The German and Austrian press devote much coverage to Volkswagen’s takeover of Porsche, also reported in depth in the FT this morning. According to Germany’s Die Welt, the takeover has sparked renewed debate over the so-called VW law, which protects the car company against hostile takeovers. Centre-right MEP Klaus-Heiner Lehne is quoted as saying the European Commission should challenge the law – but it’s unlikely to do so, the paper argues, because Commission President José Manuel Barroso wouldn’t want to incur the wrath of German Chancellor Angela Merkel.
Elsewhere in the Germanophone press, Frankfurter Allgemeine Zeitung reports on Iceland’s application to join the EU, saying it may take longer than expected to reach its more-than-likely successful conclusion. Die Presse writes that negotiations over access to the country’s fisheries, a key sector of its troubled economy, may present an obstacle. Read more