GOLDEN SHARES
May 1st, 2003
BY KEITH NUTHALLGOLDEN shares retained by the Spanish government in its privatised national tobacco energy Endesa and telecoms operator Telefónica are illegal under European Union freedom of movement of capital laws, the European Court of Justice has ruled. Spanish legislation allows Madrid control over some major decisions relating to the winding-up, de-merger, merger, disposal of assets and others of some privatised companies, including these two utilities. The court said that although Spain was justified in retaining some reserve emergency powers to secure ...
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