EU's top court upholds Volkswagen law granting state entity a blocking minority
{{#rendered}} {{/rendered}}The European Union's top court has upheld a law giving a German government authority a say in the running of Volkswagen AG, Europe's largest carmaker.
The Court of Justice on Tuesday dismissed a lawsuit against the rule brought by the European Commission, the 28-nation bloc's executive arm that also acts as the antitrust watchdog.
The German state of Lower Saxony's 20 percent stake in Wolfsburg-based automaker Volkswagen gives it the right to block actions — a lower threshold than the 25 percent blocking minority for all other German public companies. But the court ruled the law still meets the relevant European requirements.
{{#rendered}} {{/rendered}}Germany amended the law after the court in 2007 ruled against parts of it. The Commission still claimed it inhibits the free movement of capital within the EU.