EU May Revive Efforts to Scuttle Volkswagen Law, FAZ Reports

The European Union may revive efforts to scuttle the so-called Volkswagen Law which protects the German carmaker from a takeover, Frankfurter Allgemeine Zeitung reported, citing an unidentified German state official.

The European Court of Justice declared the 51-year-old law, which grants the German state of Lower Saxony a right to block major decisions at the carmaker, illegal in 2007, saying it restricts the free flow of capital in Europe. Germany modified the law a year without changing Lower Saxony’s blocking minority. VW is based in Lower Saxony, which is the carmaker’s second-biggest owner.