TABACALERA SPAIN
July 1st, 2004
BY KEITH NUTHALL
THE EUROPEAN Commission is pressing Spain to implement a European Court of Justice (ECJ) ruling of last May, telling it to reform a law allowing it to block deals involving tobacco giant Tabacalera SA. If Spain continues to ignore the ruling, it could face massive daily recurring fines worth Euro 1,000's. The court ruled that the Spanish government had too much control over decisions relating to the winding-up, de-merger, merger and disposal of assets regarding Tabacalera.
THE EUROPEAN Commission is pressing Spain to implement a European Court of Justice (ECJ) ruling of last May, telling it to reform a law allowing it to block deals involving tobacco giant Tabacalera SA. If Spain continues to ignore the ruling, it could face massive daily recurring fines worth Euro 1,000's. The court ruled that the Spanish government had too much control over decisions relating to the winding-up, de-merger, merger and disposal of assets regarding Tabacalera.
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