The antitrust treatment of minority shareholdings is attracting new attention; Ryanair/Aer Lingus in Europe and Alpha V-Savio in China are but two examples. And recently Commissioner Joaquín Almunia announced that the Commission will “see whether it is significant enough for us to try and close this gap in EU merger control.” Given the complexities of […]

Minority Shareholdings And Interlocking Directorships: The European Union Approach

Francisco Enrique Gonzalez-Diaz, Jan 10, 2012 The debate about the antitrust treatment of minority shareholdings and interlocking directorships is certainly not new. The European Commission did, however, re-open the discussion earlier this century in its 2001 Green Paper, when considering the reform of the Merger Regulation that led to the adoption of the new European […]

Minority Shareholdings Under Antitrust Law: A Regulatory Gap?

Paul Lugard, Jan 10, 2012 It is hard to underestimate the importance of minority shareholdings in today’s economy. This applies to investments of private, non-financial institutions and institutional investors alike. Minority shareholdings, even between competing companies, are a widespread phenomenon in sectors as diverse as banking, insurance, energy, air travel, high-tech electronics, and automotive. The […]

Minority Shareholdings, Material Effects?

Bojana Ignjatovic, Derek Ridyard, Jan 10, 2012 In a speech delivered in March 2011, Commissioner Almunia indicated a concern that EU merger control, in contrast to some national merger control regimes, is unable to investigate minority equity stakes as mergers.He has instructed Commission staff to consider this “gap” in enforcement and whether it needs to […]

Antitrust Concerns from Partial Ownership Interest Acquisitions: New Developments in the European Union and the United States

Samuel Miller, Marc Raven, David Went, Jan 10, 2012 This article will focus on recent developments in the European Union and the United States relating to antitrust issues arising from the acquisition of partial ownership interests in an entity. An important distinction exists in the treatment of partial ownership acquisitions between the European Union and […]

Partial Acquisitions: Recent MOFCOM Action Suggests Possible Divergence With U.S. Standards

Paul Cuomo, Charles Malaise, Changrong Xu, Jan 10, 2012 Long ago, the U.S. Supreme Court confirmed that partial acquisitions are subject to the Clayton Act’s prohibition against transactions that may substantially lessen competition. Since that time, the Department of Justice and Federal Trade Commission have challenged many partial acquisitions (as have private plaintiffs-typically firms attempting […]

Competition and Governance: Minority Shareholdings in Small Countries

Sean Ennis, Jan 10, 2012 Competition and good governance are closely related. When competition law and corporate governance intersect, it is important to be sure that the overlap gives rise to consistent policies. This paper identifies two major areas of intersection concerning minority shareholdings. The paper finds that competition law yields outcomes consistent with corporate […]

Reform of the EU Merger Regulation: Looking Out for the Minority

Killian Kehoe, Christian Riis-Madsen, Sophia Stephanou, Jan 10, 2012 The last few months have witnessed new episodes in the long-running litigation concerning whether or not the minority non-controlling stake held by Ryanair in Aer Lingus can, or should, be examined under merger control provisions. This ongoing saga has re-triggered an EU-wide debate on the nature […]