Brussels, 31/05/2007 (Agence Europe) - On Thursday 31 May, the European Commission opened a formal investigation into the provision of Italy's 2004 Finance Law that allows former state-owned banks to release hidden capital gained during their corporate restructuring in the 1990s by paying a nominal tax of 9% in lieu of the ordinary company tax of 37.25%. The Commission is concerned that this law may unduly affect the ongoing consolidation process of bank conglomerates in the EU, without...