Friday, 11 November 2011

Europe: Portugal's golden share in ALP Energia SGPS SA

The Court of Justice of the European Union gave its opinion yesterday in European Commission v Portuguese Republic (Case C‑212/09): see here. The court held that Portugal had failed to fulfil its obligations under Article 56 of the EC Treaty by maintaining its golden share in GALP Energia SGPS SA which gave it, amongst other things, a right of veto regarding the appointment of certain directors and the right to appoint the company's chairman.

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