(In recent years aggregation clauses, which apply CACs across all bond series, have gained popularity; they prevent hold-outs from buying blocking stakes in the smallest issues).Even so, the ruling now stands as a test of what happens when a hold-out with a foreign-law claim is dead set on waiting for a better deal, and a government is equally determined not to offer one.
As a result, hold-outs can still freeze a restructuring by buying a blocking stake in one small, vulnerable bond type.Both the IMF and creditor groups are seeking to develop language to protect the restructuring process from litigious bondholders.
Given the impasse over the Germans' insistence on a 40% (and therefore blocking) stake in any new company, DASA may not wish to become a bit player in the huge new British group.
One of VimpelCom's shareholders, the Alfa group, bought a blocking stake in MegaFon last summer.
BHP Billiton, which is bidding $133 billion for Rio Tinto Group, will seek talks with Aluminum Corporation of China after the latter bought a potential blocking stake in Rio Tinto last month.
Furthermore, the Chinese state has swooped in and taken a 10percentt blocking stake in Rio Tinto since BHP made its hostile offer.
Branson had already been irked when Sky bought a 17.9% blocking stake in British commercial broadcaster ITV, effectively dashing any hopes he'd harbored for buying the company.
Boparan already owns a 25% blocking stake in Northern, and has received acceptances for his bid from around 20% of Northern's shareholders – quite a coup, as the offer deadline doesn't fall until mid-April.
There was further surprise when one of Putin's senior aides later told reporters that Russia might eventually take a blocking stake in EADS.
But some believe the collapse of the deal - which would have seen DNV take a potentially blocking stake of around 10% in Intertek - could put the company in the sights of a predator such as Switzerland's SGS.
