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One of the objectives of the Takeover Directive is to reinforce the single market by enabling the free movement of capital throughout the European Union. This requires takeover rules to be in harmony with capital movement rules, yet both 2007 and 2012 European Commission reports reveal a continuing tension. While art.63 TFEU prohibits obstacles to free movement of capital, art.12 of the Directive makes the removal of obstacles that would frustrate takeover bids optional. In order to harmonise takeovers with free movement of capital, this article examines the extent to which the tension between capital movement and takeover rules could potentially be resolved with negative integration. The conclusion is that negative integration could resolve tension. However, the suggestion is made that strict negative integration is inadvisable since there seems to be a lack of political will in Member States to eliminate takeover obstacles and an uncertain economic situation in the European Union at present.
