E.C. Accepts France's "Golden Share" Proposal

Law360, New York (September 8, 2006, 12:00 AM EDT) -- The European Commission said on Friday that France’s plan to keep a controlling stake in the planned merger between energy firms Gaz de France and Suez appeared to be legal.

France wants to claim the "golden share" right, the ability to veto all other shares in a shareholders meeting under certain circumstances, after the two companies have merged.

The right is often only retained for a defined period of time in order to allow a newly privatized company to become accustomed to the public domain. A...
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