Privatization is still an ongoing process of high importance for many EU Member States. The present study will examine the tension that is often created between the desire of the Member States to proceed to the denationalization of their national champions and the objectives of the Internal Market that aim at the establishment of an open, integrated market. This tension has also led to the violation of fundamental Treaty provisions, such as the free movement of capital and the freedom of establishment. Among the protectionist measures introduced by the Member States are the so called “golden shares”, special rights enacted by EU governments in order to maintain certain degree of control over privatized companies. As analyzed in the this study during the last fifteen years the Court of Justice of the European Union has developed an extensive case law with core legal issue the legality of such special rights under EU Law and, more particularly under Articles 49 and 63 TFEU, providing, at the same time, Member States with the necessary guidelines as to how they should shape their privatization policies.
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