On 7 September 2017, the European Court of Justice issued its preliminary ruling in Case C-248/16 Austria Asphalt. The judgment clarifies that a change from sole to joint control over an existing undertaking is a notifiable concentration under the Merger Regulation only if the resulting joint venture will be a “full function” joint venture post-transaction. The judgment in essence follows Advocate General Kokott’s Opinion of 27 April 2017. The question asked by the referring court in Austria Asphalt was whether a change from sole control to joint control over an existing undertaking, in circumstances where one of the future jointly controlling shareholders has sole control over the target undertaking pre-transaction, constitutes a notifiable concentration only where the target
The EU Court of Justice renders a judgement regarding the rules governing the notification of mergers resulting in the creation of joint ventures (Austria Asphalt)
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