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)

Order of Minister of Economy, Finance and Employment of 28 January 2008 on the absence of notification of a concentration consisting of a control Faits En octobre et novembre 2006, une société avait acheté des titres d'une société dont elle était auparavant actionnaire minoritaire. Sa participation dans le capital de cette société était passée alors de 38,63% à 49,02%. En janvier 2007, cette société avait réalisé une deuxième opération d'acquisition de titres, ce qui lui avait conféré le contrôle exclusif de la société. Sa participation représentait désormais 52,81% du capital. Cette opération de concentration fut notifiée au ministre de l'Economie, lequel saisit le Conseil de la concurrence pour avis. Avant

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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 Review N° 2-2008, Art. N° 27556, www.concurrences.com

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