On July 9, 2014, the European Commission published its proposal (White Paper) outlining the approach it intends to adopt with respect to the application of the EU Merger Regulation (EUMR) to the acquisition of minority shareholdings. The White Paper also sets out proposals to streamline the member state referral system under the EUMR, as well as miscellaneous amendments. These proposals are based on the results of the public consultation launched by the Commission in June 2013.1 The full text of the White Paper and its accompanying Staff Working Document (which explains the proposal in more detail) can be found here. The consultation remains open until October 3, 2014. Review of Non-controlling Minority Shareholdings The White Paper proposes a “targeted transparency system.” The
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The EU Commission issues merger reform White Paper regarding minority shareholdings and member state referrals
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