Since 1990, the misadventures of the European Commission's directive project on take-over bids easily proved the difficulty to land a text which harmonizes national regulations. The amended text of 1997 doesn't bring any solution to the problem of regulations on take-over bids in the Common Market. Meanwhile, national regulations seem to move towards a better coherence.Thus, requirements of the market seems to act more efficiently than any EEC action.
DE BEAUFORT, V. (1998). Réglementation européenne des OPA : le dilemme de la subsidiarité. Revue du Groupe des Bellefeuilles, pp. 250-251.