US tells EU what to do

Now hardly seems the time for Americans to be making pronouncements on European corporate governance. Yet Peter Clapman, chief counsel at TIAA-Cref, the US teachers’ pension fund, has done just that.

Clapman, wrote to EU internal markets commissioner Frits Bolkestein saying the resurrection of its takeover code is a very positive development.

He wants to see a broad initiative and common standards across Europe rather than a migration to the lowest common denominator.

Clapman believes the success of any takeover should rest with the shareholders of the companies involved and not face regulatory barriers.