Portugal Loses Golden Share Fight At EU High Court

Law360, New York (July 8, 2010, 5:28 PM EDT) -- The European Court of Justice has ruled that the state of Portugal's holding of so-called golden shares in telecommunications operator Portugal Telecom is unjustified, potentially opening the door for Spain's Telefonica SA to secure Portugal Telecom's stake in Brazil's top cell phone company.

In a decision issued Thursday, the European Court of Justice said that Portugal's maintenance of its golden shares in Portugal Telecom, which gave the state veto power over the company's key decisions, violated the country's obligations to allow the free movement of capital...
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