This article examines the consequences for the production strategies of firms in an oligopolistic industry of silent and controlling stakes in rivals. We show that, even when they are non-controlling, stake always lead to a decrease in aggregate welfare.
CHARLETY-LEPERS, P., FAGART, M.C. and SOUAM, S. (2003). Real Market Concentration through Partial Acquisitions. In: 20th International Meeting of French Finance Association (AFFI). Association Française de Finance (AFFI).