France has adopted rules based on the "put up or shut up" approach of the UK Takeover Panel in order to tighten up procedures on company takeovers.

The legislation, passed yesterday and baptised the "Danone amendment" after the phantom bid during the summer by PepsiCo for Danone, which sent the French company's share price soaring by up to 30%, will force companies to declare any takeover intentions in the event of strong market speculation.