Exp	Description  The Panel on Takeovers and Mergers  the "Panel"  is an independent body  established in 1968  whose main functions are to issue and administer the City Code on Takeovers and Mergers and to supervise and regulate takeovers and other matters to which the Code applies  Its central objective is to ensure fair treatment for all shareholders in takeover bids  The Panel has been designated as the supervisory authority to carry out certain regulatory functions in relation to takeovers under the EC Directive on Takeover Bids  