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Interests in Competitors

Minority interests are a way of structural link between competitors, which occurs when a company, directly or indirectly, owns shares or participates in the capital stock of a competitor. These participations, as well as mergers and cooperation agreements between competitors, produce unilateral risks – such as the reduction of incentives to competition – and coordinated risks – such as access to sensitive information.

Article 4 bis of DL 211 establishes a legal obligation to inform the FNE of all those interests in competitors that meet the following requirements:

  • i) That the participation is in more than 10% of the share capital of the competing company.
  • ii) That both the acquirer and the acquiree, or indistinctly each business group, have exceeded 100,000 UTM in revenues during the last calendar year.

To facilitate compliance with this notification, the FNE has made available the following form:

ONLINE FORM (in Spanish)