Friday January 11, 01:34 PM
EU scrutinizing Greek law capping 20 pct private stake in sensitive companies
ATHENS (Thomson Financial) - The EU Commission is 'not only aware, but is following closely and scrutinizing' the Greek law that caps private investment stakes in sensitive for the public interest companies to below 20 pct, Commission
official Oliver Dewes exclusively told Thomson Financial News.
Dewes, the spokesperson for the internal market competition commissioner Charlie McCreevey, explained to Thomson (Paris: FR0000184533 - news) that 'now that the law has been passed the Commission is obliged to analyse it in light of key treaty principles, like the free movement of capital'.
The Commission does not look at draft legislation, so the matter has only now come to its focus.
Yesterday, the Greek parliament narrowly passed the capping law that will apply to all local companies that 'own or control infrastructure networks' and are therefore deemed as important to the public interest.
Analysts have previously told Thomson that the law is clearly aimed at the stake building by Marfin Investment Group (MIG) in Hellenic Telecomms (OTE (Stuttgart: 903465 - news) ).
MIG has over 19 pct in OTE and had previously said it wanted to take its stake up to 20 pct.
MIG has also previously said it will not challenge the law in the European Court, because it does not want to be embroiled in a legal battle with the Greek government, but it appears the Commission is closely monitoring the matter on its own.
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