Unfortunately the intricacies of EU ownership have never really been a barrier for large corporations. It is fairly easy and quick to compound a few interested/tied foreign investors into such a scheme.
Look at Alitalia, that was effectively a Government buyout run by Berlusconi with a few of his mates whilst hiding the debts of Alitalia and passing it on to the Italian tax payer. Hardly legal under EU law but went ahead never the less.