Nov 20, 2014
CPI Europe Column edited by Anna Tzanaki (Competition Policy International) presents:
Not The Best Solution: The European Commission’s July 2014 Proposals to Reform the EU Merger Regulation to Review Minority Shareholding Cases by Alec Burnside & Anne MacGregor (Cadwalader, Wickersham & Taft LLP)
Intro by Anna Tzanaki (Competition Policy International)
This month the CPI Europe Column focuses its attention on the recent EUMR reform proposals touching upon the hot topic of minority shareholdings. In its White Paper published earlier in July 2014, the Commission proposed extending its merger control jurisdiction to non-controlling minority share acquisitions under a new “targeted transparency system.” Alec Burnside and Anne MacGregor (Cadwalader, Wickersham & Taft LLP) introduce us to the details of the proposed new system with a critical view of potentially problematic aspects. While in favour of the reform initiative as a whole, they suggest that better alternatives might still be on the table.
A little over a year ago in the CPI Europe Column, we wrote on the state of play of reform efforts to extend the European Union Merger Regulation (“EUMR”)1 to non-controlling minority shareholdings,2 and the background which had led to those efforts, as well as the treatment of minority shareholdings in the merger control laws of a number of other jurisdictions.
Now, almost four years since the then EU Competition Commissioner Joaquín Almunia first
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