"Volkswagen Law" is Ruled Illegal

The European Union's highest court has said a German law protecting car maker Volkswagen from takeovers is illegal. Under the "Volkswagen Law" any shareholder in VW could not exercise more than 20% of voting rights, even if their stake in the firm was bigger. The European Court of Justice said the law discouraged foreign investors from taking a stake in Volkswagen. Porsche, which owns 30% of VW, declined to say whether it would now move to take control.