The objective of this 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 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 Articles 101 and 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.

In most European countries upstream activities are assumed more concentrated compared to downstream segments wherein the level of effective competition and deregulation policies plays a crucial role. Globalized oil markets are not homogenous and the characteristics and the degree of competition differ even among the various sub segments of the same oil industry. The oil industry in the EU continues to be dominated by large, integrated and often multinational companies that are active in all stages of oil production (extraction, processing/refinement and retail). They can be distinguished into multinational majors and minimajors - multinational companies that limit their activities to few Member States. Other competitors, predominantly active at the national level. In the USA, the oil industry is dominated by large, multinational companies that are engaged in a wide range of business activities. However, their most important activities are related with the petroleum sector. Most of the oil companies are either fully vertically integrated or independent producers