#337 What Are the Risks of a Minority Shareholding? The European Commission’s Decision in Delivery Hero/Glovo

In June 2025, the European Commission announced a decision under which it fined two competing online food delivery companies a combined total of €329 million for cartel behaviour that took place while one company held a minority stake in the other company. The infringing behaviour included, among other things, exchanging competitively sensitive information “beyond what was needed for a corporate investor to protect a financial investment decision.” Does the Delivery Hero/Glovo decision suggest that minority shareholdings may be subject to stricter scrutiny going forward? Hosts Matthew Hall and Alicia Downey talk to Brussels-based competition lawyer Peter Camesasca about what the decision means and its practical implications for compliance counseling.

With special guest:

Peter D. Camesasca, Ph.D., Advokaat BVBA

Related Links:

• Peter Camesasca, Minority Stakes as a Conduit for Cartelization, and No Poach to Boot: The EU Decision in Delivery Hero/Glovo
• European Commission press release (2 June 2025)
• Commissioner Ribera remarks (2 June 2025)

Hosted by:

Matthew Hall, McGuireWoods London LLP and Alicia Downey, Downey Law LLC