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Food for Thought: Labour Market Cartels and Minority Shareholdings

By  |  September 15, 2025

In this piece, authors Tanvi Wadhwa, Nicholas Young, Rémi Beydon, Dave Anderson & Rebecca Nelson (Bryan Cave) take a look at the European Commission’s recent €329 million fine imposed on Delivery Hero and Glovo for operating an online food delivery cartel. The decision is significant for two reasons: it is the first time the Commission has found that a minority shareholding enabled anticompetitive conduct, and it is the first enforcement action targeting a labour market cartel in Europe. The Commission determined that the companies coordinated on hiring practices, exchanged competitively sensitive information, and divided markets geographically to reduce overlap and competition.

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    The case highlights how Delivery Hero’s minority stake in Glovo—first acquired in 2018 and later expanded to full control in 2022—facilitated these anticompetitive practices. The Commission found evidence of reciprocal no-poach agreements, exchanges of strategic pricing and market information, and agreements to sell or avoid certain national markets to reduce competitive tensions. While minority shareholdings themselves are not illegal, the Commission emphasized that problems arise when such stakes are used to exert influence or gain access to sensitive competitor information beyond what is necessary for financial investment.

    Looking ahead, the decision could signal stricter scrutiny of minority shareholdings. The Commission’s conditional approval of Naspers’ acquisition of Just Eat Takeaway.com illustrates this trend: regulators required Naspers to reduce its stake in Delivery Hero and commit to avoiding influence over its strategic decisions to address competition concerns….

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