European Union taking Germany to court over amended VW Law

In a move that may undermine Germany's protection of Lower Saxony and its close ties to Volkswagen, the European Commission plans to review the case of Volkswagen Law in the European Union's top court. As you may recall, Porsche has been trying to take majority control of rival Volkswagen. However, the so-called "Volkswagen Law" has protected VW from takeover by allowing the state of Lower Saxony (where thousands of VW jobs are at stake) to retain just enough stock in the company to prevent Porsche from capturing a majority vote. While the upcoming ruling may not only alter the ownership of Volkswagen, it also demonstrates the escalating authority that the European Commission has over once sovereign countries.

[ Via: Automotive News Europe ]
[ Tag: Control, European Commission, European Union, EuropeanCommission, EuropeanUnion, Lower Saxony, LowerSaxony, Majority, Porsche, Stock, Takeover, Volkswagen, Volkswagen Law, VolkswagenLaw ]