Panagiotis Fotis, Nikolaos Zevgolis, The Competitive Effects of Minority Shareholdings Legal and Economic Issues, Hart Publishing, 2016
The objective of the book is twofold. First, it presents the economics of minority shareholdings, under both merger and antitrust law. In particular, economic analysis provides both an overall assessment of Minority Shareholdings in the context of concentrations, and articles 101 and 102 of TFEU and the examination of the link between non controlling minority shareholdings, merger control and antitrust law.
Second, the book also provides a legal assessment and an analysis of selected case law. According to settled European case law, minority shareholdings are analysed not only under Regulation 139/2004, but also under article 101 TFEU and article 102 TFEU. Nevertheless, according to current enforcement practice at European and international levels, several national competition authorities have adopted different approaches. The million dollar question is whether the existing regulatory framework is sufficient to cover all possible cases.
In summary, the book will be a useful tool for students, practitioners, researchers, economic and legal experts and competition authorities. It provides a comprehensive survey of the subject, which has been missing until now, and answers many questions that have been raised in the literature in the last decades.
Panagiotis Fotis is the Head of the Directorate of Economic Analysis of the Hellenic Competition Commission.
Nikolaos Zevgolis is a legal expert in the Directorate of Legal Services of the Hellenic Competition Commission and legal counsellor of the Alternate Minister of Finance.