Controlling stake - a certain number of shares of the company, which has a shareholder.
The owner of such a package can monitor the activity of the company and to determine its strategic development.
Concept and types of shares
The block of shares - number of shares of one of which is under common control. There are three main types of blocks of shares.
This stake is sometimes callednon-controlling interest. This is a small fraction of shares concentrated in the same hands, which prevents a significant impact on the decisions made. However, the owner can request information about the company, to participate in shareholders' meetings.
Blocking (blocking share holding)
This is the percentage of shares that allows its ownersoverrule any decisions society and gives them veto power. The number of shares needed to block decisions of the company, can be spelled out in the Charter of. If it is a qualified majority of 3/4 of votes, the blocking will be 25% + 1 share.
Control (controlling interest)
This shareholding gives the owner control over the decisions of, as it has the majority of votes at the shareholders meeting.
It is estimated that 5% of shares sufficient to conveneshareholders, 25% - to block majority decisions of the meeting (of large - 20-30%). Owning more than 50% of the shares ensures complete control over the company.
It is worth noting that the price of large blocks of shares may be increased, if the possession of allows to influence the company's activities. Sold shares establishes premium to stock price.
The characteristics of a controlling stake
Controlling stake allowsowner to make decisions on the functioning of the company, to determine the prospects of its development, to appoint the leadership (board of directors, manager). But it may not be sufficient for the adoption of certain decisions of the controlling interest. For example, for the liquidation or reorganization of the company.
What actions need to own shares for possessioncontrolling stake? Theoretically at least half of all outstanding shares (50% + 1 share). In practice this number may not be required, as the shareholders' meeting are rarely all holders of securities are presented. Therefore, in most solutions at a meeting of the companies are taken by majority vote of those present. As a rule, dominated by the minority shareholders of JSC. Moreover, the larger the company, the more dispersed its shares to the shareholders. Often, to gain control over the company it is enough to 20-30% of all shares.
At the same time, are entitled to vote only ordinary shares. Whereas the holders of preferred shares, while receiving high dividends, but do not have the right to vote.
The controlling shareholder may bemajor shareholders, the company's founders and top managers or government. For example, today the state has a controlling interest in companies such as Sberbank, VTB, Rosneft, Gazprom, Russian Railways.