Common Ownership of Competitors Raises Antitrust Concerns

Many natural competitors have become jointly held and partially controlled by a small number of investors over the past two decades. For example, five institutions (BlackRock, Vanguard, State Street Global Advisers, Fidelity, and Berkshire Hathaway) now make up four out of the top five beneficial owners of each of America’s largest banks. The largest seven beneficial owners of American Airlines hold 49.56 per cent of the shares—and each one of them is also among the largest ten investors in American’s direct competitors.