The only EU countries which have felt the necessity to be so protectionist regarding 'golden shares' are France and Germany.
... except the Golden Share concept does not exist in Germany, and never has.
The only exception is VW - and that required a special law back in 1960, resulting from the British High Commission transferring ownership of the company directly to a German state.
There has been discussion of Golden Share concepts in Germany, especially after 25% of HDW was bought by an American private equity fund, but technically it's not possible as the EU outlaws Golden Share rules for pretty much everything except energy supply and similar fields. With the present laws, Germany does not have any possibility to prevent foreign buyouts.
Golden Share verdicts by EU courts have been struck - aside from the above for the VW law against the German state Niedersachsen, which is in court again atm - against:
- the UK (Rs. C-98/01)
- France (Rs. C-483/99)
- Portugal (Rs. C-367/98)
- Italy (Rs. C-174/04, C-463/04, C-464/04)
- Spain (Rs. C-463/00)
- Netherlands (Rs. C-282/04, C-283/04)
Hungary changed its Golden Share laws after EU pressure. Belgium's Golden Share law is the only one ruled legit so far. The British case was for BAA.