December 7, 2018 / 3:17 PM / 5 days ago

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

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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