takeover Bids saga.  Should the directive gain public
    notoriety as a perceived effort to weaken Germany's co-
    determination rules, the politics could change.  Few
    expected the German government to turn against the Takeover
    Directive that it had endorsed earlier.

    ¶9.  (SBU) With respect to broader implications, the merger
    directive is another step toward easing rules for cross-
    border business formations and capital mobility within the
    EU.  One was that the SE created the ability for a business
    to establish in any member state using either a unitary
    board responsible for administration and supervision, as
    practiced in the UK, or a two-tier system, such as practiced
    in Germany, with separate management and supervisory boards.
    Another was by a European Court of Justice ruling, based on
    the freedom of capital movements, that held that member
    states have to recognize the legal form of a company
    incorporated in another member state even if not established
    under its own laws.  The Commission's planned proposed
    directive on transfer of seat (headquarters) will mark
    another step.  This measure, which the Commission hopes to
    submit early next year, is designed to allow firms to move
    their headquarters to another member state without requiring
    them to wind down their operations that would entail
    substantial tax and other costs. Under continental European
    law, the seat of a corporation is its legal headquarters as
    well as the place it conducts business.

    ¶10.  (SBU) Easing firms' mobility and their choice of
    corporate governance rules suggests more competition among
    forms of business organization and regulation and,
    potentially, tax regimes.  Firms could establish in Germany,
    for example, with only one-tier board system and,
    conceivably, less employee participation than other German
    firms.  Alternatively, a German firm could merge with a firm
    in another EU state and operate under the corporate
    governance rules and tax regime of that other state but
    still have its major base of operation in Germany.  Whether
    such scenarios play out is an open question.  However, the
    possibility they could more readily take place may change
    perceived bargaining positions for new investment decisions.

    ¶11.  (SBU) In reality, the merger directive is unlikely to
    spark an increase in cross-border M&A activity which is
    already robust.  According to the October 2004 Mergers and
    Acquisition Note of DG Ecofin, M&A activity in the EU 25 has
    ranged from around 9,000 operations in 1995, peaking at just
    over 15,000 in 2000, then settling back around the 8,000
    level in 2002 and 2003.  Throughout this period, cross-
    border M&A activity within the EU accounted for around 15%
    of the total number of operations.

    ¶12.  (SBU) M&A activity is driven by other factors.  EC
    studies suggest that GDP size and financial variables (stock
    market capitalization, credit) and other institutional
    factors (free trade agreements, common language, supply of
    skilled labor) strongly influence M&A decisions.  An EC
    study published in September 2004 also suggests that M&A
    activity (a) is more robust in countries where investor
    protection is better (better institutions, less private
    ownership means a higher willingness to sell); and (b) is
    more likely to occur between companies with different levels
    of investor protection - firms with weaker governance
    targeted by those with stronger governance.

    What might these findings mean for cross-border M&A
    --------------------------------------------- ------
    activity within the EU?
    -----------------------

    ¶13.  (SBU) A 2000 DG Ecofin study on merger trends might
    provide some insights.  Using 1998-1999 data the study
    measured the relative intensity of EU cross-border merger
    activity by using the ratio of each country's share of the
    number of cross-border transactions to its share of EU GDP.
    The top scorers were Luxembourg, Ireland, Sweden, Finland,
    and the Netherlands followed by the UK, Belgium and Denmark.
    The lowest scorers were Italy, Greece and Germany. If the
    merger directive, the SE and other measures contribute to
    increased competition driven by M&A activity, firms located
    in the top scorers are likely to benefit and those with
    lower scores will find increased competition not only from
    corporate governance rules in other member states, but from
    new firms within its home territory.

    ¶14.  (U) This report was coordinated with USEU and Embassy
    Berlin.

    ¶15.  (U) POC: James Wallar, Treasury Representative, e-mail
    wallarjg2@state.gov; tel. 49-(69)-7535-2431, fax 49-(69)-
    7535-2238

    Bodde

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