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Court looks at overturning 'Volkswagen' law
Calcutta News.Net
Sunday 21st October, 2007
The European Court of Justice should rule this week against the so-called 'Volkswagen Law', which prevents Volkswagen from being taken over.
The overturning of the 40 year old law should pave the way for Porsche to take control of Europe’s biggest carmaker.
The law was introduced in 1960 as Volkswagen, which was founded in the wake of World War II, was being privatised and was designed to shield the company from foreign attempts to control it.
The law also stipulates that the authorities in Lower Saxony, the German state where Volkswagen is based, have the right to appoint two members to VW's supervisory board, allowing them to block the majority needed to adopt resolutions.
Lower Saxony is the second-biggest investor in VW with 20.3 percent of the capital.
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