Pyramids, defined by the High Level Group as chains of holding companies with the ultimate control based on a small total investment thanks to the extensive use of minority shareholders, raise a number of problems stemming from their lack of transparency.

Newscorp henceforth has control of the new company, with Telecom Italia holding a minority share.

64. Emphasises the crucial importance of active civil society participation in and contribution to processes of governance and societal transformation, recognising the need to include representatives of women's and minority groups in such processes; strongly supports greater engagement with civil society in these processes, both in terms of ever-greater outreach and a stronger emphasis on including the views of civil society in policy-making; welcomes in this respect all the EU programmes that aim at training yo ...[+++]ung professionals and simplifying student exchange programmes for third country nationals as these contribute effectively to the development of civil society; underlines the need for an independent structural and financial support for civil society; considers that, as in the case of the UPR process within the UNHRC, local and international civil society actors should be involved in the Commission's ENP progress reports by delivering separately their own assessment to be added to these reports; welcomes moves towards the establishment of the Civil Society Facility (CSF) and the European Endowment for Democracy, and calls for substantial funding for these in the forthcoming Multi-annual Financial Framework; and insists that, in future, civil society must be engaged so as to contribute directly through an institutionalised ‘civil society monitoring mechanism’;

62. Emphasises the crucial importance of active civil society participation in and contribution to processes of governance and societal transformation, recognising the need to include representatives of women‘s and minority groups in such processes; strongly supports greater engagement with civil society in these processes, both in terms of ever-greater outreach and a stronger emphasis on including the views of civil society in policy-making; welcomes in this respect all the EU programmes that aim at training yo ...[+++]ung professionals and simplifying student exchange programmes for third country nationals as these contribute effectively to the development of civil society; underlines the need for an independent structural and financial support for civil society; considers that, as in the case of the UPR process within the UNHRC, local and international civil society actors should be involved in the Commission’s ENP progress reports by delivering separately their own assessment to be added to these reports; welcomes moves towards the establishment of the Civil Society Facility (CSF) and the European Endowment for Democracy, and calls for substantial funding for these in the forthcoming Multi-annual Financial Framework; and insists that, in future, civil society must be engaged so as to contribute directly through an institutionalised ‘civil society monitoring mechanism’;

1. Where a natural or legal person, as a result of his/her own acquisition or the acquisition by persons acting in concert with him/her, holds securities of a company as referred to in Article 1(1) which, added to any existing holdings of those securities of his/hers and the holdings of those securities of persons acting in concert with him/her, directly or indirectly give him/her a specified percentage of voting rights in that company, giving him/her control of that company, Member States shall ensure that such a person is required to make a bid as a means of protecting the minority ...[+++] shareholders of that company.

Member States should take the necessary steps to protect the holders of securities, in particular those with minority holdings, when control of their companies has been acquired.