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Newsletter June 2010

June 2010 - EU & Competition. Legal Developments by Franco Caiado Guerreiro & Associados.

More articles by this firm.

NEW RULES ALLOW PORTUGUESE COMPANIES TO BECOME MORE COMPETITIVE - . - SAME-GENDER MARRIAGE  - . - AMENDMENT TO THE SYSTEM OF MEDICINE PARTIALLY SUPPORTED BY THE STATE - . - EDP RENOV√ĀVEIS IS SET ON SOLAR ENERGY IN THE US - . - ABBOTT WITH HIGH INVESTMENTS IN INDIA - . - ANGOLA RECEIVES CLASSIFICATION BY INTERNATIONAL RATING AGENCIES - . - FCGUERREIRO LAUNCHES NEW WEBSITE

NEW RULES ALLOW PORTUGUESE COMPANIES TO BECOME MORE COMPETITIVE

Decree-Law number 49/2010 of the 19th May, has transposed into national law the Directive 2007/36/CE, of the 11th of July, as well as partially transposed the Directive 2006/123/CE, of the 12th of December. The referred diploma which main objective is to reduce the competitive disadvantages that Portuguese companies might present when compared to companies located in other countries, arrived so as to eliminate the obstacles to the exercising of the right to vote by the shareholders of quoted companies. In consequence, the rules regarding prior information to the general assembly, voting by proxy and participation in general assemblies through electronic means were harmonized. Furthermore, with such decree-law it was also created the possibility for limited liability companies to issue shares with no nominal value, which shall promote an increase of the funding of companies, contribute to the simplification of the corporate acts and strengthen transparency. 

SAME-GENDER MARRIAGE

On the 31st of May 2010, following the President's promulgation, law number 9/2010 was published, opening civil marriage to same gender couples. As a result of this new diploma some of the Portuguese Civil Code's articles were amended, being the marriage institute presently regarded as the "Contract entered into by two persons who intend to raise a family through a life of full cohabitation". An important step towards equality of rights has been taken with such law, nevertheless the legislator has enhanced the fact that the amendments which were introduced do not imply the legal admissibility of adoption by people who are married to a same gender spouse. 

AMENDMENT TO THE SYSTEM OF MEDICINE PARTIALLY SUPPORTED BY THE STATE

It has recently been promulgated Decree-Law number 48-A/2010 of the 13th of May, which reviews the present system of medicine partially supported by the State, with particular focus on the special regimes. The diploma has set as main objectives the improvement of the access to medication, the implementation of a more rational and efficient system of partial support by the State, as well as the promotion of the generalization of the use of generic medicine. As such, the intention is to establish the State's support in 100% for people covered by the special regime, as well as to shorten the decision deadline in what regards the request for support on the price of generic medicine by the State. Through the above mentioned the Government seeks the systematization of the legislation that regulates this regime and which until the present time was dispersed throughout several diplomas, as well as to obtain a better equity and higher value for all citizens. 

EDP RENOV√ĀVEIS IS SET ON SOLAR ENERGY IN THE US

After carrying out large investments on wind power in the US, with the implementation between 2007 and 2009 of an annual average of 1,4 GW of wind farms, EDP Renov√°veis is now set on the developing of the solar sector. As a result of the same, five new projects have been selected and shall be implemented both in Arizona and California, being estimated a total power of 565 megawatts (MW). Although the exact values of the investment have not yet been disclosed, the present estimate is of two thousand million euros. From 2012 onwards EDP Renov√°veis is expected to reach an annual average of 30% of growth, however, in 2011 dividends shall already be distributed in an estimated amount of 20%. 

ABBOTT WITH HIGH INVESTMENTS IN INDIA

Abbott Laboratories, the American pharmaceutical, has recently reaffirmed its bet in the emerging markets by carrying out the second largest acquisition of the Indian pharmaceutical industry. It regards the purchase of the generic division of the Indian Piramal Healthcare, which is responsible for the sale of medicine in India, Sri Lanka and Nepal. From the approximate investment of 2,97 thousand million euros, 1,69 thousand million shall be paid immediately while the remaining amount shall be paid afterwards in four tranches of 320 million each within a four year period of time. Said business which conclusion is expected to take place within the second semester of the year, will allow Abbott's subsidiary to hold a 7% Indian market share. 

ANGOLA RECEIVES CLASSIFICATION BY INTERNATIONAL RATING AGENCIES

Moody¬īs, Standard & Poors¬īs and Fitch, three of the main rating agencies worldwide have granted a rating to Angola's debt which shall facilitate the sale of securities by the latter in the international market. The rating granted to the Angolan Republic by the mentioned agencies was given not only in accordance with the country's market growth perspectives due to a clear bet on infra-structures and oil production increase, but also in result of macroeconomic stability and low values of its internal and external debt. Although the rating is already quite positive, it is expected to increase within the next 12 to 24 months.  

FCGUERREIRO LAUNCHES NEW WEBSITE

Franco Caiado Guerreiro & Associados has inaugurated on the 27th of May its new website which reflects the multijurisdictional and international character of the firm, as well as the rigorous, creative and pragmatic business approach for which it is known. This new version may be accessed through the electronic address [ http://www.fcguerreiro.com/ ]http://www.fcguerreiro.com/ and besides being available in Portuguese, it may also be visited in English, French, German and Spanish. Thus, further to a renewed image, the website also counts with novelties in what regards its content and main features, allowing the user to have a quite interactive experience.

 


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