Support for national protectionism in M&A was thin on the ground during a session of the American Bar Association's autumn conference in London. Save a lone question from the floor on whether national champions truly have a detrimental affect on the macro economy, the running theme was clear.
Even the speaker designated to fighting for protectionism, Cani Fernandez of Cuatrecasas' Brussels office, had a proviso. "When planning this session, someone had to be the bad guy," she said. "That doesn't mean that I necessarily believe the argument."
However, the panel did seem a little nervous about the future. Marco Lamandini of La Scala & Associati in Milan opened the speeches by pointing out that although the Takeover Directive seemed to have abandoned protectionism, it actually had not.
"On first appearances, Europe was going the opposite way to the US where anti-takeover devices are prevalent," he said. "But article 12 sets out an optional regime. The national implementation of the directive marked a failure in the attainment of a pan-European level playing field for cross-border takeover bids. Liberalism failed."
Fernandez followed this with a more political viewpoint: "If a time for increased protectionism comes, we have the tools available," she said. "Mr Sarkozy says that protection is not taboo anymore. If we have a few more leaders like him at EU level, we may see changes."
Further fears were raised by Carles Esteva Mosso from the European Commission, who commented on the redrafted European Treaty: "Now competition is not seen as a major achievement of the EU," he said. "We need to put a sentinel on every hill as the Commission may not be able to intervene in the future. Hopeful lobbying will avoid this."