TABACALERA CASE
July 1st, 2005
BY KEITH NUTHALL
THE EUROPEAN Commission has formally threatened Spain with legal action for failing to obey a European Court Justice order to relinquish 'golden share' rights over tobacco giant Tabacalera. Judges told Spain May 2003 to liberalise a law allowing the Spanish government control over the company's winding-up, de-merger, merger and disposal of assets. Brussels has started legal proceedings that could ultimately lead to Spain facing massive daily recurring fines of Euro 1,000's whilst it ignores the original ruling.
THE EUROPEAN Commission has formally threatened Spain with legal action for failing to obey a European Court Justice order to relinquish 'golden share' rights over tobacco giant Tabacalera. Judges told Spain May 2003 to liberalise a law allowing the Spanish government control over the company's winding-up, de-merger, merger and disposal of assets. Brussels has started legal proceedings that could ultimately lead to Spain facing massive daily recurring fines of Euro 1,000's whilst it ignores the original ruling.
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.