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Minority shareholding in merger control

The European Commission launched a ‘call for input’ on minority shareholdings and merger control. At the moment, a company acquiring a minority stake of a target company without gaining its control is not subject to EU merger rules. However, economic theory suggests that even in absence of control, such an acquisition may have negative welfare effects, for example by reducing the incentive to compete or by facilitating collusion within the market.

The European Commission will propose a new refined merger framework with the aim of taking those potential effects into account. The ‘call for input’ will give a chance to civil society to debate on these issues and provide the European Commission with feedback on the proposed text.

During this Competition Policy Lab seminar, representatives of the Directorate General for Competition: Johannes Luebking, Head of Unit in charge of merger case support and policy, and Giulio Federico, Chief Economist team, introduced the EC draft proposal. Prof. Yossi Spiegel from Tel Aviv University offered comments to trigger discussion.

Event materials

  • Event summary download
  • Giulio Federico, The Economic Effects of Minority Stakes, presentation download
  • Johannes Lübking, Towards more effective EU merger control: Minority Shareholdings, presentation download
  • Yossi Spiegel, Structural links, presentation download


  • Johannes Luebking, European Commission
  • Giulio Federico, European Commission
  • Discussant - Yossi Spiegel, Tel Aviv University
  • Chair - Mario Mariniello, Bruegel

Practical details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Brussels
  • Time: Thursday 18 July 2013, 12:00 - 13:15 (A light lunch will be served after the event)
  • Contact: Matilda Sevón, Events Coordinator - matilda.sevon[at]bruegel.org