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Proposed Slovak bill on strategic companies is modified

Parliament agreed, on the fourth attempt on Wednesday evening, November 4, to consider the bill on strategic companies in a fast-track legislative procedure, the TASR newswire reported.

Parliament agreed, on the fourth attempt on Wednesday evening, November 4, to consider the bill on strategic companies in a fast-track legislative procedure, the TASR newswire reported.

Economy Minister Ľubomír Jahnátek announced that ten modifications are to be inserted into the original draft presented last week. “We have defined more clearly that it is an anti-crisis measure, which means that it will be in effect only until October 2010. Secondly, it concerns only enterprises in bankruptcy,” the minister told TASR.

The bill will also contain a provision on an option to buy a problematic strategic company for a market price. The kind of enterprises that will be described as strategic companies will also change. The draft proposal states that if a strategic company gets into trouble and finds itself under the threat of an early bankruptcy that could have serious consequences for various other sectors the government can intervene and apply the principle of the right of first refusal.

This measure would be aimed at stabilising the company which would be subject to public offer at a later date to the business sector. Jahnatek said last week that a strategic company is understood to be a company whose production has an influence on other industrial production in the country or one that does business in the sphere of energy, network industries, waterworks engineering or sewage disposal. TASR

Compiled by Zuzana Vilikovská from press reports
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