Minority shareholdings are a widespread phenomenon in the economy and there are a variety of reasons why firms buy shares in other companies (e.g., diversification, joint R&D or access to new technologies). Most merger control regimes distinguish between controlling and non-controlling minority shareholdings and will only review transactions when an acquisition leads to a controlling influence over another firm. However, the approach to the concept of control differs by jurisdiction and some countries apply merger review rules to a wider range of transactions, including influence that is not equivalent to control. A small number of countries may even require merger filings in case of share acquisitions of 5-10% and may request detailed information on passive minority investments
Minority shareholdings: An overview of EU and national case law
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