The European Court of Justice gave its opinion yesterday in Commission v Portugal (C-543/08), holding that Portugal’s holding of golden shares in Energias de Portugal was contrary to European Union law, such holding being an unjustified restriction on the free movement of capital: see here. A press release is available here (pdf).Earlier this year the Court of Justice held that the Portuguese State's holding of golden shares in Portugal Telecom, which conferred special control and decision-making rights, constituted an unjustified restriction on the free movement of capital: see here.
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