THE House passed the second stage of the Irish Takeover Panel Bill, under which a panel will be established to monitor and supervise takeovers.
It was introduced by the Minister of State for Commerce, Mr Pat Rabbitte, who said that up to now takeovers of companies listed on the Irish Stock Exchange were subject to the UK takeover code on a voluntary basis.
Because of the stature of the London market, parties involved in takeovers would generally respect any directions or rulings given.
In the new situation arising with the Irish exchange separating from London there was concern that if the Takeover Rules and Panel were to operate other than on a statutory basis there might not be the same respect for the rulings given.
That situation would be unacceptable.
The Fianna Fail spokeswoman on enterprise and employment, Ms Mary O'Rourke, supported the Bill but questioned why it was being introduced now.
The EU was drafting a directive on this issue and she asked whether this would lead to further legislation.
There was an urgent need for all company and stock exchange law to be consolidated.
"A small country such as Luxembourg is able to do this on an annual basis and with technology it should also be possible here."
Mr Michael McDowell, Progressive Democrats spokesman on finance, said a takeover panel was necessary to ensure that procedures were fair.
He deplored the absence of investment opportunities here. Irish pension funds were able to buy shares in English and Australian airports but they could not invest in Aer Rianta. And why not? The left wing parties in Government opposed it.
