The Austrian Supreme Court rules that the sale of shares to the remaining jointly controlling shareholders constitutes a concentration (RAG / Shell)

1. Facts and decision at first instance This case involves a change in the shareholder structure of RAG, Austria's second largest oil and gas company. Before the concentration, the shares in RAG were held by two holding companies. One holding company, which held 75% in RAG's shares, was jointly controlled by Austrian utility EVN and E.ON Ruhrgas, while the other 25% shareholder was a 100% subsidiary of Shell. Since decisions in RAG's shareholders' meeting were subject to an 80% majority requirement, RAG was effectively jointly controlled by EVN, E.ON Ruhrgas and Shell. The transaction involved the sale of Shell's share in the second holding company to a vehicle held by the owners of the first holding company (i.e. EVN, E.ON Ruhrgas and two minority shareholders). Furthermore, it

Access to this article is restricted to subscribers

Already Subscribed? Sign-in

Access to this article is restricted to subscribers.

Read one article for free

Sign-up to read this article for free and discover our services.

 

PDF Version

Authors

  • Reidlinger Schatzmann Rechtsanwälte (Vienna)
  • Bpv Hügel (Vienna)

Quotation

Axel Reidlinger, Heinrich Kühnert, The Austrian Supreme Court rules that the sale of shares to the remaining jointly controlling shareholders constitutes a concentration (RAG / Shell), 17 December 2008, e-Competitions Bulletin Energy & Mergers, Art. N° 26221

Visites 3226

All issues

  • Latest News issue 
  • All News issues
  • Latest Special issue 
  • All Special issues