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• W896166871 abstract "IntroductionTransactions between undertakings fall within the scope of European Union (EU) merger control if (1) the transaction has a so-called Community dimension, that is, certain turnover thresholds are met1 and (2) there is a change of control in the undertaking. If no control is transferred, the European Commission, in charge of investigating whether the proposed transactions will significantly impede competition, has no competence to review the transaction. The European Commission has found this situation to be unsatisfactory, as some transactions - while not constituting a change of control - nevertheless pose a risk to effective competition. Together with other changes, the Commission therefore proposed a change to Council Regulation (EC) No 139/2004, to include a provision that allows the Commission to investigate the acquisition of non-controlling minority shares. This article, first, provides background on the European Commission's reasoning. The arising competition concerns in relation to minority shareholdings, and, thereafter, the European Commission's proposed changes are also discussed. This is done by looking at jurisdictions in which the acquisition of non-controlling minority shareholdings is already subject to merger control. The authors conclude by giving their view on how the initiative should best proceed.BackgroundThe original Merger Regulation2 was last significantly amended in 2004. Since then, European merger control is based on Council Regulation (EC) No 139/2004 of 20 January 2004 on the Control of Concentrations between Undertakings (the 'EC Merger Regulation') .3 Under the EC Merger Regulation, Article 21(3), the European Commission has the exclusive competence to examine concentrations with a Community dimension. Concentration is defined in Article 3 of the EC Merger Regulation as a 'change of control on a lasting basis'. Control can be constituted 'by rights, contracts, or any other means which - either separately or in combination and having regard to the considerations of fact or law involved confer the possibility of exercising decisive influence on an undertaking'.4 Therefore, merger control in the EU, at the moment, applies only to transactions that entail a change of control. The European Commission, therefore, only has the possibility to consider minority shareholdings when it reviews the effects of a transaction falling within the scope of the EC Merger Regulation. If the minority shareholdings, on the other hand, have been acquired in a separate process, preceding the acquisition of control, it is outside the European Commission's jurisdiction to review the effects on competition. According to the Commission, this seems 'arbitrary and unsatisfactory'.5A (if not the most) prominent case in relation to the European Commission's lack of jurisdiction with regard to minority shareholdings is the acquisition of shares of the Irish airline Aer Lingus by fellow Irish rival airline Ryanair.6Shortly after Aer Lingus was privatised, Ryanair acquired a shareholding of 16.03 per cent in the capital of Aer Lingus on the market. Ryanair also announced its intention to launch a public bid for the entire share capital of the competitor. The proposed acquisition was notified to the European Commission, which voiced serious doubts as to the compatibility of the transaction with the Common Market. While the European Commission issued a decision of objections, it did not have the power to order Ryanair to divest its minority shareholding. This was confirmed by the Court of First Instance:'It is apparent... that the acquisition of a shareholding which does not, as such, confer control as defined in Article 3 of the merger regulation does not constitute a concentration which is deemed to have arisen for the purposes of that regulation. On that point, European Union law differs from the law of some of the Member States, in which the national authorities are authorized under provisions of national law on the control of concentrations to take action in connection with minority shareholdings in the broader sense. …" @default.
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• W896166871 date "2014-05-01" @default.
• W896166871 modified "2023-09-23" @default.
• W896166871 title "Non-Controlling Minority Skareholdings in EU Merger Control" @default.
• W896166871 hasPublicationYear "2014" @default.
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