Safeguards against Takeover after Volkswagen – On the Lawfulness of such Safeguards under Company Law after the European Court’s Decision in ‘Volkswagen’

Abstract: This article analyses the significance of the European Court’s decision on the effects of the rules on the free movement of capital on the takeover safeguards in Volkswagen AG for restrictions on the right to vote, ownership ceilings, division into A and B share classes, increased majority requirements etc. in listed companies, and the implications which the decision has for the state’s participation in private companies.

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