Sustainability and Takeovers: The Case for a (Targeted) Revision of the EU Takeover Directive

BOOKS AND ACADEMIC ARTICLES 2025 in Estudos Jurídicos – 25 Anos SÉRVULO

Paulo Câmara, partner at Finance and Governance department at SÉRVULO, is the author of the article «Sustainability and Takeovers: The Case for a (Targeted) Revision of the EU Takeover Directive», published in Estudos Jurídicos – 25 Anos SÉRVULO.

The article examines whether the EU Takeover Directive should be revised considering the growing relevance of sustainability and ESG considerations in corporate governance and capital markets. It argues that takeovers can significantly affect a target company’s sustainability strategy and corporate purpose, particularly where competing bids present divergent ESG commitments. The author advocates targeted and limited amendments to the Directive, primarily to enhance sustainability-related disclosure obligations, ensuring better-informed investment decisions without undermining the efficiency or competitiveness of the EU takeover market. 

This article forms part of Estudos Jurídicos – 25 Anos SÉRVULO, contributing to a collection of analyses that celebrate the evolution, diversity and legal thought that have shaped this quarter-century of Sérvulo & Associados.