He and his family wanted a stake of at least one third in the new group to ensure veto power on key decisions.

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If lawmakers do have enough support to override a presidential veto, Martinez Cuenca says his group will still seek retribution.

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Guy Verhofstadt, a former Belgian prime minister and now leader of the liberal group in the European Parliament, is threatening to veto the 2011 budget altogether unless governments accept several conditions, including more financial independence for the EU in the next budget cycle.

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So far, however, under the Amsterdam treaty of 1997, each member can veto any move by a self-selected group seeking to undertake special projects.

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Though the combination still needs to squeeze past regulators in order to become official, Thomson appears to have, crucially, won the approval of Reuters Group's trustees, who have the power the veto any takeover of the 156-year-old company.

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Before that, the Securities Industry and Financial Markets Association, a trade group, made a request to California Gov. Jerry Brown to veto the bill.

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