Kontrol Sağlamayan Azınlık Payı Devralmaları: Rekabet Politikası Açısından Değerlendirme

Yıl 2016, Sayı: 66, 4 - 58, 01.12.2016

Cihan Doğan

Öz

Birleşme veya devralma işlemlerinin 2010/4 Sayılı Tebliğ kapsamında Rekabet Kurulu’nun iznine tabi olabilmesi için, işlem neticesinde kontrolde kalıcı bir değişiklik yaratmış olması aranmaktadır. Fakat, kontrolde kalıcı değişiklik sonucunu doğurmayan ve özellikle faaliyet gösterdikleri pazarlar arasında yatay ya da dikey örtüşme bulunan teşebbüsler arasında gerçekleşen azınlık pay devirleri, iktisadi teorinin de ortaya koyduğu üzere, ciddi rekabet hukuku endişeleri doğurabilecektir. Örnek kabilinden olmak üzere, rakip teşebbüsten alınan ve kontrol sağlamayan azınlık payları, devralan teşebbüste tek taraflı olarak fiyat artırma motivasyonu yaratabilecektir. Nitekim devralan teşebbüs fiyat artırma sonucu kaybedeceği muhtemel talebin bir kısmını, rakibinden devralmış olduğu azınlık payı dolayısıyla geri kazanabilecek ve bu sayede potansiyel bir fiyat artışı neticesinde toplam net kârını artırabilecektir. Bununla birlikte, rakip teşebbüsten alınan kontrol sağlamayan azınlık payı, devralan teşebbüsün kartelden sapma motivasyonunu düşürecek ve karteli daha sürdürülebilir kılacaktır. Nitekim devralan teşebbüs kartelden sapması durumunda azınlık payı sahibi olduğu rakip teşebbüsün göreceği zararın bir kısmına kendisi katlanmak durumunda kalacaktır

Anahtar Kelimeler

Birleşme ve Devralmalar, Azınlık Payı Devralınması, Tek

Acquisitions Of Non-Controlling Minority Shareholdings: Assessment From A Competition Policy Perspective

Öz

In order for a merger or an acquisition transaction to fall within the scope of Communiqué No. 2010/4, a permanent change in control is required. However, acquisition of non-controlling minority shareholdings could raise certain competition law concerns especially in cases where there is a horizontal or vertical overlap among the activities of the parties. To illustrate, an acquisition of non-controlling minority shareholding from a competitor could create an incentive for the acquirer to unilaterally increase its price since such acquisition will allow the acquirer to recapture some of its lost profits through the minority shareholding and thus will be able to gain more profit from a potential price increase. Similarly, an acquisition of non-controlling minority shareholding from a competitor could reduce the incentive of the acquirer to deviate from the cartel and thus enable the cartel to be more sustainable. Intuitively, the acquirer will have to bear some of the loss made by the other cartel participant in which it has minority shareholding

Anahtar Kelimeler

Merger and Acquisitions, Acquisition of Minority Shareholdings

Kaynakça

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