EU sends Germany Ultimatum on VW Protection Law

Discussion in 'OT Driven' started by TriShield, Apr 1, 2004.

  1. TriShield

    TriShield Super Moderator® Super Moderator

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    Reuters, Mar 30 2004

    BRUSSELS, March 30 (Reuters) - The European Commission told Germany on Tuesday it must scrap a law that protects carmaker Volkswagen AG from hostile takeovers or face court action, a Commission spokesman said on Tuesday.

    The Commission believes Germany's so-called VW law breaches EU treaty rules on the fundamental freedoms of movement of capital and investment. But the German government has defended the law as vital to protect jobs at Europe's largest carmaker.

    The fresh legal step by the European Union's executive follows an earlier warning to Germany over the law and will be followed by action in the European Court of Justice if Berlin does not comply with the EU request within two months.

    "They have got two months to reply," Commission spokesman Jonathan Todd said.

    In January the EU executive postponed a decision on whether to take further legal action against Germany to allow for further contacts between the Commission and German authorities.

    If Berlin refuses to change the law, it will have to defend its case in front of the European Court of Justice, the EU's highest court.

    [​IMG]
     
  2. BenFer

    BenFer I've seen bigger OT Supporter

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    hostile take-overs? or a corporate take-over?
     
  3. TriShield

    TriShield Super Moderator® Super Moderator

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    Hostile apparently. :dunno:
     
  4. YelloWRX

    YelloWRX Sonic Yellow...Bitch!

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    Yea, after the microsoft case this week, we all know how free market the EU and Mario Monti really are.


    :rolleyes:
     
  5. BenFer

    BenFer I've seen bigger OT Supporter

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    interesting. hope the big 3 dont have weapons
     
  6. What's a corporate take-over? Hostile is when someone tries to buy a controlling percentage of the company without board approval.

    Honestly though the EU is just as bad as the WTO. More talk, litigation, and lack of compliance.
     
  7. BenFer

    BenFer I've seen bigger OT Supporter

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    that makes more sense. i dont know much of the blue collar world
     
  8. TriShield

    TriShield Super Moderator® Super Moderator

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    I think it's kind of frightening the EU has a say in what laws Germany or another other European nation can have...
     
  9. frinky23

    frinky23 Bangle Sackrider

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    The members of the European Union (INCLUDING Germany) joined voluntarily and agreed to abide by the rules and actions of the European Union.
     
  10. frinky23

    frinky23 Bangle Sackrider

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    And it should be said that the WTO has "forced" the US to change certain trade-related laws in the past. It's all part of increasing the freedom of international trade.
     

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