Wall Street Journal | April 13, 2011 | Taos Turner
BUENOS AIRES –Argentina’s government increased its sway over dozens of companies through a presidential decree on Wednesday, a move that will grant the administration a larger influence in some of the key sectors of the economy ahead of presidential elections in the fall.
The decree lifts limits on the government to unilaterally name board members and expands its influence over other corporate decisions. Until Wednesday, the government’s voting rights were capped at a 5% equity stake even if its actual ownership in a firm exceeded that level.
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