Source Pravda.Ru

EU Bans French Golden Share In Total Group

The European Union's supreme court has struck down a law allowing the French government to control Total Fina Elf with a single share, boosting efforts to limit state interference in the economy.

The court ruled that France's veto over management decisions at Europe's biggest oil refiner “constitutes a serious impairment of the fundamental principle of the free movement of capital.” It outlawed similar special voting rights in Portugal, though upheld them in a Belgian case.

The victory for shareholder rights may give a push to mergers and acquisitions and prompt governments to sell off more state holdings. That may make companies more productive at a time when Europe's competitiveness has fallen to the lowest level since the 1960s, when sompared to the US markets.

“It's an encouragement to privatize and is a step in the right direction,” said Jean Marc Lefevre, a mergers and acquisition lawyer at Linklaters & Alliance in Paris. “This will help the French government because it's a good excuse to privatize. The state needs money.”

Visit to

&to=http://www.totalfinaelf.com/ho/fr/index.htm' target=_blank>TOTALFINAELF

Comments
Donbass referendum: Putin’s bright move to force Ukraine to obey
Putin does not exclude war with Ukraine in Donbass
Militant Greek atheist Alexis Tsipras betrays his people, Orthodoxy and Russia
The Big Brexit mistake
Trump officially starts trade war with China
Putin makes first public comment on Russian pension reform
Militant Greek atheist Alexis Tsipras betrays his people, Orthodoxy and Russia
Trump versus the Traitors on Capitol Hill
Militant Greek atheist Alexis Tsipras betrays his people, Orthodoxy and Russia
Donbass referendum: Putin’s bright move to force Ukraine to obey
Donbass referendum: Putin’s bright move to force Ukraine to obey
Donbass referendum: Putin’s bright move to force Ukraine to obey
Putin makes first public comment on Russian pension reform
Russia disposes of US government bonds to buy more gold
Putin makes first public comment on Russian pension reform
Putin makes first public comment on Russian pension reform
Putin signs decree to abolish secret Novichok lab in Russia
Americans obtain secret information about Russia’s new Avangard missiles
Putin makes first public comment on Russian pension reform
Donbass referendum: Putin’s bright move to force Ukraine to obey
Melania Trump starstruck when shaking hands with Putin