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Image header Agence Europe
Europe Daily Bulletin No. 8413
Contents Publication in full By article 21 / 35
GENERAL NEWS / (eu) eu/internal market

Commission may open procedure relating to Volkswagen on Wednesday

Brussels, 04/03/2003 (Agence Europe) - On Wednesday, the European Commission is expected to decide whether or not to open proceedings against the German law that allows the Land of Lower Saxony to hold minority blocking shares in Volkswagen, it was confirmed by Community sources. The Land holds 18.5% of the capital of the car maker, and a right of veto that allows it to prevent a hostile takeover bid and to guarantee local employment. After procedure opened against "golden shares" in Italy, the Netherlands and Denmark, Commissioner Frits Bolkestein is proposing to send a letter of formal notice to Germany, a procedure that provokes fierce opposition from the German and French Commissioners. Chancellor Schröder and the new minister-president for Lower Saxony, Christian Wulff, have sought to put pressure on the Commission. Christian Wulff had talks with Commissioner Bolkestein last week. He pledged to oppose Commission action during his electoral campaign.

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