Competitive Effects of Non-Controlling Minority Acquisitions – Sufficient to merit further EU merger regulation?

Partial ownership interests are a widespread phenomenon in modern corporate environment. Unless minority shareholding affords the target to exercise control over the target, they do currently not have to be notified to the European Commission under EU merger regime. However, economic research has long suggested that when linking competing or non-horizontally positioned undertakings particularly in industries with few competitors, minority shareholdings even far below the majority of shares or voting rights could lead to higher prices or lower output volumes to the detriment of consumers. The Commission has recognized this issue and proceeded to suggest an extension of the merger regime to catch also certain non-controlling minority acquisitions. Horizontal non-controlling minority shareholdings create a positive correlation between the sales revenues of the partial acquirer and target. Through the equity interest the acquirer will internalise a fraction, proportional to the financial rights attached to the shareholding, of the profit of the target. This will incentivise the acquirer to contribute to increasing the target’s business profits by increasing its own sales price (horizontal unilateral effects). When a minority stake is held in a vertically related or a conglomerate company, the minority acquirer could be allowed to hamper or eliminate the target’s rivals’ access either to inputs (input foreclosure) or customers (customer foreclosure), depending on which level of the supply chain the parties are (vertical unilateral effects). Under certain circumstances minority share acquisitions could also lessen competition because they facilitate collusion between companies active in the market (coordinated effects). Economic theory confirms that non-controlling minority shareholdings may under certain circumstances create anti-competitive effects that are unlikely to be remedies by pro-competitive effects. However, they are likely to be of less significant nature than anticompetitive effects created by full mergers. This derives fore mostly from the fact that a minority share acquirer carries all the costs associated with its unilateral action but will internalise only a fraction of the lost profits. This is likely to limit the acquirer’s incentive to raise price and the profitability of such behavior. Having in mind that the number of potentially problematic cases is expected to be next to negligible, the limited potential competitive effects of non-controlling minority share acquisitions cannot be seen to clearly merit extension of the scope of the EUMR. The system suggested by the Commission is particularly ill-fitted for such purpose given the clear lack of legal certainty and considerable administrative burden associated with it.

Choosing the service support model after a merger: Case Are Ltd.

The meaning of information technology (IT) and information systems have increased during the last few years. This is mainly because business is nowadays seen more and more as a service business and IT is one of the key elements to support those business services. Since the meaning of IT services has increased also the meaning of IT service support should be a factor paid more attention to. Especially after a merger and acquisition (M&A) it is more important than ever to consider service support. The purpose of this study is to discover the best practices for choosing a suitable service support model. The research question is How to choose a service support organization model for the ERP service desk function after a merger? A qualitative method is selected as a research method. This thesis includes two parts: a literature review and a case study. Theoretical part compiles an integrated model of previous research on the topic. It consists a collection of academic articles, publications and reports. The empirical part focuses on the issues in the case organization. That part tries to answer the question: what would be the most suitable service support model for the case organization? The empirical part is conducted by interviewing the employees of the case organization. This study finds that even though there are many ways of selecting a service support model it is difficult to define an unambiguous guidelines. However, there are few main objectives that should be taken into account regardless the case. Especially by using ITIL processes it is possible to implement a comprehensive service support and raise overall awareness of the existing service support models. The main functions that need to be taken into account are nature, industry and size of the organization. Also the business strategy, goals and resources need to be considered. These are the same factors that are noticed in the case study as well. The suggestions for the case organization are presented based on the interviews and the literature review.

La résilience des familles endeuillées par le suicide d'un adolescent : émerger malgré la blessure indélébile

Cette étude vise à comprendre et à expliquer la résilience des familles endeuillées par le suicide d’un adolescent . Lorsque le suicide d’un adolescent survient, comme il s’agit d’une mort violente, inattendue, auto-infligée et qu’elle ne s’inscrit pas dans l’ordre normal de la vie, la famille est confrontée à une situation de crise qui nécessite, de sa part, une mobilisation importante d’énergie. On remarque que, malgré cette épreuve, la plupart des familles continuent à fonctionner. Le concept de résilience familiale qui fait référence à la capacité d’une famille de rebondir face à une situation de crise peut expliquer ce phénomène. C’est pourquoi le but de cette étude a été de proposer une théorie du processus de résilience à partir de ce que vivent les familles endeuillées par le suicide de leur adolescent. Le modèle McGill en soins infirmiers constitue la toile de fond théorique compte tenu de sa vision familiale, de sa croyance dans les forces de la famille et de l’importance du rôle de collaboration des infirmières. Pour atteindre le but de notre étude, une approche par théorisation ancrée, inspirée de la vision straussienne, a été choisie. L’échantillonnage théorique a été constitué de données obtenues à l’aide : d’entrevues semi structurées (13) avec les membres de sept familles rencontrés soit de façon individuelle, en couple ou en groupe (n=17 participants); de documents personnels remis par les participants (journal intime, homélie …); d’un questionnaire sociodémographique; et de notes de terrain. Une analyse comparative continue des données à travers une triple codification a permis de proposer une théorisation en profondeur du processus de résilience familiale suite au suicide d’un adolescent. Les principaux résultats indiquent que, dans un premier temps, la famille est confrontée à un cataclysme engendré par le suicide lui-même et influencé par le contexte familial, le contexte social et les émotions vécues. S’ensuit une période de naufrage plus ou moins importante compte tenu des bouées de sauvetage présentes au sein et dans l’entourage des familles. La présence de ces bouées intra et extrafamiliales permet un rebondissement plus ou moins rapide des familles. Par la suite, différentes actions intra et extrafamiliales permettent aux familles d’émerger malgré cette blessure indélébile, c’est-à-dire apprendre et grandir à travers cette expérience. L’analyse a également permis de dégager quatre types de résilience familiale selon que le rebondissement est rapide ou tardif et que l’émergence est continue ou non, soit le processus de résilience des familles énergiques centrifuge et centripète, de la famille stupéfaite, de la famille combattante et de la famille tenace. Cette étude permet d’approfondir la compréhension du vécu des familles endeuillées par le suicide d’un adolescent et d’aider les professionnels de la santé à mieux adapter leurs interventions en fonction des besoins des familles, des bouées de sauvetage présentes et des actions susceptibles de favoriser leur émergence.