EU Court Says No To Volkswagen Law

Law360, New York (October 23, 2007, 12:00 AM EDT) -- In a decision that underlines the importance of the European Union's laws on the free movement of capital, Europe's highest court has shot down a German law that gave the government the power to block hostile takeovers of Volkswagen AG.

The European Court of Justice ruled on Tuesday that the law, which introduced several “golden share” measures that allow the government to thwart takeover attempts, violates laws protecting the free movement of capital within the EU.

“This comes in a line of court judgments on so-called...
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