The FCO found that RWE's acquisition of 16.67% of the shares in E.ON constitutes a notifiable concentration under German merger control because RWE will acquire a "competitively significant influence" over E.ON: First, the minority shareholding combined with RWE's right to propose a member of E.ON's supervisory board gives RWE influence over E.ON. Further, this influence is competitively relevant because both companies will be active across almost all stages of the value chain of the electricity and gas markets. Finally, RWE's influence over E.ON is significant because RWE will de facto hold more than 25% of the voting rights and thus enjoy a veto over company decisions that require a qualified majority. In addition, RWE will become E.ON's largest single shareholder and the envisaged minority shareholding needs to be seen in the context of the overall transaction which is aimed at a vertical specialization of each of RWE's and E.ON's areas of activity.