President Yanukovych vetoes minority squeeze-out amendment

Ukrainian President Viktor Yanukovych vetoed amendments to the Law on Joint Stock Companies passed by parliament on December 22 that added a so-called squeeze-out rule that would allow the owner of at least 95% of shares in a company to force minority shareholders to sell their stakes, according to information posted on the president’s official website. The share buyouts were to be made at the market price based on stock exchange quotations for listed stocks. The amendments will be returned to parliament with the president’s comments for possible revision. The president has so far not elaborated on his rationale for the veto.