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<header class="section section_primary section_cols section_cartouche"> <div class="section__container"> <div class="cartouche cartouche_glossaire"> <h1 class="cartouche__heading" id="start"> <span class="start-mire"></span> <span class="crayon article-titre-89176 ">Minority shareholdings</span> </h1> </div> </div> </header> <section class="section section_primary section_cols section_author scrollable-anchor"> <div class="section__container"> <div class="section__main"> <h2 class="section__heading" id="auteur"> <span>Author Definition</span> </h2> <div class="section__content"> <div class="definition-section"> <h3 id="part-apercu" class="definition-section-title">Definition</h3> <div class="crayon article-chapo-113389 apercu surlignable"><p>Minority shareholdings are situations whereby a shareholder acquires and holds less than 50% of the share capital or voting rights of a company. Minority shareholdings may either confer ‘control’ or ‘influence’ upon the acquirer, or they may qualify as ‘non-controlling’ (also known as ‘structural links’). Economic theory suggests that all types of minority shareholdings in competitors may give rise to anticompetitive concerns of different nature and degree depending on the circumstances. However, the extent to which key competition law regimes in Europe and the US can capture and remedy potentially anticompetitive ‘non-controlling’ minority shareholdings under their merger control or antitrust rules varies.</p></div> </div> <div class="definition-section"> <h3 id="part-texte" class="definition-section-title">Commentary</h3> <div class="crayon article-texte-113389 texte surlignable"><p>EU antitrust law, and laws based in EU law, prohibit anticompetitive agreements between <i>separate</i> competing <a href="https://www.concurrences.com/en/dictionary/undertaking-notion">undertakings</a> (Article 101 TFEU) and <a href="https://www.concurrences.com/en/dictionary/abuse-of-a-dominant-position">abuse of a dominant position</a> by a single firm or a group of separate undertakings that are connected by either legal, economic or structural links (Article 102 TFEU). <a href="https://www.concurrences.com/en/dictionary/Concentration">Merger</a> laws target mergers or acquisitions where two competitors come under (full or partial) <i>common</i> ownership and <a href="https://www.concurrences.com/en/dictionary/control-notion">control</a> – they become a single undertaking and therefore cease to compete in the market. Under the EU Merger Regulation (EUMR), partial acquisitions are subject to <i>ex ante</i> review if they entail a ‘lasting <a href="https://www.concurrences.com/en/dictionary/change-of-control">change of control</a>’ of the undertakings concerned. Minority shareholding acquisitions that confer ‘control’ - defined as ‘<i>decisive</i> influence’ pursuant to Article 3 of the EUMR - either on a <i>de jure</i> or a <i>de facto</i> basis on the acquirer may trigger merger scrutiny in the EU. Minority shareholdings that are considered ‘non-controlling’ fall outside the scope of the EU merger regime. Yet, other jurisdictions in Europe rely on broader jurisdictional tests to bring partial ownership acquisitions within their <a href="https://www.concurrences.com/en/dictionary/Merger-control-procedure">merger control rules</a>. For instance, the UK employs a ‘<i>material</i> influence’ threshold and Germany a ‘competitively significant influence’ threshold that allows them to scrutinise minority shareholdings that escape EU scrutiny.</p> <p>US merger control (Section 7 of the Clayton Act) is even broader than any of these regimes. Its substantive prohibition relies on an ‘effects-based’ test: any merger that leads to <i>likely</i> <a href="https://www.concurrences.com/en/dictionary/anticompetitive-objet-or-effect">anticompetitive effects</a> (i.e. ‘may be substantially to lessen competition’) is unlawful. According to US case law, ‘control’ is not a necessary or decisive factor for finding that an acquisition violates Section 7 of the Clayton Act (<i>Denver & Rio Grande</i>, 501). Therefore, any potentially harmful minority shareholdings may in principle run afoul US merger rules. The Horizontal Merger Guidelines (§13) reiterate this principle: the antitrust agencies will review ‘partial acquisitions that do not result in effective control’ for ‘any way’ they may affect or lessen competition, focusing in particular on (i) the acquirer’s <i>ability to influence</i> the competitive conduct of the target; (ii) a reduction in the acquirer’s <i>incentive to compete</i>; (iii) <i>access to</i> non-public, competitively sensitive <i>information</i> of the target (or acquiring) firm. There is however a ‘solely for investment’ exemption for substantive (and filing) purposes under US merger law, which applies under strict requirements and allows for more lenient treatment of <i>actually</i> ‘non-controlling’ or ‘passive’ minority shareholdings. These may be subject to review and liability if antitrust agencies can show ‘actual’ anticompetitive effects, rather than ‘likely’ effects as in other merger cases. Further, ‘passive’ minority shareholdings are liable under US merger law at ‘any time’ – not only at the time of their acquisition, when they may be considered lawful, but also later when they may face <i>ex post</i> scrutiny because ‘subsequent use of the stock’ makes it anticompetitive (<i>du Pont</i>, 597-598, 607).</p> <p>In addition, minority shareholdings that do not bring about a change of ownership and control between the interlinked undertakings, or otherwise fall outside merger control, may still be captured by antitrust rules. Long-standing EU case law that precedes the adoption of the EU-wide system of merger control had crystalised this principle. Pursuant to <i>Philip Morris</i>, Article 101 TFEU may apply to agreements between undertakings based on which a minority shareholding is acquired when it is shown that in light of its economic and legal context, such agreement has “the object or effect of influencing the competitive behaviour of the companies on the relevant market” (para 45). The European Court of Justice further clarified in this case that “the acquisition by one company of an equity interest in a competitor does not in itself constitute conduct restricting competition” but it “may nevertheless serve as an <i>instrument for influencing</i> the commercial conduct of the companies in question so as to restrict or distort competition on the market on which they carry on business” (para 37). That is, shareholding acquisitions are not a ‘by object’ restriction but need to be evaluated based on their effects. Accordingly, a minority shareholding may be found to be restrictive of competition if it gives rise to either <i>coordination</i> or exchange of commercially sensitive information, or to effective <i>control</i>, at present or in the future, or some degree of <i>influence</i> over the competitor’s commercial conduct (paras 38-40). It is debatable whether the scope of the ‘influence’ standard under Article 101, which is lower than ‘decisive’ influence under the EUMR, is flexible enough to address seemingly passive minority shareholdings that merely give rise to unilateral anticompetitive effects. The main limitation of Article 101 is that it requires a finding of ‘agreement’ or at least ‘concerted practice’ (i.e. some element of reciprocity rather than a unilateral act) between ‘undertakings’ (rather than an undertaking and an individual with no independent economic activity) for a potentially anticompetitive minority shareholding to come within its ambit.</p> <p>Article 102 TFEU may on the other hand cover <i>unilateral</i> acquisitions of a minority shareholding by undertakings in a dominant position if found to be abusive. In this context, <i>Philip Morris</i> established that abuse under Article 102 “can only arise where the shareholding in question results in effective control of the other company or at least in <i>some influence</i> on its commercial policy” (para 65). The Commission’s decision in <i>Gillette</i> later confirmed that even an indirect, non-voting minority interest in a competitor in connection with other special factors (financial loan arrangements and other agreements) could be found to violate Article 102. This case made clear that the ‘influence’ standard under Article 102 is even lower and more malleable than the one under Article 101. As such, Article 102 may tackle further instances of potentially anticompetitive minority shareholdings that are otherwise hard to reach under EU competition law. Specifically, it was considered that the creation of the link(s) between the acquirer and its main competitor had changed the structure of the market with adverse effects on competition (i.e. its behaviour ‘influenced’ market conditions), which a dominant undertaking has a ‘special responsibility’ not to impair in the common market (para 23). <i>Gillette</i> is important because it is the only antitrust case where disposal of the equity interest and its interest as creditor has been ordered by the Commission (para 42). The drawback of Article 102 is that it requires a finding of ‘dominance’ besides abuse to apply.</p> <p>These antitrust rules have been sparingly applied after the coming into force of the EUMR in 1990 and have fallen to complete disuse after the modernisation of the EU antitrust enforcement system and its decentralisation in 2003. Recent EU jurisprudence has reaffirmed however that Articles 101 and 102 TFEU can scrutinise and remedy anticompetitive conduct arising out of ‘non-controlling’ minority shareholdings, which escape <i>ex ante</i> merger scrutiny, <i>following</i> their acquisition (Order of the President of the Court of First Instance in <i>Aer Lingus</i>, para 103). Articles 101 and 102 have national equivalents in EU Member States and similar antitrust provisions exist in the United Kingdom and in the United States that may address minority shareholdings that raise competition concerns. US antitrust law (Sections 1 and 2 of the Sherman Act) is more encompassing as its application is not restricted to ‘undertakings’ but applies to anticompetitive practices of any ‘persons’ including natural ones. Accordingly, an acquisition of a minority shareholding by an individual shareholder in a business entity could be liable under US antitrust law.</p></div> </div> <div class="definition-section"> <h3 id="part-jurisprudence" class="definition-section-title">Case references</h3> <div class="crayon article-reference-113389 reference"><p><a href="https://www.concurrences.com/en/bulletin/news-issues/november-1987/the-eu-court-of-justice-states-that-letters-addressed-by-the-commission">Joined Cases 142 and 156/84 <i>British-American Tobacco Company Limited and R. J. Reynolds Industries Inc. v Commission</i> [1987] ECR 4487 (‘Philip Morris’)</a></p> <p>Cases IV/33.440 <i>Warner-Lambert/Gillette</i> and IV/33.486 <i>BIC/Gillette</i> [1993] OJ L 116/21 (‘Gillette’)</p> <p>Order of the President of the Court of First Instance in Case T-411/07 R, <i>Aer Lingus v Commission</i> [2008] ECR II-411</p> <p><i>Denver & Rio Grande W. RR. Co. v. U.S.</i>, 387 U.S. 485 (1967)</p> <p><i>U.S. v. E.I. du Pont de Nemours & Co.</i>, 353 U.S. 586 (1957)</p></div> </div> <div class="definition-section"> <h3 id="part-biblio" class="definition-section-title">Bibliography</h3> <div class="crayon article-ps-113389 jurisprudence"><p>Anna Tzanaki, ‘Common Ownership and Minority Shareholding at the Intersection of Competition and Corporate Law: Looking Through the Past to Return to the Future?’ in Marco Corradi and Julian Nowag (eds.), <i>The Intersections between Antitrust and Corporate Law</i>, Cambridge University Press, 2023</p> <p><a href="https://www.concurrences.com/en/bulletin/special-issues/Minority-Shareholding/Minority-Shareholdings-An-Overview#">Alec J. Burnside, ‘Minority Shareholdings: An Overview of EU and National Case Law’ (2013) e-Competitions Bulletin N° 56676</a></p> <p>OECD, ‘Antitrust Issues Involving Minority Shareholdings and Interlocking Directorates’ (2009) DAF/COMP(2008)30</p> <p>Annex I ‘Economic Literature on Non-Controlling Minority Shareholdings (“Structural links”)’ to Commission Staff Working Document, ‘Towards More Effective EU Merger Control’ SWD(2013) 239 final</p> <p>Phillip E. Areeda and Herbert Hovenkamp, <i>Antitrust Law: An Analysis of Antitrust Principles and Their Application</i>, vol 5 (3rd ed., Aspen Publishers 2009) ¶1203-¶1205</p></div> </div> </div> </div> <aside class="section__aside side-col"> <div class="miniplan miniplan_definition sticky-top" id="definition-index"> <ul class="nav nav-list"> <li><a href="//en/dictionary/minority-shareholdings-89176#part-apercu" data-target="#part-apercu">Definition</a></li> <li><a href="//en/dictionary/minority-shareholdings-89176#part-texte" data-target="#part-texte">Commentary</a></li> <li><a href="//en/dictionary/minority-shareholdings-89176#part-jurisprudence" data-target="#part-jurisprudence">Case references</a></li> <li><a href="//en/dictionary/minority-shareholdings-89176#part-biblio" data-target="#part-biblio">Bibliography</a></li> </ul> </div> <h2>Author</h2> <div class="auteurs"> <ul class="liste-items liste-items-well"> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/anna-tzanaki" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/picture_anna_tzanaki-a6262.jpg?1711369460) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Anna Tzanaki</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">University of Leeds</span> </div> <div class="entry-meta"> <span class="pays">United Kingdom</span> <span class="articles"><em>3</em> contributions</span> <span class="visites"><em>7927</em> visits</span> </div> </div></li> </ul> </div> <div class="well citation"> <h2>Quotation</h2> <article class="entry article article-dictionary hentry"> <span class="authors">Anna Tzanaki, </span> <span class="entry-title">Minority Shareholdings</span><span class="rubrique"><span class="sep">, </span> Global Dictionary of Competition Law, Concurrences, Art. N° 89176</span> </article> </div> <div class="well stats"> <p><i class="picto picto-eye"></i> <b>Visits</b> <em class="number">5419</em></p> </div> </aside> </div> </section> <section class="section section_primary section_cols section_author scrollable-anchor"> <div class="section__container"> <div class="section__main"> <h2 class="section__heading" id="institution"> <span>Institution Definition</span> </h2> <div class="section__content"> <div class="crayon article-texte-89176 texte surlignable"><p>A minority shareholding exists when a shareholder holds less than 50% of the voting rights or equity rights in a target firm. In some instances a minority shareholder can exercise a degree of control over the target, either solely or jointly with other shareholders. In other cases, minority shareholdings represent purely passive investments. A minority shareholding can under some circumstances result in less output and higher prices. For example, if a firm owns equity in a competitor, the financial losses incurred by the competitor will affect the value of the firm’s investment. In this scenario, the firm may have less incentive to compete against the company it has invested in. It may also have an incentive to unilaterally reduce output and raise prices, if it is in a position to recoup all or part of the lost sales through its financial participation in the target. Structural links between competitors in the form of direct or reciprocal minority shareholdings may in certain circumstances facilitate express or tacit collusion; the minority shareholder is given access to information about the target, which facilitates collusion, or the monitoring of the target’s adherence to the commonly agreed conduct. As with unilateral effects, minority ownerships might change the payoffs for the companies involved, or their respective incentives to deviate from a collusive agreement or to engage in a pricing war to punish deviations from a collusive agreement. Investments in competing companies may also signal to the rest of the<br class='autobr' /> market that there is an intention to compete less vigorously. This may induce the whole industry to reduce competition and favour a collusive equilibrium to the detriment of consumers. <strong>©</strong> <a href="IMG/pdf/41774055.pdf?47446/78793127712468469f2c6c9ab58fcf9adcaae5bf87c0cb22b3196002eef8119c" class="spip_in" type='application/pdf'><strong>OECD</strong></a></p> <p><a href="https://www.concurrences.com/en/bulletin/special-issues/minority-shareholdings-en/">On this topic see the e-Competitions special issue "Minority shareholdings: An overview of EU and national case law"</a></p></div> </div> </div> <aside class="section__aside side-col"></aside> </div> </section> <section class="section section_primary section_cols section_references scrollable-anchor"> <div class="section__container"> <div class="section__main"> <section class="subsection subsection_jurisprudence related-section related-jurisprudence scrollable-anchor"> <h2 class="section__heading" id="related-jurisprudence"> <span id="references">Case Comments</span> </h2> <div class="liste articles articles-related"> <div class="liste-items"> <div class='ajaxbloc' data-ajax-env='1yXvQlW9uyjRS6dl+enDjCGD2Zkmf40UQoSlmEOgN7QGOK3aoHsqqXopICkDvJViDcHCtF217Ts9WyaaihQbUiBKVAfPjAJ+H8wzwJ4KGGygTpMVmMidKvjS0Dy1e1u5IHU+Pkgi1svGnZTQmcKa0CxoUcfsyTulQFxknQGLlaVv/MqZb+eEh6VYWiKCBBV2uyLCDGSCzVrOebtnVpU9SUZLW3ugLm4zYExLzKE0KZEfm2Sop/Zlhx1u5pzlG4mVeRVwQwFWAZLbnvKR4c6q3X/SywshPH2OrfbQ8tERNluB9Gj1C5o4S7YzuLVmNF+iXsb495m+5FpeV2pi2RUcamwbX0thVVsnvGQ=' data-origin="//en/dictionary/minority-shareholdings-89176"> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/authors/angelo-tzarevski">Angelo Tzarevski</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteurs/clara-hansen">Clara Hansen</a></span></span> <strong class="h6-like entry-title"><a href="en/bulletin/news-issues/january-2025/the-south-african-competition-authority-issues-draft-guidelines-on-internal" rel="bookmark">The South African Competition Authority issues draft guidelines on internal restructuring and merger notifications</a></strong> <p class="publication"><time pubdate="pubdate" datetime="2025-01-23T23:00:00Z">24 January 2025</time></p> <div class="crayon article-intro-123713 introduction entry-content"> <p>In brief <br class='autobr' /> In January 2025, the Competition Commission of South Africa released draft guidelines on internal restructuring for public comment. These guidelines clarify what constitutes an internal restructure and when a merger notification is required. The Commission will assess transactions (…)</p> </div> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/authors/german-competition-authority">German Competition Authority</a></span></span> <strong class="h6-like entry-title"><a href="en/bulletin/news-issues/december-2024/the-german-competition-authority-permits-a-company-providing-car-insurance-and" rel="bookmark">The German Competition Authority permits a company providing car insurance and other car-related services to increase its stake in a pitstop vehicle repair chain <em>(HUK / Kulas)</em></a></strong> <p class="publication"><time pubdate="pubdate" datetime="2024-12-29T23:00:00Z">30 December 2024</time></p> <div class="crayon article-intro-122855 introduction entry-content"> <p>Bundeskartellamt clears HUK’s acquisition of the pitstop vehicle repair chain* <br class='autobr' /> The Bundeskartellamt has cleared plans by HUK-Coburg Mobilitätsholding GmbH to increase its minority shareholding in Kulas Holding GmbH & Co. KG to 84.9 per cent. Kulas is the sole shareholder of pitstop.de (…)</p> </div> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/auteurs/kenyan-competition-authority">Kenyan Competition Authority</a></span></span> <strong class="h6-like entry-title"><a href="en/bulletin/news-issues/november-2024/the-kenyan-competition-authority-unconditionally-clears-a-merger-in-the" rel="bookmark">The Kenyan Competition Authority unconditionally clears a merger in the distribution of fast-moving consumer goods sector <em>(Trapin Holding / Pamstad)</em></a></strong> <p class="publication"><time pubdate="pubdate" datetime="2024-11-27T23:00:00Z">28 November 2024</time></p> <div class="crayon article-intro-122562 introduction entry-content"> <p>CAK DECISION ON THE PROPOSED ACQUISITION OF CONTROL OF TRAPIN HOLDINGS LIMITED BY PAMSTAD PROPRIETARY LIMITED* <br class='autobr' /> The Competition Authority of Kenya (‘the Authority’) has approved the proposed acquisition of control of Trapin Holdings Limited by Pamstad Proprietary Limited unconditionally. <br class='autobr' /> This (…)</p> </div> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/auteurs/chilean-competition-authority-132330">Chilean Competition Authority</a></span></span> <strong class="h6-like entry-title"><a href="en/bulletin/news-issues/october-2024/the-chilean-competition-authority-reaches-a-settlement-with-3-companies" rel="bookmark">The Chilean Competition Authority reaches a settlement with 3 companies concerning a violation of the prohibition against horizontal interlocking directorates <em>(Manfred Paulmann / Cencosud / Asesorías Alpa)</em></a></strong> <p class="publication"><time pubdate="pubdate" datetime="2024-10-17T22:00:00Z">18 October 2024</time></p> <div class="crayon article-intro-121630 introduction entry-content"> <p>FNE Reaches Settlement with Manfred Paulmann, Cencosud, and Asesorías Alpa on Interlocking Directorates* <br class='autobr' /> The Chilean National Economic Prosecutor’s Office (FNE) reached an out-of-court settlement with Manfred Paulmann, Cencosud, and Asesorías Alpa, aimed at ending an investigation into a (…)</p> </div> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/auteurs/new-caledonia-competition-authority-noumea">New Caledonian Competition Authority</a></span></span> <strong class="h6-like entry-title"><a href="en/bulletin/news-issues/october-2024/the-paris-administrative-court-of-appeal-confirms-the-new-caledonian" rel="bookmark">The Paris Administrative Court of Appeal confirms the New Caledonian Competition Authority’s decisions to authorize the opening of supermarkets in the Normandy and Boulari districts <em>(Korail / K-Gou)</em></a></strong> <p class="publication"><time pubdate="pubdate" datetime="2024-10-02T22:00:00Z">3 October 2024</time></p> <div class="crayon article-intro-121296 introduction entry-content"> <p>The Paris Administrative Court of Appeal confirms the decisions of the ACNC to authorize the opening of the Korail in Normandie and K-Gou in Boulari* <br class='autobr' /> In two judgments dated 3 October 2024, the Paris Administrative Court of Appeal confirmed in all respects the Authority’s decisions No. (…)</p> </div> </article></div> </div> </div> </div> </section> <section class="subsection subsection_articles related-section related-articles scrollable-anchor"> <h2 class="section__heading" id="related-articles"> <span>Articles</span> </h2> <div class="liste articles articles-related"> <div class="liste-items"> <div class='ajaxbloc' data-ajax-env='1yXlRhKtoyjRgDPluXrmN5FMahNWPRRsBirattPKEU0ZXMrlB5R4SF0MLcIxZxHRORiXjzA/gZHmO6gUnCMHjcduqjmY37kAd20KgzK4khtL+7vgDpavqIftb4UZ3Dx3xHZupvJ33A4p6Fd2cPbrQoRDuCTnfxLQrU0DBci/6lmi9ZpQuyxsGJBazekNMR7shydJLxKZfTYTTBZAGPXx6Wf/A0mBkvFni+cUIZq7au0JyhZ+GdH5LbS+XMv0PurV9So/R6w6aWJxpVrarSTmncXkvSPA5euHJOBrKlaSiO2iOXmZemMGrbg+VwDHgzELZV8qvJBLWfcp+WGPYMiKkK5J5FKqjg==' data-origin="//en/dictionary/minority-shareholdings-89176"> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/authors/thibaut-pellizzari-214327">Thibaut Pellizzari</a></span></span> <strong class="h6-like entry-title"><a href="en/review/issues/no-3-2024/books/the-problem-of-twelve-when-a-few-financial-institutions-control-everything-119784" rel="bookmark">The Problem of Twelve: When a Few Financial Institutions Control Everything</a></strong> <p class="publication"><time pubdate="pubdate" datetime="2024-08-31T22:00:00Z">September 2024</time></p> <div class="crayon article-intro-119784 introduction entry-content"> <p>This section lists and comments on books and other publications in the fields of competition law, competition law & economics and regulatory law. By its very nature, such a review cannot be exhaustive and is therefore limited to presenting some recent publications in these fields. Authors (…)</p> </div> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/auteurs/alexandre-rouhette">Alexandre Rouhette</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/pierre-garenne">Pierre Garenne</a></span></span> <strong class="h6-like entry-title"><a href="en/review/issues/no-4-2020/articles/alexandre-rouhette" rel="bookmark">De facto control in EU merger control law</a></strong> <p class="publication"><time pubdate="pubdate" datetime="2020-10-31T23:00:00Z">November 2020</time></p> <div class="crayon article-intro-96817 introduction entry-content"> <p>The Commission’s 2008 Consolidated Jurisdictional Notice addresses the concept of de facto control only superficially. In practice, the notion of de facto control raises many questions. Based on an analysis of the Commission’s decisional practice, this article aims to lay out the analytical grid (…)</p> </div> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/authors/jacques-buhart">Jacques Buhart</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/david-henry">David Henry</a></span></span> <strong class="h6-like entry-title"><a href="en/review/issues/no-1-2020/pratiques/common-ownership-under-the-eumr-sailing-a-bit-too-close-to-the-wind-92534-en" rel="bookmark">Common ownership under the EUMR – Sailing a bit too close to the wind</a></strong> <p class="publication"><time pubdate="pubdate" datetime="2020-01-31T23:00:00Z">February 2020</time></p> <div class="crayon article-intro-92534 introduction entry-content"> <p>The European Commission (“Commission”) concluded in Dow/DuPont (2017) and Bayer/Monsanto (2018) that common ownership must be taken as an element of context in the appreciation of any significant impediment of effective competition under the EU Merger Regulation. It is submitted in this article, (…)</p> </div> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/authors/laurence-bary">Laurence Bary</a></span></span> <strong class="h6-like entry-title"><a href="en/review/issues/no-2-2019/pratiques/common-ownership-a-practitioner-s-view-en" rel="bookmark">Common ownership: A practitioner’s view</a></strong> <p class="publication"><time pubdate="pubdate" datetime="2019-04-30T22:00:00Z">May 2019</time></p> <div class="crayon article-intro-89881 introduction entry-content"> <p>Common ownership has become a hot topic in antitrust. Until recently, though, it remained largely a theoretical debate. The merger control decisions issued by the European Commission in Dow/DuPont and Bayer/Monsanto, however, have suddenly made it a real concern for companies – even though the (…)</p> </div> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/authors/douglas-h-ginsburg">Douglas H. 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We believe the argument for antitrust (…)</p> </div> </article></div> </div> </div> </div> </section> <section class="subsection related-section related-articles scrollable-anchor"> <h2 class="section__heading" id="related-events"> <span>Events</span> </h2> <div class="liste articles articles-related"> <div class="liste-items"> <div class='ajaxbloc' data-ajax-env='1yXTRhW9u6jRg7ds+nus+aF5h95f37PRJyzGh+KC8X4UbL3R7WT57tnWu08SajnlWWyxgLfVRdLCM2ftkOL/PlfHiS0yuZ7JcBpXkaGRM9Mx+rqSjpG/GNBWhCybc318f07eMI+BUGDJSzZh/N+pNPLb3cdVBK3phAZlhbAaJYiKVxWz4WfZOpZaxeENMR7ShSdpL2J54z/pmAZLNnhh4DrhRuYYDJFjiefVS6zvoLuJIFV6wZ07srTRow5YDfrTpl5eYTlaXLmJ04x4cTqOtptNjNZNBzLRoNEB9MZJOCEq091qg3pv6Dqo54vvHdqdBhBWtGEjuCbYMLI+gcsLEfXwkJhC0TBqRQ==' data-origin="//en/dictionary/minority-shareholdings-89176"> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/authors/richard-s-taffet">Richard S. Taffet</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/james-a-keyte">James A. Keyte</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteurs/makan-delrahim">Makan Delrahim</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteur/rainer-schwabe">Rainer Schwabe</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/nicole-kar">Nicole Kar</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/elai-katz">Elai Katz</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteurs/graeme-brooks">Graeme Brooks</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/scott-hemphill">Scott Hemphill</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteurs/michael-cragg">Michael Cragg</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteurs/psgillespie2012-gmail-com">Phillip Gillespie</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/jon-r-roellke">Jon R. Roellke</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteur/jonathan-r-lutinski">Jonathan R. Lutinski</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteurs/dean-v-hoffman-jpmchase-com">Dean Hoffman</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteurs/d-scott-tucker">Scott Tucker</a></span></span> <strong class="h6-like entry-title"><a href="en/events/antitrust-in-the-financial-sector-hot-issues-global-perspectives-89252-en" rel="bookmark">Antitrust in the Financial Sector: Hot Issues & Global Perspectives</a></strong> <p class="publication"><time pubdate="pubdate" datetime="2019-05-01T12:20:00Z">1 May 2019</time></p> <div class="crayon article-intro-89252 introduction entry-content"><p>Annual Concurrences + Morgan Lewis conference held at Fordham University Law School with the support of The Brattle Group, Cornerstone Research, and Linklaters.</p></div> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/authors/alvaro-ramos">Alvaro Ramos</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/ben-graham">Ben Graham</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/catriona-hatton">Catriona Hatton</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/frank-maier-rigaud">Frank P. Maier-Rigaud</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/georg-m-berrisch">Georg M. Berrisch</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/james-kress">James Kress</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/johannes-luebking">Johannes Lübking</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteur/Joseph-Ostoyich">Joseph Ostoyich</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/marc-barennes">Marc Barennes</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/maria-blanca-rodriguez-galindo">Maria-Blanca Rodriguez Galindo</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteur/Paul-Cuomo">Paul Cuomo</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/paul-lugard">Paul Lugard</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/sheldon-mills">Sheldon Mills</a></span></span> <strong class="h6-like entry-title"><a href="en/events/upcoming-events/global-antitrust-hot-topics-eu-us-global-perspectives-67392" rel="bookmark">Global Antitrust Hot Topics: EU, US & Global Perspectives</a></strong> <p class="publication"><time pubdate="pubdate" datetime="2015-06-02T16:15:30Z">2 June 2015</time></p> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/auteur/Ana-Paula-Martinez">Ana Paula Martinez</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteurs/carel-maske">Carel Maske</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/ethel-fonseca">Ethel Fonseca</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteur/Geeta-Gouri">Geeta Gouri</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/jay-modrall">Jay Modrall</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteurs/john-davies">John Davies</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteur/Marc-Waha">Marc Waha</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/maria-blanca-rodriguez-galindo">Maria-Blanca Rodriguez Galindo</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteur/Marianne-Wagener">Marianne Wagener</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/mark-griffiths">Mark Griffiths</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteur/Michael-Jurgen-Werner">Michael Jurgen Werner</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteur/Richard-Murgatroyd">Richard Murgatroyd</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/auteurs/san-sau-fung">San Sau Fung</a></span></span> <strong class="h6-like entry-title"><a href="en/events/antitrust-in-emerging-markets" rel="bookmark">Antitrust in Emerging Markets </a></strong> <p class="publication"><time pubdate="pubdate" datetime="2014-10-28T11:00:00Z">28 October 2014</time></p> <div class="crayon article-intro-82902 introduction entry-content"><p>Half-day conference organized by Concurrences in partnership with Norton Rose Fulbright and RBB Economics.</p></div> </article></div> <div class="item short"> <article class="entry article hentry"> <span class="authors"><span class="vcard author"><a class="url fn spip_in" href="en/authors/alvaro-ramos">Alvaro Ramos</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/anna-vernet">Anna Vernet</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/ben-graham">Ben Graham</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/catriona-hatton">Catriona Hatton</a></span>, <span class="vcard author"><a class="url fn spip_in" href="en/authors/frank-maier-rigaud">Frank P. 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</div> </aside> </div> </section> <div class="index-overlay collapse" id="index"> <span class="arrow-top"></span> <button class="close">×</button> <div class="glossaire-index"> <div class="main"> <div class="index"> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#a" data-anchor="#a">a</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#b" data-anchor="#b">b</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#c" data-anchor="#c">c</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#d" data-anchor="#d">d</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#e" data-anchor="#e">e</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#f" data-anchor="#f">f</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#g" data-anchor="#g">g</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#h" data-anchor="#h">h</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#i" data-anchor="#i">i</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#j" data-anchor="#j">j</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#k" data-anchor="#k">k</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#l" data-anchor="#l">l</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#m" data-anchor="#m">m</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#n" data-anchor="#n">n</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#o" data-anchor="#o">o</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#p" data-anchor="#p">p</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#r" data-anchor="#r">r</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#s" data-anchor="#s">s</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#t" data-anchor="#t">t</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#u" data-anchor="#u">u</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#v" data-anchor="#v">v</a> <a class="lettre" href="//en/dictionary/minority-shareholdings-89176#w" data-anchor="#w">w</a> </div> </div> <div class="row entree" id="a"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">a</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/absolute-territorial-protection">Absolute territorial protection </a> <span class="sep">•</span> <a href="en/dictionary/abuse-of-dominant-position-en">Abuse of dominant position</a> <span class="sep">•</span> <a href="en/dictionary/abuse-of-economic-dependence">Abuse of economic dependence</a> <span class="sep">•</span> <a href="en/dictionary/access-to-the-file-en">Access to the file</a> <span class="sep">•</span> <a href="en/dictionary/actual-competitor">Actual competitor </a> <span class="sep">•</span> <a href="en/dictionary/administered-prices">Administered prices</a> <span class="sep">•</span> <a href="en/dictionary/advisory-committee-118302">Advisory committee</a> <span class="sep">•</span> <a href="en/dictionary/agent-en">Agent</a> <span class="sep">•</span> <a href="en/dictionary/agreement-notion-en">Agreement (notion)</a> <span class="sep">•</span> <a href="en/dictionary/ai-collusion-algorithm">AI Collusion (Algorithm)</a> <span class="sep">•</span> <a href="en/dictionary/AKZO-Procedure">AKZO Procedure </a> <span class="sep">•</span> <a href="en/dictionary/amicus-curiae">Amicus curiae</a> <span class="sep">•</span> <a href="en/dictionary/ancillary-restraints">Ancillary restraints </a> <span class="sep">•</span> <a href="en/dictionary/annulment">Annulment</a> <span class="sep">•</span> <a href="en/dictionary/anticompetitive-market-distortions">Anticompetitive Market Distortions</a> <span class="sep">•</span> <a href="en/dictionary/anticompetitive-object-or-effect-en">Anticompetitive object or effect</a> <span class="sep">•</span> <a href="en/dictionary/anticompetitive-practices">Anticompetitive practices</a> <span class="sep">•</span> <a href="en/dictionary/Antitrust">Antitrust</a> <span class="sep">•</span> <a href="en/dictionary/applicable-law">Applicable law</a> <span class="sep">•</span> <a href="en/dictionary/arbitration">Arbitration</a> <span class="sep">•</span> <a href="en/dictionary/article-11-letter">Article 11 letter </a> <span class="sep">•</span> <a href="en/dictionary/artificial-intelligence">Artificial Intelligence </a> <span class="sep">•</span> <a href="en/dictionary/aec-as-efficient-competitor-principle-and-test">As-Efficient Competitor (AEC)</a> </div> </div> </div> <div class="row entree" id="b"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">b</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/barriers-to-entry-en">Barriers to entry</a> <span class="sep">•</span> <a href="en/dictionary/bertrand-nash-equilibrium">Bertrand (Nash) equilibrium</a> <span class="sep">•</span> <a href="en/dictionary/bid-rigging">Bid rigging</a> <span class="sep">•</span> <a href="en/dictionary/block-exemption-regulation">Block exemption (Regulation) </a> <span class="sep">•</span> <a href="en/dictionary/boycott">Boycott</a> <span class="sep">•</span> <a href="en/dictionary/brand-competition-en">Brand competition</a> <span class="sep">•</span> <a href="en/dictionary/bundling">Bundling</a> <span class="sep">•</span> <a href="en/dictionary/burden-of-proof">Burden of proof</a> <span class="sep">•</span> <a href="en/dictionary/buyer-power">Buyer power </a> </div> </div> </div> <div class="row entree" id="c"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">c</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/cartel">Cartel </a> <span class="sep">•</span> <a href="en/dictionary/clearance-phase-ii-merger">Clearance phase II (merger)</a> <span class="sep">•</span> <a href="en/dictionary/collecting-society">Collecting society </a> <span class="sep">•</span> <a href="en/dictionary/collective-dominance">Collective dominance</a> <span class="sep">•</span> <a href="en/dictionary/collective-redress-class-action">Collective redress (class action)</a> <span class="sep">•</span> <a href="en/dictionary/comity">Comity </a> <span class="sep">•</span> <a href="en/dictionary/commission-communication">Commission communication</a> <span class="sep">•</span> <a href="en/dictionary/competence">Competence </a> <span class="sep">•</span> <a href="en/dictionary/competition-policy-89181">Competition policy</a> <span class="sep">•</span> <a href="en/dictionary/complaint">Complaint </a> <span class="sep">•</span> <a href="en/dictionary/Compliance-programme">Compliance programme </a> <span class="sep">•</span> <a href="en/dictionary/compulsory-license">Compulsory license</a> <span class="sep">•</span> <a href="en/dictionary/concentration-indexes-en">Concentration indexes</a> <span class="sep">•</span> <a href="en/dictionary/concerted-practices-en">Concerted practices</a> <span class="sep">•</span> <a href="en/dictionary/concession-86056">Concession</a> <span class="sep">•</span> <a href="en/dictionary/concurrent-jurisdiction">Concurrent jurisdiction</a> <span class="sep">•</span> <a href="en/dictionary/Consortium-12192">Consortium </a> <span class="sep">•</span> <a href="en/dictionary/consumer-protection">Consumer protection</a> <span class="sep">•</span> <a href="en/dictionary/consumers-associations-en">Consumers’ associations</a> <span class="sep">•</span> <a href="en/dictionary/control-change">Control (change)</a> <span class="sep">•</span> <a href="en/dictionary/control-notion">Control (notion)</a> <span class="sep">•</span> <a href="en/dictionary/cooperation-between-competition-authorities-en">Cooperation between competition authorities</a> <span class="sep">•</span> <a href="en/dictionary/coordinated-effects">Coordinated effects</a> <span class="sep">•</span> <a href="en/dictionary/copyright">Copyright</a> <span class="sep">•</span> <a href="en/dictionary/corruption">Corruption</a> <span class="sep">•</span> <a href="en/dictionary/cost-based-access">Cost-based access</a> <span class="sep">•</span> <a href="en/dictionary/cournot-nash-equilibrium">Cournot (Nash) equilibrium</a> <span class="sep">•</span> <a href="en/dictionary/criminal-sanctions">Criminal sanctions</a> <span class="sep">•</span> <a href="en/dictionary/cross-subsidisation">Cross subsidisation </a> </div> </div> </div> <div class="row entree" id="d"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">d</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/damages">Damages</a> <span class="sep">•</span> <a href="en/dictionary/de-minimis-notice">De minimis notice</a> <span class="sep">•</span> <a href="en/dictionary/digital-markets-act">Digital Markets Act</a> <span class="sep">•</span> <a href="en/dictionary/direct-effect">Direct effect</a> <span class="sep">•</span> <a href="en/dictionary/discriminatory-practices">Discriminatory practices</a> <span class="sep">•</span> <a href="en/dictionary/distribution-agreement">Distribution agreement</a> <span class="sep">•</span> <a href="en/dictionary/divestiture">Divestiture</a> <span class="sep">•</span> <a href="en/dictionary/dominance-notion">Dominance (notion)</a> <span class="sep">•</span> <a href="en/dictionary/downstream-market-117440">Downstream market</a> </div> </div> </div> <div class="row entree" id="e"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">e</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/echr">ECHR</a> <span class="sep">•</span> <a href="en/dictionary/economic-analysis">Economic analysis</a> <span class="sep">•</span> <a href="en/dictionary/economic-efficiency">Economic efficiency</a> <span class="sep">•</span> <a href="en/dictionary/economies-of-scale">Economies of scale </a> <span class="sep">•</span> <a href="en/dictionary/ecosystem-failures">Ecosystem Failures</a> <span class="sep">•</span> <a href="en/dictionary/effect-on-trade-between-member-states">Effect on trade between Member States</a> <span class="sep">•</span> <a href="en/dictionary/effective-judicial-protection">Effective judicial protection</a> <span class="sep">•</span> <a href="en/dictionary/effects-doctrine-118100">Effects doctrine</a> <span class="sep">•</span> <a href="en/dictionary/efta-surveillance-authority-esa-court">EFTA Surveillance Authority (ESA) & Court </a> <span class="sep">•</span> <a href="en/dictionary/environmental-protection-en">Environmental protection</a> <span class="sep">•</span> <a href="en/dictionary/error-costs-108946">Error costs</a> <span class="sep">•</span> <a href="en/dictionary/essential-facility">Essential facility</a> <span class="sep">•</span> <a href="en/dictionary/european-competition-network-ecn-en">European Competition Network (ECN)</a> <span class="sep">•</span> <a href="en/dictionary/excessive-prices-en">Excessive prices</a> <span class="sep">•</span> <a href="en/dictionary/exchange-of-information">Exchanges of information</a> <span class="sep">•</span> <a href="en/dictionary/exclusionary-practice">Exclusionary practice </a> <span class="sep">•</span> <a href="en/dictionary/Exclusive-distribution-12218">Exclusive distribution </a> <span class="sep">•</span> <a href="en/dictionary/exclusive-purchasing-en">Exclusive purchasing agreement</a> <span class="sep">•</span> <a href="en/dictionary/exclusive-right-art-106-tfeu">Exclusive right (Art. 106 TFEU)</a> <span class="sep">•</span> <a href="en/dictionary/exclusivity-clause">Exclusivity clause</a> <span class="sep">•</span> <a href="en/dictionary/Exhaustion">Exhaustion </a> <span class="sep">•</span> <a href="en/dictionary/Extra-territoriality">Extra-territoriality</a> </div> </div> </div> <div class="row entree" id="f"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">f</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/Failing-firm-defence">Failing firm defence</a> <span class="sep">•</span> <a href="en/dictionary/fidelity-rebates">Fidelity rebates</a> <span class="sep">•</span> <a href="en/dictionary/Fine">Fine</a> <span class="sep">•</span> <a href="en/dictionary/fintech">Fintech</a> <span class="sep">•</span> <a href="en/dictionary/foreclosure-117887">Foreclosure</a> <span class="sep">•</span> <a href="en/dictionary/foreign-direct-investment-fdi">Foreign direct investment (FDI)</a> <span class="sep">•</span> <a href="en/dictionary/foreign-subsidies">Foreign Subsidies</a> <span class="sep">•</span> <a href="en/dictionary/form-co">Form CO (EU) </a> <span class="sep">•</span> <a href="en/dictionary/frand">FRAND</a> <span class="sep">•</span> <a href="en/dictionary/Free-riding">Free riding </a> </div> </div> </div> <div class="row entree" id="g"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">g</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/geographic-market">Geographic market</a> <span class="sep">•</span> <a href="en/dictionary/corporate-group">Group of undertakings</a> <span class="sep">•</span> <a href="en/dictionary/group-purchasing-organization">Group purchasing organization</a> <span class="sep">•</span> <a href="en/dictionary/guidelines-119080">Guidelines</a> <span class="sep">•</span> <a href="en/dictionary/gun-jumping">Gun jumping</a> </div> </div> </div> <div class="row entree" id="h"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">h</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/hard-core-restrictions">Hard core restrictions</a> <span class="sep">•</span> <a href="en/dictionary/Hearing-officer">Hearing officer </a> <span class="sep">•</span> <a href="en/dictionary/horizontal-agreement">Horizontal cooperation agreement</a> <span class="sep">•</span> <a href="en/dictionary/hsr-filing-us-108854">HSR Filing (US)</a> </div> </div> </div> <div class="row entree" id="i"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">i</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/independence-and-impartiality">Independence and impartiality</a> <span class="sep">•</span> <a href="en/dictionary/individual-exemption-86377">Individual exemption</a> <span class="sep">•</span> <a href="en/dictionary/industrial-policy">Industrial policy</a> <span class="sep">•</span> <a href="en/dictionary/intellectual-property-right-en">Intellectual property right</a> <span class="sep">•</span> <a href="en/dictionary/inter-brand-competition">Inter-brand competition </a> <span class="sep">•</span> <a href="en/dictionary/Interim-measures">Interim measures </a> <span class="sep">•</span> <a href="en/dictionary/international-co-operation">International co-operation </a> <span class="sep">•</span> <a href="en/dictionary/international-competition-network-icn">International competition network (ICN) </a> <span class="sep">•</span> <a href="en/dictionary/investigations-inquiries-en">Investigations / inquiries</a> </div> </div> </div> <div class="row entree" id="j"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">j</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/judicial-review">Judicial review</a> </div> </div> </div> <div class="row entree" id="k"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">k</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/Know-how">Know-how </a> </div> </div> </div> <div class="row entree" id="l"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">l</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/legal-privilege">Legal privilege</a> <span class="sep">•</span> <a href="en/dictionary/Leniency-programme">Leniency</a> <span class="sep">•</span> <a href="en/dictionary/lerner-index">Lerner index</a> <span class="sep">•</span> <a href="en/dictionary/letter-of-formal-notice-118055">Letter of formal notice </a> <span class="sep">•</span> <a href="en/dictionary/licensing">Licensing</a> <span class="sep">•</span> <a href="en/dictionary/limitation-period-119083">Limitation Period </a> </div> </div> </div> <div class="row entree" id="m"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">m</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/margin-squeeze">Margin squeeze</a> <span class="sep">•</span> <a href="en/dictionary/marginal-costs">Marginal costs </a> <span class="sep">•</span> <a href="en/dictionary/market-economy-investor">Market economy investor</a> <span class="sep">•</span> <a href="en/dictionary/market-power">Market power</a> <span class="sep">•</span> <a href="en/dictionary/market-share">Market share </a> <span class="sep">•</span> <a href="en/dictionary/media-pluralism">Media pluralism</a> <span class="sep">•</span> <a href="en/dictionary/merger-notion-12318-en">Merger (notion)</a> <span class="sep">•</span> <a href="en/dictionary/merger-prohibition">Merger (prohibition)</a> <span class="sep">•</span> <a href="en/dictionary/merger-withdrawal-118046">Merger (withdrawal)</a> <span class="sep">•</span> <a href="en/dictionary/Merger-control-procedure">Merger control procedure </a> <span class="sep">•</span> <a href="en/dictionary/merger-remedies-100323">Merger remedies</a> <span class="sep">•</span> <a href="en/dictionary/minority-shareholdings-89176">Minority shareholdings</a> <span class="sep">•</span> <a href="en/dictionary/misinformation">Misinformation</a> <span class="sep">•</span> <a href="en/dictionary/mobility-barriers-117741">Mobility Barriers</a> <span class="sep">•</span> <a href="en/dictionary/Monopoly">Monopoly </a> </div> </div> </div> <div class="row entree" id="n"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">n</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/ne-bis-in-idem-86490">Ne bis in idem</a> <span class="sep">•</span> <a href="en/dictionary/negative-clearance-118047">Negative clearance</a> <span class="sep">•</span> <a href="en/dictionary/Network-effect">Network effect </a> <span class="sep">•</span> <a href="en/dictionary/non-compete-obligation-12156-en">Non-compete obligation </a> <span class="sep">•</span> <a href="en/dictionary/non-horizontal-mergers">Non-Horizontal Mergers </a> <span class="sep">•</span> <a href="en/dictionary/notification-12310">Notification</a> <span class="sep">•</span> <a href="en/dictionary/nullity">Nullity </a> </div> </div> </div> <div class="row entree" id="o"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">o</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/oligopoly">Oligopoly </a> <span class="sep">•</span> <a href="en/dictionary/online-platforms">Online Platforms</a> </div> </div> </div> <div class="row entree" id="p"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">p</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/parallel-imports-parallel-trade-en">Parallel imports (parallel trade)</a> <span class="sep">•</span> <a href="en/dictionary/passing-on-en">Passing-on</a> <span class="sep">•</span> <a href="en/dictionary/Passive-sales">Passive sales </a> <span class="sep">•</span> <a href="en/dictionary/patents">Patents</a> <span class="sep">•</span> <a href="en/dictionary/pay-for-delay">Pay-for-delay</a> <span class="sep">•</span> <a href="en/dictionary/periodic-penalty-payment">Periodic penalty payment</a> <span class="sep">•</span> <a href="en/dictionary/potential-competition">Potential competition </a> <span class="sep">•</span> <a href="en/dictionary/predatory-pricing">Predatory pricing</a> <span class="sep">•</span> <a href="en/dictionary/preliminary-rulings-art-267-tfue">Preliminary ruling (Art. 267 TFUE) </a> <span class="sep">•</span> <a href="en/dictionary/price-discrimination-en">Price discrimination </a> <span class="sep">•</span> <a href="en/dictionary/price-leadership">Price leadership</a> <span class="sep">•</span> <a href="en/dictionary/price-signaling">Price signalling</a> <span class="sep">•</span> <a href="en/dictionary/price-fixing-agreement">Price-fixing agreement</a> <span class="sep">•</span> <a href="en/dictionary/prices-en">Prices</a> <span class="sep">•</span> <a href="en/dictionary/principle-of-equal-treatment">Principle of equal treatment</a> <span class="sep">•</span> <a href="en/dictionary/principle-of-equivalence">Principle of equivalence</a> <span class="sep">•</span> <a href="en/dictionary/principle-of-proportionality">Principle of proportionality</a> <span class="sep">•</span> <a href="en/dictionary/privacy-and-data-protection">Privacy and data protection</a> <span class="sep">•</span> <a href="en/dictionary/private-enforcement">Private enforcement</a> <span class="sep">•</span> <a href="en/dictionary/privatization-en">Privatization</a> <span class="sep">•</span> <a href="en/dictionary/procedural-autonomy">Procedural autonomy</a> <span class="sep">•</span> <a href="en/dictionary/professional-association-86373-en">Professional association</a> <span class="sep">•</span> <a href="en/dictionary/public-procurement">Public procurement</a> <span class="sep">•</span> <a href="en/dictionary/Public-undertaking">Public undertaking</a> </div> </div> </div> <div class="row entree" id="r"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">r</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/r-d-agreement">R&D agreement</a> <span class="sep">•</span> <a href="en/dictionary/case-referral-system-mergers">Referral (merger)</a> <span class="sep">•</span> <a href="en/dictionary/refusal-to-deal">Refusal to deal</a> <span class="sep">•</span> <a href="en/dictionary/the-registry-of-the-general-court-of-the-european-union">Registry of the General Court of the European Union</a> <span class="sep">•</span> <a href="en/dictionary/Relevant-market">Relevant market</a> <span class="sep">•</span> <a href="en/dictionary/remedies-antitrust-en">Remedies (antitrust)</a> <span class="sep">•</span> <a href="en/dictionary/request-for-information">Request for information</a> <span class="sep">•</span> <a href="en/dictionary/resale-below-cost-en">Resale below cost </a> <span class="sep">•</span> <a href="en/dictionary/resale-price-maintenance-rpm">Resale price maintenance (RPM)</a> <span class="sep">•</span> <a href="en/dictionary/restriction-on-exportation">Restriction on exportation </a> <span class="sep">•</span> <a href="en/dictionary/rule-of-reason">Rule of reason</a> </div> </div> </div> <div class="row entree" id="s"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">s</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/sunk-costs-117836"> Sunk Costs </a> <span class="sep">•</span> <a href="en/dictionary/sector-inquiry">Sector inquiry</a> <span class="sep">•</span> <a href="en/dictionary/selective-distribution">Selective distribution </a> <span class="sep">•</span> <a href="en/dictionary/self-preference-111802">Self-Preference</a> <span class="sep">•</span> <a href="en/dictionary/Services-of-general-economic">Services of general economic interest </a> <span class="sep">•</span> <a href="en/dictionary/Single-branding">Single branding </a> <span class="sep">•</span> <a href="en/dictionary/sole-control">Sole control</a> <span class="sep">•</span> <a href="en/dictionary/specialization-agreements">Specialization agreements </a> <span class="sep">•</span> <a href="en/dictionary/Spill-over-effects">Spill-over effects </a> <span class="sep">•</span> <a href="en/dictionary/standard-essential-patent-sep">Standard-Essential Patent (SEP)</a> <span class="sep">•</span> <a href="en/dictionary/state-action-defense">State action defence</a> <span class="sep">•</span> <a href="en/dictionary/state-aid-compatibility">State aid (compatibility)</a> <span class="sep">•</span> <a href="en/dictionary/state-aid-existing-aid">State aid (existing aid) </a> <span class="sep">•</span> <a href="en/dictionary/state-aid-notification-en">State aid (notification)</a> <span class="sep">•</span> <a href="en/dictionary/state-aid">State aid (notion)</a> <span class="sep">•</span> <a href="en/dictionary/state-aid-recovery">State aid (recovery) </a> <span class="sep">•</span> <a href="en/dictionary/state-aid-unlawful-aid">State aid (unlawful aid) </a> <span class="sep">•</span> <a href="en/dictionary/State-measure">State measure </a> <span class="sep">•</span> <a href="en/dictionary/Statement-of-objections-SO">Statement of objections (SO) </a> <span class="sep">•</span> <a href="en/dictionary/Substitutability">Substitutability </a> <span class="sep">•</span> <a href="en/dictionary/sustainability">Sustainability</a> <span class="sep">•</span> <a href="en/dictionary/switching-costs">Switching Costs</a> </div> </div> </div> <div class="row entree" id="t"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">t</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/technology-transfer">Technology transfer</a> <span class="sep">•</span> <a href="en/dictionary/test-siec-merger-en">Test SIEC (merger)</a> <span class="sep">•</span> <a href="en/dictionary/merger-slc-src-sdc-tests">Test SLC (merger)</a> <span class="sep">•</span> <a href="en/dictionary/tipping">Tipping</a> <span class="sep">•</span> <a href="en/dictionary/business-secrets">Trade Secrets</a> <span class="sep">•</span> <a href="en/dictionary/trademark">Trademark</a> <span class="sep">•</span> <a href="en/dictionary/trustee-mergers-en">Trustee (mergers)</a> <span class="sep">•</span> <a href="en/dictionary/turnover-threshold-merger">Turnover threshold (merger)</a> <span class="sep">•</span> <a href="en/dictionary/two-sided-market">Two-sided market</a> </div> </div> </div> <div class="row entree" id="u"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">u</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/undertaking-notion">Undertaking (notion)</a> <span class="sep">•</span> <a href="en/dictionary/unfair-competition">Unfair competition</a> <span class="sep">•</span> <a href="en/dictionary/universal-service-118054">Universal Service</a> <span class="sep">•</span> <a href="en/dictionary/upstream-market">Upstream market </a> </div> </div> </div> <div class="row entree" id="v"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">v</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/variable-costs">Variable costs </a> <span class="sep">•</span> <a href="en/dictionary/Vertical-agreement">Vertical agreement</a> <span class="sep">•</span> <a href="en/dictionary/vertical-restraints-or-restrictions">Vertical restraints (or restrictions)</a> </div> </div> </div> <div class="row entree" id="w"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">w</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/White-clause">White clause</a> <span class="sep">•</span> <a href="en/dictionary/withdrawal-of-the-benefit-of-a-block-exemption">Withdrawal (of the benefit of a block exemption)</a> </div> </div> </div> </div> </div> </article> <script type="text/javascript"> jQuery(function(){ // hack on appelle 1 scrollspy sur body et 1 sur window pour pas les melanger jQuery(window).scrollspy({ target: 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