> Whilst 100% of the ‘economic rights’ to Iberia’s revenue and profitability are owned by IAG, it turns out that 50.01% of Iberia’s ‘political rights’ are owned by the El Corte Ingles department store chain.
Does the EU have a legal concept akin to beneficial ownership [1] or control? Iberia seems to claim it is economically owned by IAG but that El Corte Ingles has a majority of its voting rights.
At face, that would seem to solve the EU’s issue with a no -EU owner. Whether ECI can veto anything IAG wants to do is the real question.