Finally, the measure could distort competition in the European business acquisition market by providing a selective economic advantage to Spanish companies engaged in the acquisition of a significant shareholding in foreign companies.

However, given the presence of legitimate expectations until the publication date of the initiating Decision, the Commission exceptionally waives recovery for any tax benefits deriving from the application of the aid scheme for aid linked to shareholdings held directly or indirectly by a Spanish acquiring company in a foreign company before the date of publication in the Official Journal of the European Union of the Commission Decision to initiate the formal investigation procedure under Article 88(2), except where, firstly, before 21 December 2007 an irrevocable obligation has been entered into by a Spanish acquiring company to hold suc ...[+++]h rights; secondly, the contract contained a suspensive condition linked to the fact that the operation at stake is subject to the mandatory approval of a regulatory authority and, thirdly, the operation had been notified before 21 December 2007.

The Spanish authorities’ comments stress that the constraints on cross-border business combinations place taxpayers that buy shareholdings in domestic companies in a different legal and factual situation from those that buy shareholdings in foreign companies.

43. Expresses its concern over the nationalistic and monopolistic trends in the management of Russian energy resources; is deeply concerned about the difficulties that foreign and private companies face when investing in future development on Russia's continental shelf; calls on Russia to adopt a more liberal approach and to create a level playing field, enabling foreign companies to compete with Russian firms, in accordance with the WTO rules;

44. Expresses its concern over the nationalistic and monopolistic trends in the management of Russian energy resources; is deeply concerned about the difficulties that foreign and private companies face when investing in future developments on Russia's continental shelf; calls on Russia to adopt a more liberal approach and to create a level playing field, enabling foreign companies to compete with Russian firms, in accordance with the WTO rules; calls on Russia to swiftly incorporate best international practice on transparency and public accountability into national legislation;

This directive guarantees that insurance undertakings are wound up or reorganised according to the principles of unity and universality.