Press Release: Free movement of capital: Commission closes case against Italy regarding law on investment in energy companies

The European Commission has decided to close infringement procedures against Italy in view of the measures taken to comply with a European Court of Justice ruling of 2 June 2005 regarding the law on investment in energy companies. The ruling had found that the automatic suspension of voting rights for shareholdings in excess of 2% in Italian electricity and gas companies, where such holdings are acquired by public companies not quoted on the stock exchange and holding a dominant position in their own domestic markets, breaches EC Treaty rules on the free movement of capital (Article 56). This decision follows the measures taken by Italy on 1 August 2006 to comply with the Court ruling.