Do you need to notify a change from sole to joint control over an existing undertaking when the newly created joint venture is not full-function?
This question has been the subject of much debate with the European Commission’s case teams and has poisoned the life of companies and merger control practitioners for over a decade. In a much awaited judgement (September 7, 2017, Austria Asphalt, C-248/16), the EU Court of Justice finally answered the question, stating that non full-function joint ventures are not subject to EU merger control.
This is a very welcome clarification of the rules for companies and their advisers, which will bring much needed legal certainty to some of their transactions. To read the full article click here.