Generally you calculate ROE without including minority interest in equity.
(It used to be that minority interest was put in a section between liabilities and equity, known as the mezzanine. At some point they got rid of the mezzanine and stuffed minority interest into equity.)
Sorry, just to clarfiy because it also seems like I’m losing my marbles a bit.
When you say “Consolidation” you are refferring to the use of the Acquisition Method - correct?
Because from my understanding, under “Proportionate Consolidation” (only used in rare cases for JV’s) there is no need for minority interest so equity under the PC Method would by the same as under the Equity Method and thus ROE would be the same.