The new Panel on Takeovers and Mergers (the Takeover Panel), operating under Finland's Central Chamber of Commerce, began its work in September 2006. The Takeover Panel consists of independent and neutral experts chosen by the board of the Central Chamber of Commerce, and is chaired by professor Matti J Sillanpää. It was established after the implementation of the Takeover Directive (2004/25/EC), amending the Chamber of Commerce Act and the Finnish Securities Market Act.
The Takeover Panel promotes the development of good securities markets practice in Finland and directs the manner of proceedings regarding corporate acquisitions. It also gives recommendations and statements on takeover bids, addressing issues such as corporate governance and managerial duties after takeover bids, reactions to competing bids and preparations for public takeover bids. The Takeover Panel may also issue in casu recommendations on resolutions in specific cases at the request of the acquirer, the target company or the Finnish Financial Supervision Authority. On December 15 2006, the Takeover Panel issued its Recommendation on Procedures to be Followed in Public Takeover Bids.
Tarja Wist and Helena Sallila