The European Commission on Friday issued a last warning to the German government over legislation designed to protect Volkswagen AG from hostile takeover bids.
The law, which caps the voting rights of shareholders at 20%, requires the support of more than 80% of shareholders for any important decisions, and guarantees the state of Lower Saxony rights of 20% no matter what the size of its stake, has been dubbed "an obstacle to the free movement of capital".
Infringement proceedings were launched against the German authorities with regard to the legislation in March 2003. The EC is set to decide on Wednesday whether to proceed to the next stage, which could see Germany facing legal action at the European Court of Justice.
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