CASE COMMENTS: CONCENTRATION - EXCLUSIVE CONTROL OF A COMPANY - MINORITY SHAREHOLDER

Exclusive control of a company: The French Minister of Economy rules that a company’s minority shareholder holds exclusive control of that company if, given the other shareholders’ positions, the voting structure and the opposition rate required to countervail its position in decisions to be made at general meetings, it is virtually certain to obtain a majority at such meetings (Novatrans / SNCF Participations)

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. Order of Minister of Economy, Finance and Employment of 28 January 2008 on the absence of notification of a concentration consisting of a control Facts In October and November 2006, a company purchased securities of a company in which it was previously a minority shareholder. At that time, its interest in the capital of that company had increased from 38.63% to 49.02%. In January 2007, this company completed a second share acquisition transaction, which gave it sole control of the company. Its stake now represented

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Karine Biancone, Exclusive control of a company: The French Minister of Economy rules that a company’s minority shareholder holds exclusive control of that company if, given the other shareholders’ positions, the voting structure and the opposition rate required to countervail its position in decisions to be made at general meetings, it is virtually certain to obtain a majority at such meetings (Novatrans / SNCF Participations), 28 January 2008, Concurrences N° 2-2008, Art. N° 27556, www.concurrences.com

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