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| Computer Translations Übersetzungen Traductions Traduzioni
Traducciones Traduções Oversettelse
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| Date |
20/10/1999 |
| Companies
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MUNDIAL CONFIANCA - BANCO SANTANDER CENTRAL HISPANO - |
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EC reject Portuguese reasons for blocking BSCH / Mundial merger |
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The European Commission announced yesterday it could not accept the Portuguese account for blocking the merger and that it would send a 'Reasoned Opinion'. This is almost the last stage before a referral to the European Court of Justice. The Portuguese government has a month from receipt to reply. If it has not altered its policy and the reply is not accepted then the final stage of referral is instigated.
The statement refers to the belief that Portugal is both in breach of EU treaty rules relating to the free movement of capital and freedom of establishment and also EU Merger and acquisition rules. In reply to the case put by Portugal the Commission stated that it considers that Portugal has violated Community law because:
- the administrative decision to veto the deal was adopted just 24 hours after the last of the agreements was notified to the Portuguese Minister
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the parties concerned had no opportunity to provide supplementary information or discuss the matter further
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the full prudential reasons for vetoing the deal were not notified to the parties concerned.
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the Portuguese authorities' intervention is based on defence of national economic interests
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the suspension of voting rights on shares in the Champalimaud group and Mr Champalimaud's shares is a disproportionate measure and cannot be subject to judicial review.
Some observers had thought a compromise would be found in advance of Portugal taking Presidency of the EU next year. However the tone of the announcement did not suggest this. Another part quoting
Single Market Commissioner Frits Bolkestein stated:
'The Commission cannot allow defence of national interests by Member States to stand in the way of restructuring the EU's financial services sector...The Action Plan for Financial Services, endorsed by the Cologne European Council, underlined the key role of such restructuring in ensuring an efficient allocation of resources throughout the EU economy and explicitly states that supervisory authorities must respect the principles of transparency and non-discrimination when considering restructuring operations'
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