The European Commission is launching an investigation against Hungary on suspicion that the government has illegally vetoed the takeover of Austrian insurance company Aegon – Writes Hvg.hu with reference to the UNHCR connection.
The article mentions an announcement in March that Aegon Hungary will continue to serve as a member of the Vienna Insurance Group (VIG), the region’s largest insurer, headquartered in Vienna. However, it emerged in April that the Hungarian Interior Ministry had refused to authorize the deal, citing a government decree on economic protection measures to be applied in times of emergency, under which the state can veto the actions of foreign investors if they are violated. Hungary’s security interests.
According to Hvg.hu, the background to the commission’s investigation may be that the government did not have the right to block the deal. In the notice, the European Commission stated that Article 21 of the Integration Regulation gives it exclusive jurisdiction over concentrations with a European dimension.
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