This follows a previous ruling:
The matter was litigated all the way to Germany’s highest civil court, the Federal Court of Justice (Bundesgerichtshof; "BGH"), which dismissed the suit in 2010, finding that while the doctrine of exhaustion limited the rights holders’ powers with regards to an individual DVD, it did not require them to design their business in a way that facilitated the sale of used games and therefore did not make the Steam terms of service unenforceable.
-- Osborne Clarke
This second suit was prompted by a court case which found that the first sale doctrine ("doctrine of exhaustion") did apply to digital goods. However, it's not surprising this case was dismissed because it is not a question of what rights the consumer has over software they have purchased, it is a matter of what duties the software provider must guarantee to continue providing.
IMHO it is perfectly reasonable that if it is a matter of online support (cost of server maintenance, etc.) that the one-time fee charged to one person does not in turn mean that person can give their support contract to someone else. The one time fee is presumably calculated based on typical use for a single account holder.
But the single-player package should remain fully transferrable.
And as for companies making games require internet connnections they really don't need to abuse the ambiguity here, let's just say I'm not going to cry when they complain about piracy.