Ban on golden shares for economic reasons helps to revive stalled EU takeover code as competition policy comes under fire.
June 17, 2002 at 08:03 PM
1 minute read
The original version of this story was published on Legalweek
Hopes for reform of Europe’s criticised M&A governance regime have been raised this month after a key judgment from the European Union’s (EU’s) highest court curtailed member states’ powers to frustrate foreign takeovers.
The ruling, handed down on 4 June by the European Court of Justice (ECJ), declared that the use of ‘golden shares’ for economic reasons breached EU law in a test case regarding three companies.
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