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Dutch government proposes law to delay hostile takeovers

Dutch government proposes law to delay hostile takeovers
FILE PHOTO: The logo of Unilever is seen at the headquarters in Rotterdam, Netherlands August 21, 2018. REUTERS/Piroschka van de Wouw/File Photo   -  
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AMSTERDAM (Reuters) – The Dutch cabinet said on Friday it has finished drafting a law granting listed companies the right to call a 250-day grace period to consider a hostile takeover offer.

The government first proposed such a law in 2017 in the wake of failed foreign takeover bids for paintmaker Akzo Nobel <AKZO.AS> and Anglo-Dutch consumer products maker Unilever <UNc.AS>.

The draft law will now be circulated for public comment before being revised and submitted to parliament for approval.

(Reporting by Toby Sterling; Editing by Susan Fenton)

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