Court Rules Against Spanish Takeover Law

Law360, New York (February 14, 2008, 12:00 AM EST) -- Europe's highest court has struck down a Spanish law that would have blocked foreign takeovers of Spanish companies, paving the way for French utility Electricité de France SA to break into the Spanish electricity market.

In a decision handed down on Thursday, the European Court of Justice ruled against a law that allowed the Spanish government to limit the voting rights of foreign buyers attempting to take over Spanish companies.

The law, adopted in 1999 after EDF launched a bid for Spanish utility Hidrocantabrico, prohibits companies...
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