Key Points
• Although of great practical importance for businesses and their advisors, the treatment of non-controlling and controlling minority shareholdings under the EU competition rules lacks consistency and guidance.
• The authors argue that a more harmonized approach does not require an amendment of the EU Merger Regulation; rather, Art 101 TFEU can and should be applied in appropriate cases.
• The Austrian Supreme Court in the Austrian Drugstore case missed the opportunity to ask the Court of Justice for clarification on the applica-
bility of Art 101 TFEU in relation to a minority shareholder.