The Netherlands Competition Authority clears a temporary minority shareholding in a competing undertaking, acquired by a publisher for the purpose of financing the sale of its subsidiary (Sdu/Ten Hagen & Stam)

In Sdu - Ten Hagen & Stam, publishing house Wolters Kluwer Nederland B.V. (WK) acquired a minority shareholding of less than 25% in its competitor Sdu Uitgevers B.V. (SDuU), to provide financing for the sale of its subsidiary Ten Hagen & Stam to SduU’s parent company Sdu N.V (SDu) [1]. In addition, WK was also entitled to appoint a non-executive director to SduU’s supervisory board and had obtained veto rights with regard to the annual accounts, SDuU’s ability to raise capital via a share issuance and its rights to merge and demerge [2]. Upon examination of the concentration, the NMa (the former national competition authority of the Netherlands) found three

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Remi Van de Calseijde, The Netherlands Competition Authority clears a temporary minority shareholding in a competing undertaking, acquired by a publisher for the purpose of financing the sale of its subsidiary (Sdu/Ten Hagen & Stam), 9 September 2004, e-Competitions Bulletin September 2004, Art. N° 56337

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