14Such a difference in treatment on the basis of the place of investment of the capital has the effect of discouraging a shareholder from investing his capital in a company established in another State and also has a restrictive effect on companies established in other States in that it constitutes an obstacle to their raising capital in Germany (see, to that effect, Case 0446/04 Test Claimants in the FII Group Litigation [2006] ECR I-11753, paragraph 166).
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