On This Day
1960 – The German Volkswagen Act came into force.
The Volkswagen Act is a set of German federal laws enacted in 1960, regulating the privatization of Volkswagenwerk GmbH into Volkswagen AG.[1] In order to maintain government control in the privately owned company, it stipulated that the votings on major shareholder meeting resolutions require 4/5th(80%) agreement.[2] This part of the law was deemed to violate the “free movement of capital” principle of European company law by EU members.[3] After a series of challenges by EU from 2007 to 2013, the German parliament finally amended the part in 2013 to EU court satisfaction.[4]
Law
The full title of the law is “Gesetz über die Überführung der Anteilsrechte an der Volkswagenwerk Gesellschaft mit beschränkter Haftung in private Hand”, usually abbreviated to “VW-Gesetz”. It was enacted on 28 July 1960, when Volkswagenwerk GmbH was privatized. The state of Lower Saxony held a voting share of 20.2 percent, which gave it the ability to veto major decisions and prevent takeovers by other shareholders, regardless of the extent of the ownership. It also allowed the government of Lower Saxony to appoint two members to Volkswagen’s board.
Challenges and the EU court ruling
In October 2007, the European Court of Justice ruled that the VW law was illegal in EU[5] because it was protectionist. At that time, Porsche held 30.9% of VW shares and there had been speculation that Porsche would be interested in taking over VW if the law did not stand in its way. The court also prevented the government appointing Volkswagen board members.[6]
In 2008, the German government then rewrote the Volkswagen law, attempting to sidestep the ECJ judgment; removing restrictions on share ownership but still requiring an 80% majority for important decisions, so Lower Saxony would still be able to block major business decisions and takeovers.[7] European regulators took the German government to court again[8][9] and requested a fine of €31,114 per day backdated to when the law was declared illegal in 2007, plus larger ongoing fines from the date of a second court judgment. In March 2012, the German government insisted that it would defend the Volkswagen Law.[10]
In October 2013, the EU Court of Justice in Luxembourg ruled that the redraft of the Volkswagen law “complied in full” with EU rules, bringing “the matter to a close,” as Chantal Hughes, spokeswoman for EU Internal Markets Commissioner Michel Barnier said.[11]
Outcome
During the above developments, Porsche, which traditionally had close relationships with Volkswagen, increased its holding of Volkswagen AG shares as follows (please see Porsche_SE#EU and the Volkswagen Law for details):
October 2005: 18.53%[12]
Nov. 2006: 27.4%[13]
March 2007: 30.9%[13]
September 2008: 35.79%
January 2009: 50.76%[14]
Porsche had many difficulties financing the large investment, and agreed in August 2009 to sell its automobile manufacturing business to Volkswagen AG,[15] while retaining the majority ownership in Volkswagen. Porsche SE officially became the controlling owner of Volkswagen AG when Volkswagen Law was amended to abolish the 20% owner veto rights in 2013, with 50.76% ownership.[11] Please see the Porsche article for details.
Born On This Day
1909 – Aenne Burda, German publisher (d. 2005)
Aenne Burda (28 July 1909 – 3 November 2005), born Anna Magdalene Lemminger, was a German publisher of the Burda Group, a media group based in Offenburg and Munich, Germany. She was one of the symbols of the German economic miracle.[1]
Biography
Aenne Burda was born in Offenburg, German Empire. She chose her name after the popular song Ännchen von Tharau. She was daughter of a train driver. She left convent high school at 17 and became a cashier at the Offenburg electricity company. In 1930 she met printer and publisher Franz Burda, son of Franz Burda, the founder of the Burda printing company. The couple married a year later, on 9 July 1931.[2] They had three sons, Franz (1932), Frieder (1936) and Hubert (1940). She was the mother-in-law of actress Maria Furtwängler.
Burda founded two charitable foundations, supporting young academics and seniors in her hometown of Offenburg respectively.[3]
Aenne Burda died in her native Offenburg, Germany, at the age of 96, from natural causes.
Magazine publishing
Aenne and her husband helped to expand the family business into women’s magazines. In 1949 Aenne Burda founded a fashion magazine printing and publishing company in her home town Offenburg. The same year she started publishing magazine Favorit, which was later renamed to Burda Moden. The first issue of Burda Moden magazine was published in 1950 with a circulation of 100,000. It became popular in the market after 1952, when it began to include sheets of paper with patterns for clothes. In 1987 Burda Moden became the first Western magazine published in Soviet Union. Burda Fashion is currently published in 90 countries in 16 different languages.[1][4][5]
In 1977 she launched Burda CARINA magazine, a fashion and lifestyle magazine targeting a younger female audience.
Quotes
“My aim is to put together practical fashions at an affordable price that can be worn by the largest possible number of women.”[6]
“I have learned to grow old with a young heart, thus retaining my enjoyment of life, my joie de vivre.”[7]
Awards
1974 Great Cross of Merit of the Federal Republic of Germany
1979 Offenburg’s Ring of Honour for her role in the city’s economic development
1984 Bavarian Order of Merit
1985 Baden-Württemberg Order of Merit
1989 Jakob Fugger Medal by the Bavarian Publishers Association (the first time this was awarded to a woman)
1989 Aenne Burda is made an honorary citizen of her hometown Offenburg
1990 Karl Valentin Order of Merit
1994 Golden Order of Merit from the province of Salzburg, Austria
2001 Awarded the German Federal Republic’s highest Order of Merit with Star for her exceptional achievements as a business woman
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wikimedia
- Wikimedia Commons picture of the day for November 22 November 22, 2024Picture of the day Sanderling (Calidris alba) looking for food on the beach of Westkapelle, Netherlands
- Wikimedia Commons picture of the day for November 21 November 21, 2024Picture of the day This technical illustration shows early hot air balloon designs. The first untethered manned hot air balloon flight was performed by Jean-François Pilâtre de Rozier and François Laurent d'Arlandes on this day in 1783.