GERMANY: EU challenges Germany’s VW takeover protection
The European Commission decided on Thursday (24 November) to take Germany to the top EU court for failing to scrap a law that protects domestic automaker Volkswagen from takeover bids.
The European Commission decided on Thursday (24 November) to take Germany to the top EU court for failing to scrap a law that protects domestic automaker Volkswagen from takeover bids.
According to an AFP report, the EU competition watchdog said it would ask the court to impose fines on Germany for every day that it fails to cancel the law, which gives Lower Saxony the power to block bids even though it is a minority shareholder.
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