BRUSSELS -(Dow Jones)- The European Commission Wednesday said it has closed its case against Spain concerning the "golden share" holdings in that country's privatized companies, which enabled the government there to veto takeovers of strategic assets.
The Spanish government has notified the commission of measures taken to comply with a European Court of Justice ruling in May 2003 against the legality of the "golden share" mechanism, the commission said.
Legal changes approved in Spain have brought its privatization legislation into line with the court's ruling.
The government held "golden shares" in companies including power utility Endesa, phone company Telefonica and oil and energy company Repsol YPF.
-By Carolyn Henson, Dow Jones Newswires; +32 2 741 1484; carolyn.henson@dowjones.com
(END) Dow Jones Newswires "
Posted to the site on 19th July 2006
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