The Second Time as Farce? The EU Takeover Directive, the Clash of Capitalisms and the Hamstrung Harmonization of European (and French) Corporate Governance*

This article focuses on the EU Takeover Directive and its transposition into French law. French outcomes diverge from European Commission aspirations for greater clarity and uniformity. The clash of European capitalisms as well as heightened uncertainty and differentiation in takeover regulation exacerbate problems of asymmetric vulnerability of EU states (and firms) to the European Commission's liberal reform agenda. This explains the failings of EU‐level harmonization of varieties of capitalism and corporate governance.