Corporate vehicle provision for fleets of 5 plus
Rethink of ‘VW law’ insufficient, says Brussels
(Financial Times: April 10). April 11, 2008The German Government’s proposed changes to the controversial law that protects Europe’s largest carmaker, Volkswagen against hostile takeovers do not go far enough, according to the European Commission.
EU internal market commissioner Charlie McCreevy has written to the German Government saying that proposed changes to the so-called ‘VW law’ were insufficient.
The ‘VW law’ has been under review by Germany since the European Court of Justice ruled in October last year that its provisions restricted the free movement of capital and so breached EU rules.
The key difference between the EU and the Germany authorities centres around the issue of a 20% shareholder blocking minority. At present, a majority of 80% of shareholders is required to take ‘significant decisions’
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