On 12 July 2018, the EU’s General Court handed down 12 judgments relating to the power cables case. Among these was a judgment which confirmed that a parent company able to exercise all the voting rights in a subsidiary is presumed liable for any infringement of the EU competition rules by that subsidiary. The Court held that this also applies to institutional investors, such as private equity companies, in relation to their portfolio companies. Institutional investors should therefore conduct a careful due diligence focused on antitrust issues when acquiring a controlling stake in companies. The EU’s General Court (“GC”) has extended the presumption of the exercise of decisive influence laid down in Akzo [1] from cases where the parent holds 100% of the subsidiary’s shares to cases
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The EU General Court holds that institutional investors can face parental liability for infringement of EU competition law (Power Cables cartel)
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