THE Takeover Panel, the City of London watchdog which polices bid battles, yesterday moved to quell speculation that a major change in its rules was imminent. Mr Alistair Defriez, the panel's director general, denied a report in the Financial Times which said radical reform of rules on hostile takeovers was being considered. "The spin that the article puts on the panel's position is, I think, somewhat excessive," Mr Defriez said.