46In the light of the above justifying factors taken together, it must be accepted that legislation of a Member State under which, in the context of a merger such as that at issue in the main proceedings, a parent company established in that Member State is denied the possibility of deducting from its taxable income the losses of the merged subsidiary established in another Member State, first, pursues legitimate objectives compatible with the Treaty and justified by overriding reasons in the public interest and, secondly, is appropriate to ensuring the attainment of those objectives (see, to that effect, inter alia, Marks & Spencer, paragraph 51).
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