The so-called Volkswagen Law from 1960, which is to protect the German carmaker from hostile takeovers, by the European Court of Justice in October 2007 as illegal. According to the highest court in the European Union, the VW law the free movement of capital in the way. European laws transcend national laws which shall be made clear with this decision.
Bolkestein has the VW-Gesetz addressed by cards to the protection structure at the European Court of Justice in Luxembourg, because that would be at odds with European legislation on free movement of capital within the European Union. Former European Commissioner Frits Bolkestein has made angry about the rejection of the Directive on mergers and acquisitions in 2002. This would ensure that mergers and acquisitions could be simplified in Europe by giving more power to shareholders. Although the euro commissioners were behind the plans submitted, the European Parliament stressed in 2002 the takeover directive.
Critical Dutch MEPs felt that the directive not all countries would be treated the same. But the opposition to the plans was the most violent in Germany led by Chancellor Gerhard Schröder. Who was afraid of a sale of the German business and found that Europe did not need to have any control of German industrial policy.
Bolkestein, a liberal thinker and prominent VVD member, is an advocate of much power to shareholders. ?? In my view, they must decide on the vision of economic life. By stopping the takeover directive in 2002 is shareholder capitalism just still under pressure. I have sought an integrated European market shares, which represent one share one vote. But that proved anathema, because I thus affected the anti-takeover measures in different countries. "
Then Bolkestein has the VW-Gesetz addressed by the protection structure to explain matters to the European Court of Justice.
Germany wanted to protect its industry against takeovers. Since 1960 some of the Volkswagen Law that shareholders never more than 20% of the voting rights, irrespective of their stake in the company. In October 2007, the European Court of Justice, at the urging of Commissioner Frits Bolkestein, the VW law as illegal. This makes a takeover battle has become inevitable for Volkswagen. The German sports car manufacturer Porsche has long geaast at Volkswagen. The so-called Volkswagen Law held the opportunity to take over against.
Nothing is less true. We provide land just as our rights and have many duties and charges back.
Switzerland shows that remain neutral and independent is the only and best strategy. Would Germany here since 2007, so think?
Europe, it could be referred to as almost beangtigend.
Volkswagen Law in 1960 and Europe in 2007