Europe: does Community law provide a general principle of equal treatment for shareholders?

The European Court of Justice (Fourth Chamber) has given its judgment in Audiolux SA v Groupe Bruxelles Lambert SA (Case C-101/08, 15 October 2009). The court held - in a reference for a preliminary ruling under Article 234 of the EC Treaty from the Cour de cassation in Luxembourg - that Community law does not provide a general principle of equality of treatment for shareholders. More specifically, the court ruled:

Community law does not include any general principle of law under which minority shareholders are protected by an obligation on the dominant shareholder, when acquiring or exercising control of a company, to offer to buy their shares under the same conditions as those agreed when a shareholding conferring or strengthening the control of the dominant shareholder was acquired".