New Media Spark, the UK venture capital company, insists that it will be allowed to proceed with its plan to take over a German brokerage firm, in spite of protests by the German takeover authority that the approach violates its code.

New Media Spark has offered €8.50 ($7.70) per share to buy Sputz, a company listed on the Neuer Markt. It has already agreed to buy 26.4% of the company and wants to take a majority stake.