20It is otherwise where the holding is accompanied by direct or indirect involvement in the management of the companies in which the holding has been acquired, without prejudice to the rights held by the holding company as shareholder (see, inter alia, judgments in Cibo Participations, C‑16/00, EU:C:2001:495, paragraph 20, and Portugal Telecom, C‑496/11, EU:C:2012:557, paragraph 33).
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