The European Court of Justice (ECJ) has ruled that a German law from 1960 aiming to protect car manufacturer Volkswagen (VW) from hostile takeovers restricts the free movement of capital in the EU.
The German law – also known as the "Volkswagen law" – stipulates that no single shareholder can have more than 20 percent of the voting rights in the VW company; that Germany and the region of Lower Saxony are each entitled to appoint two members to the firm's supervisory board; and that the ...
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