The debate in Europe on the competition law aspects of minority shareholdings is not new but has become increasingly important since July 2011 when the Commission announced the tender for a study on the importance of minority shareholdings in the European Union. The aim of this article is to consider whether there is a gap under European competition law regarding the treatment of minority shareholding. The article concludes that only a limited number of transactions would raise competition concerns which could not be satisfactorily addressed under Articles 101 and 102. However, even these transactions are less likely to give rise to the incentive or ability for unilateral or coordinated effects. Accordingly, increasing jurisdiction in this area should be avoided especially with regards to increased resource implications for competition authorities and regulatory burdens on companies.
World Competition