Brussels Ruling on VW Law Postponed | Business| Economy and finance news from a German perspective | DW | 21.01.2004
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Brussels Ruling on VW Law Postponed

The European Commission on Wednesday delayed a decision on whether to require Germany to repeal its so-called "Volkswagen Law," which provides the state of Lower Saxony with what is effectively a poison pill in any attempted takeover of the company. Brussels has long maintained that the law violates EU merger rules. A spokesperson for the Commission said the body ran out of time to discuss the issue as expected on Wednesday and that it will be taken up instead next week. European Internal Markets Commissioner Frits Bolkestein has said the limitation of voting rights for Volkswagen shareholders gives Lower Saxony, which holds an 18.5 percent share in the company, significant control of the company and an unfair advantage that limits the freedom of capital flow within the EU.