Government ends ‘golden share’ arrangement in Magyar Telekom

The government of Hungary has approved the Act on Ceasing, which removes the institution of so-called ‘golden shares’ in companies. Following the passing of the new bill, incumbent PTO Magyar Telekom will be required to remove the state’s preferential golden share and convert it into ordinary shares. Magyar Telekom is required to amend and complete its Articles of Association within 90 days of the Act on Ceasing coming into effect.