A draft version of a redrafted ‘Volkswagen law’ could be agreed before Volkswagen’s annual general meeting on 24 April.
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According to a report in the Frankfurter Allgemeine Sonntagszeitung, a draft, drawn up by German justice minister, Brigitte Zypries, is being ciculated amongst other ministries. The report says that they are unlikely to find any objections.
The redrafting follows a ruling by the European Court of Justice that the existing Volkswagen Law contravened European legislation by limiting the free movement of capital. That law limited voting rights of any one shareholder to a maximum of 20%. This had the effect of giving the State of
According to the report, the revised law would still give the state of
Porsche currently owns 31% of Volkswagen and plans to increase its stake to over 50% during this year. It is against any special conditions being applied to Volkswagen.
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