Japan panel to discourage takeover defences -media

TOKYO, June 11 (Reuters) - A Japanese government panel will warn against company takeover defence measures used to protect management interests in an upcoming report, the Nikkei business daily reported on Wednesday.

"The expansion of takeover defences would eliminate investment opportunities and be a symbol of a closed Japanese market," the Nikkei said, quoting the report, which will serve as a guideline for Japanese companies.

The paper also said the report will argue that hostile takeovers can discipline management and can benefit stockholders. Roughly 500 Japanese companies have introduced "poison pill" takeover defence schemes since 2005, giving them the option to issue stock warrants to dilute the stake of a fund or company launching a hostile takeover. (Reporting by Sachi Izumi)