Vivendi/Telecom Italia - jurisdictional and substantive assessment of minority shareholdings* In a nutshell: The Vivendi/Telecom Italia case raised interesting issues related to minority shareholdings. In relation to jurisdiction, the transaction consisted of the acquisition of (de facto) control by a minority shareholder over a listed company with a widely dispersed share capital. On substance, the Commission concluded that a pre-merger minority shareholding held by the buyer in a competitor of the target company could give rise to competition concerns. Introduction On 30 May 2017, the Commission conditionally cleared the acquisition of de facto sole control over Telecom Italia S.p.A. ("Telecom Italia") by Vivendi SA ("Vivendi") subject to remedies. Telecom Italia is the Italian
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The EU Commission conditionally approves the acquisition of a de facto sole control over a national incumbent telecommunications company, subject to remedies (Telecom Italia / Vivendi)
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