Chapter

When the State is the Owner—Some Further Comments on the Court of Justice ‘Golden Shares’ Strategy

Andrea Biondi

in Company Law and Economic Protectionism

Published in print December 2010 | ISBN: 9780199591459
Published online May 2011 | e-ISBN: 9780191595578 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199591459.003.0005
When the State is the Owner—Some Further Comments on the Court of Justice ‘Golden Shares’ Strategy

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This chapter draws on the arguments presented in Chapter 4 and takes the view that the golden shares case law reflects exclusively the desire to reduce state prerogatives in companies. However, even here, the Court of Justice might exaggerate it: as always, the risk is that every action attributable to the state might be caught by its scrutiny, leaving the Member States not enough leeway to act. One should get inspiration from the law on state aids, in particular with reference to the test known as the ‘market investor principle’: the Court will not qualify a loan or an acquisition of equity as ‘aid’ when a private market participant would have acted similarly.

Keywords: EU; golden shares case law; Court of Justice; member states; state aids law; market investor principle

Chapter.  4010 words. 

Subjects: Company and Commercial Law

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