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class="vector-toc-numb">2</span> <span>Tiered subsidiaries</span> </div> </a> <ul id="toc-Tiered_subsidiaries-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Control" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Control"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Control</span> </div> </a> <button aria-controls="toc-Control-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Control subsection</span> </button> <ul id="toc-Control-sublist" class="vector-toc-list"> <li id="toc-General" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#General"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>General</span> </div> </a> <ul id="toc-General-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-European_Union" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#European_Union"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>European Union</span> </div> </a> <ul id="toc-European_Union-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Oceania" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Oceania"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Oceania</span> </div> </a> <ul id="toc-Oceania-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header 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</div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Subsidiary</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 55 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-55" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">55 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B4%D8%B1%D9%83%D8%A9_%D8%AA%D8%A7%D8%A8%D8%B9%D8%A9" title="شركة تابعة – Arabic" lang="ar" hreflang="ar" data-title="شركة تابعة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Filial" title="Filial – Asturian" lang="ast" hreflang="ast" data-title="Filial" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/T%C3%B6r%C9%99m%C9%99_m%C3%BC%C9%99ssis%C9%99" title="Törəmə müəssisə – Azerbaijani" lang="az" hreflang="az" data-title="Törəmə müəssisə" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bh mw-list-item"><a href="https://bh.wikipedia.org/wiki/%E0%A4%B8%E0%A4%AC%E0%A5%8D%E0%A4%B8%E0%A4%BF%E0%A4%A1%E0%A4%B0%E0%A5%80" title="सब्सिडरी – Bhojpuri" lang="bh" hreflang="bh" data-title="सब्सिडरी" data-language-autonym="भोजपुरी" data-language-local-name="Bhojpuri" class="interlanguage-link-target"><span>भोजपुरी</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%94%D1%8A%D1%89%D0%B5%D1%80%D0%BD%D0%B0_%D0%BA%D0%BE%D0%BC%D0%BF%D0%B0%D0%BD%D0%B8%D1%8F" title="Дъщерна компания – Bulgarian" lang="bg" hreflang="bg" data-title="Дъщерна компания" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Podru%C5%BEnica" title="Podružnica – Bosnian" lang="bs" hreflang="bs" data-title="Podružnica" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Filial" title="Filial – Catalan" lang="ca" hreflang="ca" data-title="Filial" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Dce%C5%99in%C3%A1_spole%C4%8Dnost" title="Dceřiná společnost – Czech" lang="cs" hreflang="cs" data-title="Dceřiná společnost" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Datterselskab" title="Datterselskab – Danish" lang="da" hreflang="da" data-title="Datterselskab" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Tochtergesellschaft" title="Tochtergesellschaft – German" lang="de" hreflang="de" data-title="Tochtergesellschaft" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/T%C3%BCtarettev%C3%B5te" title="Tütarettevõte – Estonian" lang="et" hreflang="et" data-title="Tütarettevõte" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%98%CF%85%CE%B3%CE%B1%CF%84%CF%81%CE%B9%CE%BA%CE%AE_%CE%B5%CF%84%CE%B1%CE%B9%CF%81%CE%B5%CE%AF%CE%B1" title="Θυγατρική εταιρεία – Greek" lang="el" hreflang="el" data-title="Θυγατρική εταιρεία" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Filial" title="Filial – Spanish" lang="es" hreflang="es" data-title="Filial" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Filio" title="Filio – Esperanto" lang="eo" hreflang="eo" data-title="Filio" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Eskumendeko_enpresa" title="Eskumendeko enpresa – Basque" lang="eu" hreflang="eu" data-title="Eskumendeko enpresa" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B4%D8%B1%DA%A9%D8%AA_%D8%AA%D8%A7%D8%A8%D8%B9%D9%87" title="شرکت تابعه – Persian" lang="fa" hreflang="fa" data-title="شرکت تابعه" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fo mw-list-item"><a href="https://fo.wikipedia.org/wiki/D%C3%B3tturfelag" title="Dótturfelag – Faroese" lang="fo" hreflang="fo" data-title="Dótturfelag" data-language-autonym="Føroyskt" data-language-local-name="Faroese" class="interlanguage-link-target"><span>Føroyskt</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Filiale" title="Filiale – French" lang="fr" hreflang="fr" data-title="Filiale" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-fy mw-list-item"><a href="https://fy.wikipedia.org/wiki/Dochter%C3%BBndernimming" title="Dochterûndernimming – Western Frisian" lang="fy" hreflang="fy" data-title="Dochterûndernimming" data-language-autonym="Frysk" data-language-local-name="Western Frisian" class="interlanguage-link-target"><span>Frysk</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9E%90%ED%9A%8C%EC%82%AC" title="자회사 – Korean" lang="ko" hreflang="ko" data-title="자회사" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B4%D5%B8%D6%82%D5%BD%D5%BF%D6%80_%D5%A8%D5%B6%D5%AF%D5%A5%D6%80%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Դուստր ընկերություն – Armenian" lang="hy" hreflang="hy" data-title="Դուստր ընկերություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B8%E0%A4%B9%E0%A4%BE%E0%A4%AF%E0%A4%95_%E0%A4%95%E0%A4%82%E0%A4%AA%E0%A4%A8%E0%A5%80" title="सहायक कंपनी – Hindi" lang="hi" hreflang="hi" data-title="सहायक कंपनी" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Filialo" title="Filialo – Ido" lang="io" hreflang="io" data-title="Filialo" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target"><span>Ido</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Anak_perusahaan" title="Anak perusahaan – Indonesian" lang="id" hreflang="id" data-title="Anak perusahaan" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Societ%C3%A0_controllata" title="Società controllata – Italian" lang="it" hreflang="it" data-title="Società controllata" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%97%D7%91%D7%A8%D7%94_%D7%91%D7%AA" title="חברה בת – Hebrew" lang="he" hreflang="he" data-title="חברה בת" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%85%E0%B2%82%E0%B2%97%E0%B2%B8%E0%B2%82%E0%B2%B8%E0%B3%8D%E0%B2%A5%E0%B3%86" title="ಅಂಗಸಂಸ್ಥೆ – Kannada" lang="kn" hreflang="kn" data-title="ಅಂಗಸಂಸ್ಥೆ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%A8%E1%83%95%E1%83%98%E1%83%9A%E1%83%9D%E1%83%91%E1%83%98%E1%83%9A%E1%83%98_%E1%83%99%E1%83%9D%E1%83%9B%E1%83%9E%E1%83%90%E1%83%9C%E1%83%98%E1%83%90" title="შვილობილი კომპანია – Georgian" lang="ka" hreflang="ka" data-title="შვილობილი კომპანია" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%95%D0%BD%D1%88%D1%96%D0%BB%D0%B5%D1%81_%D2%9B%D0%BE%D2%93%D0%B0%D0%BC" title="Еншілес қоғам – Kazakh" lang="kk" hreflang="kk" data-title="Еншілес қоғам" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Dukterin%C4%97_%C4%AFmon%C4%97" title="Dukterinė įmonė – Lithuanian" lang="lt" hreflang="lt" data-title="Dukterinė įmonė" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Le%C3%A1nyv%C3%A1llalat" title="Leányvállalat – Hungarian" lang="hu" hreflang="hu" data-title="Leányvállalat" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://arz.wikipedia.org/wiki/%D8%B4%D8%B1%D9%83%D9%87_%D8%AA%D8%A7%D8%A8%D8%B9%D9%87" title="شركه تابعه – Egyptian Arabic" lang="arz" hreflang="arz" data-title="شركه تابعه" data-language-autonym="مصرى" data-language-local-name="Egyptian Arabic" class="interlanguage-link-target"><span>مصرى</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Anak_syarikat" title="Anak syarikat – Malay" lang="ms" hreflang="ms" data-title="Anak syarikat" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Dochteronderneming" title="Dochteronderneming – Dutch" lang="nl" hreflang="nl" data-title="Dochteronderneming" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%AD%90%E4%BC%9A%E7%A4%BE" title="子会社 – Japanese" lang="ja" hreflang="ja" data-title="子会社" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Datterselskap" title="Datterselskap – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Datterselskap" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Sho%CA%BBba_(korxona)" title="Shoʻba (korxona) – Uzbek" lang="uz" hreflang="uz" data-title="Shoʻba (korxona)" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%B8%E0%A8%B9%E0%A8%BE%E0%A8%87%E0%A8%95_%E0%A8%95%E0%A9%B0%E0%A8%AA%E0%A8%A8%E0%A9%80" title="ਸਹਾਇਕ ਕੰਪਨੀ – Punjabi" lang="pa" hreflang="pa" data-title="ਸਹਾਇਕ ਕੰਪਨੀ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Subsidi%C3%A1ria" title="Subsidiária – Portuguese" lang="pt" hreflang="pt" data-title="Subsidiária" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Companie_subsidiar%C4%83" title="Companie subsidiară – Romanian" lang="ro" hreflang="ro" data-title="Companie subsidiară" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%94%D0%BE%D1%87%D0%B5%D1%80%D0%BD%D0%B5%D0%B5_%D0%BE%D0%B1%D1%89%D0%B5%D1%81%D1%82%D0%B2%D0%BE" title="Дочернее общество – Russian" lang="ru" hreflang="ru" data-title="Дочернее общество" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Subsidiary" title="Subsidiary – Simple English" lang="en-simple" hreflang="en-simple" data-title="Subsidiary" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Dc%C3%A9rska_spolo%C4%8Dnos%C5%A5" title="Dcérska spoločnosť – Slovak" lang="sk" hreflang="sk" data-title="Dcérska spoločnosť" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%DA%A9%DB%86%D9%85%D9%BE%D8%A7%D9%86%DB%8C%D8%A7%DB%8C_%D9%84%DA%A9%DB%8E%D9%86%D8%B1%D8%A7%D9%88" title="کۆمپانیای لکێنراو – Central Kurdish" lang="ckb" hreflang="ckb" data-title="کۆمپانیای لکێنراو" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%9F%D0%BE%D0%B4%D1%80%D1%83%D0%B6%D0%BD%D0%B8%D1%86%D0%B0" title="Подружница – Serbian" lang="sr" hreflang="sr" data-title="Подружница" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-su mw-list-item"><a href="https://su.wikipedia.org/wiki/Anak_pausahaan" title="Anak pausahaan – Sundanese" lang="su" hreflang="su" data-title="Anak pausahaan" data-language-autonym="Sunda" data-language-local-name="Sundanese" class="interlanguage-link-target"><span>Sunda</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Dotterbolag" title="Dotterbolag – Swedish" lang="sv" hreflang="sv" data-title="Dotterbolag" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%95%E0%AE%BF%E0%AE%B3%E0%AF%88_%E0%AE%A8%E0%AE%BF%E0%AE%B1%E0%AF%81%E0%AE%B5%E0%AE%A9%E0%AE%AE%E0%AF%8D" title="கிளை நிறுவனம் – Tamil" lang="ta" hreflang="ta" data-title="கிளை நிறுவனம்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%A9%E0%B8%B1%E0%B8%97%E0%B8%AA%E0%B8%B2%E0%B8%82%E0%B8%B2" title="บริษัทสาขา – Thai" lang="th" hreflang="th" data-title="บริษัทสาขา" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Alt_%C5%9Firket" title="Alt şirket – Turkish" lang="tr" hreflang="tr" data-title="Alt şirket" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%94%D0%BE%D1%87%D1%96%D1%80%D0%BD%D1%94_%D0%BF%D1%96%D0%B4%D0%BF%D1%80%D0%B8%D1%94%D0%BC%D1%81%D1%82%D0%B2%D0%BE" title="Дочірнє підприємство – Ukrainian" lang="uk" hreflang="uk" data-title="Дочірнє підприємство" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D8%B0%DB%8C%D9%84%DB%8C_%DA%A9%D9%85%D9%BE%D9%86%DB%8C" title="ذیلی کمپنی – Urdu" lang="ur" hreflang="ur" data-title="ذیلی کمپنی" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/C%C3%B4ng_ty_con" title="Công ty con – Vietnamese" lang="vi" hreflang="vi" data-title="Công ty con" data-language-autonym="Tiếng Việt" 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href="https://www.wikidata.org/wiki/Special:EntityPage/Q658255" title="Structured data on this page hosted by Wikidata [g]" accesskey="g"><span>Wikidata item</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Company owned or controlled by another company</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Subsidiarity" title="Subsidiarity">Subsidiarity</a> or <a href="/wiki/Subsidy" title="Subsidy">Subsidy</a>.</div> <p>A <b>subsidiary</b>, <b>subsidiary company</b> or <b>daughter company</b><sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> is a <a href="/wiki/Company_(law)" class="mw-redirect" title="Company (law)">company</a> owned or controlled by another company, which is called the <a href="/wiki/Parent_company" class="mw-redirect" title="Parent company">parent company</a> or <a href="/wiki/Holding_company" title="Holding company">holding company</a>, which has legal and financial control over the company.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Two or more subsidiaries that either belong to the same parent company or having a same management being substantially controlled by same entity/group are called <b>sister companies</b>. The subsidiary will be required to follow the laws where it is headquartered and incorporated. It will also maintain its own executive leadership. </p><p>The subsidiary can be a company (usually with <a href="/wiki/Limited_liability_company" title="Limited liability company">limited liability</a>) and may be a government-owned or <a href="/wiki/State-owned_enterprise" title="State-owned enterprise">state-owned enterprise</a>. They are a common feature of modern business life, and most <a href="/wiki/Multinational_corporation" title="Multinational corporation">multinational corporations</a> organize their operations in this way.<sup id="cite_ref-Drucker_6-0" class="reference"><a href="#cite_note-Drucker-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Examples of holding companies are <a href="/wiki/Berkshire_Hathaway" title="Berkshire Hathaway">Berkshire Hathaway</a>,<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Jefferies_Financial_Group" title="Jefferies Financial Group">Jefferies Financial Group</a>, <a href="/wiki/The_Walt_Disney_Company" title="The Walt Disney Company">The Walt Disney Company</a>, <a href="/wiki/Warner_Bros._Discovery" title="Warner Bros. Discovery">Warner Bros. Discovery</a>, or <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a>; as well as more focused companies such as <a href="/wiki/IBM" title="IBM">IBM</a>, <a href="/wiki/Xerox" title="Xerox">Xerox</a>, and <a href="/wiki/Microsoft" title="Microsoft">Microsoft</a>. These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Details">Details</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Subsidiary&action=edit&section=1" title="Edit section: Details"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Subsidiary" title="Special:EditPage/Subsidiary">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Subsidiary%22">"Subsidiary"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Subsidiary%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Subsidiary%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Subsidiary%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Subsidiary%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Subsidiary%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">July 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Subsidiaries are separate, distinct <a href="/wiki/Commercial_law" title="Commercial law">legal</a> entities for the purposes of <a href="/wiki/Tax" title="Tax">taxation</a>, <a href="/wiki/Regulation" title="Regulation">regulation</a> and <a href="/wiki/Legal_liability" title="Legal liability">liability</a>. For this reason, they differ from <a href="/wiki/Division_(organization)" class="mw-redirect" title="Division (organization)">divisions</a> which are businesses fully integrated within the main company, and not legally or otherwise distinct from it.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> In other words, a subsidiary can sue and be sued separately from its parent and its obligations will not normally be the obligations of its parent. However, creditors of an insolvent subsidiary may be able to obtain a judgment against the parent if they can <a href="/wiki/Piercing_the_corporate_veil" title="Piercing the corporate veil">pierce the corporate veil</a> and prove that the parent and subsidiary are mere <a href="/wiki/Alter_egos" class="mw-redirect" title="Alter egos">alter egos</a> of one another. Thus any copyrights, trademarks, and patents remain with the subsidiary until the parent shuts down the subsidiary. </p><p>Ownership of a subsidiary is usually achieved by owning a majority of its <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a>. This gives the parent the necessary votes to elect their nominees as directors of the subsidiary, and so exercise control. This gives rise to the common presumption that 50% plus one share is enough to create a subsidiary. There are, however, other ways that control can come about, and the exact rules both as to what control is needed, and how it is achieved, can be complex (see below). A subsidiary may itself have subsidiaries, and these, in turn, may have subsidiaries of their own. A parent and all its subsidiaries together are called a <a href="/wiki/Corporate_group" title="Corporate group">corporate</a>, although this term can also apply to cooperating companies and their subsidiaries with varying degrees of shared ownership. </p><p>A parent company does not have to be the larger or "more powerful" entity; it is possible for the parent company to be smaller than a subsidiary, such as <a href="/wiki/Danjaq" title="Danjaq">DanJaq</a>, a closely held family company, which controls <a href="/wiki/Eon_Productions" title="Eon Productions">Eon Productions</a>, the large corporation which manages the <a href="/wiki/James_Bond" title="James Bond">James Bond</a> franchise. Conversely, the parent may be larger than some or all of its subsidiaries (if it has more than one), as the relationship is defined by control of ownership shares, not the number of employees. </p><p>The parent and the subsidiary do not necessarily have to operate in the same locations or operate the same businesses. Not only is it possible that they could conceivably be competitors in the marketplace, but such arrangements happen frequently at the end of a <a href="/wiki/Hostile_takeover" class="mw-redirect" title="Hostile takeover">hostile takeover</a> or voluntary merger. Also, because a parent company and a subsidiary are separate entities, it is entirely possible for one of them to be involved in legal proceedings, bankruptcy, tax delinquency, indictment or under investigation while the other is not.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Tiered_subsidiaries">Tiered subsidiaries</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Subsidiary&action=edit&section=2" title="Edit section: Tiered subsidiaries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In descriptions of larger corporate structures, the terms "first-tier subsidiary", "second-tier subsidiary", "third-tier subsidiary", etc. most are often used to describe multiple levels of subsidiaries. A first-tier subsidiary means a subsidiary/child company of the ultimate parent company,<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>note 1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Chron_11-0" class="reference"><a href="#cite_note-Chron-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> while a second-tier subsidiary is a subsidiary of a first-tier subsidiary: a "grandchild" of the main parent company.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Consequently, a third-tier subsidiary is a subsidiary of a second-tier subsidiary—a "great-grandchild" of the main parent company. </p><p>The ownership structure of the small British specialist company Ford Component Sales, which sells Ford components to specialist car manufacturers and <a href="/wiki/OEM" class="mw-redirect" title="OEM">OEM</a> manufacturers, such as <a href="/wiki/Morgan_Motor_Company" title="Morgan Motor Company">Morgan Motor Company</a> and <a href="/wiki/Caterham_Cars" title="Caterham Cars">Caterham Cars</a>,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> illustrates how multiple levels of subsidiaries are used in large corporations: </p> <ul><li><a href="/wiki/Ford_Motor_Company" title="Ford Motor Company">Ford Motor Company</a> – U.S. parent company based in <a href="/wiki/Dearborn,_Michigan" title="Dearborn, Michigan">Dearborn</a>, <a href="/wiki/Michigan" title="Michigan">Michigan</a> <ul><li>Ford International Capital LLC – First-tier subsidiary (U.S. holding company located in Dearborn, Michigan, but registered in <a href="/wiki/Delaware" title="Delaware">Delaware</a>)<sup id="cite_ref-SEC_14-0" class="reference"><a href="#cite_note-SEC-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> <ul><li>Ford Technologies Limited – Second-tier subsidiary (British holding company, located at the Ford UK head office in <a href="/wiki/Brentwood,_Essex" title="Brentwood, Essex">Brentwood</a>, <a href="/wiki/Essex" title="Essex">Essex</a>, with five employees)<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> <ul><li><a href="/wiki/Ford_of_Britain" title="Ford of Britain">Ford Motor Company Limited</a> – Third-tier subsidiary (the main British Ford company, with head office in Brentwood, with 10,500 employees)<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup></li></ul></li></ul></li></ul></li></ul> <div class="mw-heading mw-heading2"><h2 id="Control">Control</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Subsidiary&action=edit&section=3" title="Edit section: Control"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="General">General</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Subsidiary&action=edit&section=4" title="Edit section: General"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Subsidiary" title="Special:EditPage/Subsidiary">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Subsidiary%22">"Subsidiary"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Subsidiary%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Subsidiary%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Subsidiary%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Subsidiary%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Subsidiary%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">July 2022</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The word "control" and its derivatives (subsidiary and parent) may have different meanings in different contexts. These concepts may have different meanings in various areas of law (e.g. <a href="/wiki/Corporate_law" title="Corporate law">corporate law</a>, <a href="/wiki/Competition_law" title="Competition law">competition law</a>, <a href="/wiki/Capital_markets_law" class="mw-redirect" title="Capital markets law">capital markets law</a>) or in <a href="/wiki/Accounting" title="Accounting">accounting</a>. For example, if Company A purchases shares in Company B, it is possible that the transaction is not subject to <a href="/wiki/Merger_control" title="Merger control">merger control</a> (because Company A had been deemed to already control Company B before the share purchase, under competition law rules), but at the same time Company A may be required to start consolidating Company B into its financial statements under the relevant accounting rules (because it had been treated as a <a href="/wiki/Joint_venture" title="Joint venture">joint venture</a> before the purchase for accounting purposes). </p><p>Control can be direct (e.g., an ultimate parent company controls the first-tier subsidiary directly) or indirect (e.g., an ultimate parent company controls second and lower tiers of subsidiaries indirectly, through first-tier subsidiaries). </p> <div class="mw-heading mw-heading3"><h3 id="European_Union">European Union</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Subsidiary&action=edit&section=5" title="Edit section: European Union"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Recital 31 of Directive 2013/34/EU<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> stipulates that control should be based on holding a majority of voting rights, but control may also exist where there are agreements with fellow shareholders or members. In certain circumstances, control may be effectively exercised where the parent holds a minority or none of the shares in the subsidiary. </p><p>According to Article 22 of the directive 2013/34/EU an undertaking is a parent if it: </p> <ul><li>has a majority of the shareholders' or members' voting rights in another undertaking (a subsidiary undertaking);</li> <li>has the right to appoint or remove a majority of the members of the administrative, management or supervisory body of another undertaking (a subsidiary undertaking) and is at the same time a shareholder in or member of that undertaking;</li> <li>has the right to exercise a dominant influence over an undertaking (a subsidiary undertaking) of which it is a shareholder or member, pursuant to a contract entered into with that undertaking or to a provision in its memorandum or articles of association, where the law governing that subsidiary undertaking permits its being subject to such contracts or provisions.</li> <li>is a shareholder in or member of an undertaking, and: <ul><li>a majority of the members of the administrative, management or supervisory bodies of that undertaking (a subsidiary undertaking) who have held office during the financial year, during the preceding financial year and up to the time when the consolidated financial statements are drawn up, have been appointed solely as a result of the exercise of its voting rights; or</li> <li>controls alone, pursuant to an agreement with other shareholders in or members of that undertaking (a subsidiary undertaking), a majority of shareholders' or members' voting rights in that undertaking.</li></ul></li></ul> <p>Additionally, control may arise when: </p> <ul><li>a parent undertaking has the power to exercise, or actually exercises, dominant influence or control over another undertaking (the subsidiary undertaking); or</li> <li>a parent undertaking and another undertaking (the subsidiary undertaking) are managed on a unified basis by the parent undertaking.</li></ul> <p>Under the international accounting standards adopted by the EU<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> a company is deemed to control another company only if it has all the following: </p> <ul><li>power over the other company;</li> <li>exposure, or rights, to variable returns from its involvement with the other company; and</li> <li>the ability to use its power over the other company to affect the number of the company's returns (<a href="/wiki/IFRS" class="mw-redirect" title="IFRS">IFRS</a> 10 para 7). Power generally arises when the parent has rights that give it the ability to direct the relevant activities, i.e. the activities that significantly affect the other subsidiary's returns.</li></ul> <p>A subsidiary can have only one parent; otherwise, the subsidiary is, in fact, a joint arrangement (joint operation or joint venture) over which two or more parties have joint control (IFRS 11 para 4). Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Subsidiary&action=edit&section=6" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Companies_Act_2006" title="Companies Act 2006">Companies Act 2006</a> contains two definitions: one of "subsidiary" and the other "subsidiary undertaking". </p><p>According to s.1159 of the Act, a company is a "subsidiary" of another company, its "holding company", if that other company: </p> <ul><li>holds a majority of the voting rights in it, or</li> <li>is a member of it and has the right to appoint or remove a majority of its board of directors, or</li> <li>is a member of it and controls alone, pursuant to an agreement with other members, a majority of the voting rights in it, or if it is a subsidiary of a company that is itself a subsidiary of that other company.</li></ul> <p>The second definition is broader. According to s.1162 of the Companies Act 2006, an undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if: </p> <ul><li>it holds a majority of the voting rights in the undertaking, or</li> <li>it is a member of the undertaking and has the right to appoint or remove a majority of its board of directors, or</li> <li>it has the right to exercise a dominant influence over the undertaking— <ul><li>by virtue of provisions contained in the undertaking's articles, or</li> <li>by virtue of a control contract, or</li></ul></li> <li>it is a member of the undertaking and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in the undertaking.</li></ul> <p>An undertaking is also a parent undertaking in relation to another undertaking, a subsidiary undertaking, if: </p> <ul><li>it has the power to exercise, or actually exercises, dominant influence or control over it, or</li> <li>it and the subsidiary undertaking are managed on a unified basis.</li></ul> <p>The broader definition of "subsidiary undertaking" is applied to the accounting provisions of the Companies Act 2006, while the definition of "subsidiary" is used for general purposes.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Oceania">Oceania</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Subsidiary&action=edit&section=7" title="Edit section: Oceania"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Oceania" title="Oceania">Oceania</a>, the accounting standards defined the circumstances in which one entity controls another.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2009)">citation needed</span></a></i>]</sup> In doing so, they largely abandoned the legal control concepts in favour of a definition that provides that "control" is "the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity". This definition was adapted in the <a href="/wiki/Australia" title="Australia">Australian</a> <a href="/wiki/Corporations_Act_2001" title="Corporations Act 2001">Corporations Act 2001</a>: s 50AA.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Furthermore, it can be a useful part of the company that allows every head of the company to apply new projects and latest rules.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Subsidiary&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Chaebol" title="Chaebol">Chaebol</a></li> <li><a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">Conglomerate</a></li> <li><a href="/wiki/Keiretsu" title="Keiretsu">Keiretsu</a></li> <li><a href="/wiki/Zaibatsu" title="Zaibatsu">Zaibatsu</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Consolidation_(business)" title="Consolidation (business)">Consolidation (business)</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Controlling_interest" title="Controlling interest">Controlling interest</a></li> <li><a href="/wiki/Cooperative_federation" title="Cooperative federation">Cooperative federation</a></li> <li><a href="/wiki/Division_(business)" title="Division (business)">Division (business)</a></li> <li><a href="/wiki/Joint_venture" title="Joint venture">Joint venture</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li></ul> <ul><li><a href="/wiki/Equity_method" title="Equity method">Equity method</a></li> <li><a href="/wiki/Good_standing" title="Good standing">Good standing</a></li> <li><a href="/wiki/Goodwill_(accounting)" title="Goodwill (accounting)">Goodwill (accounting)</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and acquisitions</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Peren-Clement-Index" class="mw-redirect" title="Peren-Clement-Index">Peren-Clement-Index</a></li></ul> <p><br /> </p> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Subsidiary&action=edit&section=9" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">As with human family trees, each level above one level is the parent of the level below, so the term "parent company" in itself does not necessarily refer to the company at the top of the tree, so here "ultimate parent company" has been used for that.</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Subsidiary&action=edit&section=10" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">"daughter company = subsidiary: a company that is completely or partly owned by another company" Longman Business English Dictionary</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a 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It is sometimes referred to as a daughter company.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Subsidiary+vs.+Sister+Company%3A+What%27s+the+Difference%3F&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fask%2Fanswers%2F031915%2Fwhat-difference-between-subsidiary-and-sister-company.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASubsidiary" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20160625172156/http://lexicon.ft.com/Term?term=daughter-company">"Daughter Company Definition"</a>. Financial Times Lexicon. 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