Federal Council gives green light for new VW Law

With the approval of the Bundesrat on the new VW Law goes to Germany final confrontation with the EU Commission. The countries chamber on Friday gave the green light for the revision of the law with the controversial veto of the Land of Lower Saxony. Germany thus risking another case before the European Court of Justice (ECJ). According to the EU Commission the law hindered the free movement of capital within the EU. In a defeat before the ECJ threatened punitive payments in the millions.

According to the law may Lower Saxony with around 20 per cent shareholdings its right of veto in the General Assemblies of Europe's largest carmaker reserve. After the share law is the only from a share of 25 percent of normal.

The special position of Lower Saxony met with fierce resistance from the Porsche. So far, the sports car builder 42.6 percent of VW shares and has 31.5 percent more on options secured.

Lower Saxony Prime Minister Christian Wulff (CDU) said that the new VW law is compatible with European law fully compatible. He regret that Brussels to its "erroneous view" firmly believe. Any investor who buys VW shares could advance the Statute of the company read. Brussels also do nothing to it, such as the level of blocking minorities is regulated nationally.