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 the subject, it is hoped that competition authorities will only decide on next steps after careful consideration. To that end, Editorial Board Member Paul Lugard has sponsored a collection of articles—diverse in approach, context, and geography—that we believe will contribute significantly to that dialogue.
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Minority Shareholders Under Antitrust Laws
Minority Shareholdings Under Antitrust Law: A Regulatory Gap?
It is hard to underestimate the importance of minority shareholdings in today’s economy. Paul Lugard (TILEC)
Minority Shareholdings, Material Effects?
The justification for closing any enforcement gap should be informed by a practical judgment that the potential concerns identified are sufficiently material to warrant intervention. Bojana Ignjatovic & Derek Ridyard (RBB Economics)
Antitrust Concerns from Partial Ownership Interest Acquisitions: New Developments in the European Union and the United States
An important distinction exists in the treatment of partial ownership acquisitions between the European Union and the United States. Samuel R. Miller, Marc E. Raven, & David Went (Sidley Austin)
Partial Acquisitions: Recent MOFCOM Action Suggests Possible Divergence With U.S. Standards
MOFCOM may be adopting something akin to an ephemeral possibility standard, and could be much less tolerant of partial acquisitions than their counterparts in the United States. Paul Cuomo, Changrong Xu, & Charles M. Malaise (Baker Botts)
Minority Shareholdings And Interlocking Directorships: The European Union Approach
The limited frequency and the potentially limited impact of the possible anticompetitive effects of these transactions in the real world warrants a cautious approach. Francisco Enrique Gonzalez-Diaz (Cleary Gottlieb)
Competition and Governance: Minority Shareholdings in Small Countries
Under certain circumstances, competition law may apply to the decision by a company to procure from a related party. Sean Ennis (Competition Commission of Mauritius)
Reform of the EU Merger Regulation: Looking Out for the Minority
Minority shareholdings are a common occurrence and, while the vast majority are wholly unproblematic, Ryanair illustrates how different jurisdictional tests can lead to unsatisfactory outcomes. Christian Riis-Madsen, Sophia Stephanou, & Killian Kehoe (O’Melveny & Myers)
