Athens has watered down measures to protect minority shareholders introduced only last year, making it easier for acquirers in Greece to force through a buy-out than anywhere else in Europe.
A new law, passed this week, conflicts with European demands for a 90 per cent squeeze-out threshold, written into Greek law last summer. It allows companies in “cash-out mergers” to force minority shareholders to sell when the buyer has only two-thirds of the votes at an extraordinary meeting. In the case of low turnout, this could be as few as 44.4 per cent of the total votes.
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