Germany proposes tighter controls of investments

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FRANKFURT, Oct 25 (AFP): The German government adopted yesterday a proposal to tighten controls on investment in German companies that widens in particular the definition of concerted action.
That generally designates an agreement by several groups-often investment funds-that buy significant stakes in a company to influence its strategy or determine its directors.
Under the draft law, it would also include actions by several investors ahead of a company's general assembly, a finance ministry statement said.
The bill would require investors that buy stakes of at least 10 per cent in a company to declare their intentions, with the level including the purchase of stock options, compared with only the purchase of actual shares at present.
German deputies must now debate the proposed legislation.
It was the result of problems encountered by several companies, in particular the Frankfurt stock market operator Deutsche Boerse, the head of which was unseated in 2005 by a group of investment funds.