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Topic: Merger Control

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	Mergers and acquisitions - Wikipedia, the free encyclopedia
		Usually mergers occur in a friendly setting where executives from the respective companies participate in a due diligence process to ensure a successful combination of all parts.
		Beyond the intermediaries' high fees, the current process for mergers and acquisitions has the effect of causing private companies to initially sell their shares at a significant discount relative to what the same company might sell for were it already publicly traded.
		A merger can resemble a takeover but result in a new company name (often combining the names of the original companies) and in new branding; in some cases, terming the combination a "merger" rather than an acquisition is done purely for political or marketing reasons.
	en.wikipedia.org /wiki/Merger (2244 words)

	Danish Competition Authority - Documents on Merger Control in Denmark (Site not responding. Last check: 2007-10-09)
		The rules governing merger control are for the most part to be found in Chapter 4 (Sections 12 — 12 g) of the Competition Act.
		Mergers subject to the Danish merger control (cf.
		The European Competition Authorities have developed a practice of information exchange between the authorities in cases where a merger has to be notified in more than one Member State.
	www.ks.dk /english/competition/legislation/mergercontrol-2 (161 words)

	Merger control in the new Swiss law on competition - Law Developments (Legal500.com) (Site not responding. Last check: 2007-10-09)
		This can consist of a merger by absorption, in which case the absorbed undertaking disappears, or of a merger in which the identities of the previously existing firms disappear and a new firm is formed.
		With regards to merger control, this principle is strictly linked to the size of the mergers subject to control - namely, when the merger reaches the Swiss size required by Article 9 LCart, it generally constitutes a 'situation which has effects in Switzerland' and is therefore subject to control in Switzerland.
		Generally, the procedure of merger control is initiated by the notification of this merger to the Commission.
	www.icclaw.com /devs/switz/cc/szcc_001.htm (3965 words)

	Monti speech on the reform of merger control
		It has guaranteed that merger investigations are completed within tight, pre-determinable deadlines; a remarkable degree of transparency has been maintained in the rendering of decisions - each and every merger notified to the Commission results in the communication and publication of a reasoned decision.
		Above all, we have put in place a merger control system which is characterised by the complete independence of the decision-maker, the Commission, and by the certainty that mergers will be exclusively assessed for their impact on competition.
		A Panel, independent from the Merger Task Force, composed of experienced officials, would be appointed for all in-depth investigations, and would have the task of scrutinising the case team's conclusions with a "fresh pair of eyes" at key points of the enquiry.
	www.juridix.net /conc/monti_merger_reform.htm (4691 words)

	EU/Competition/Control of major cross-border mergers (Site not responding. Last check: 2007-10-09)
		The control of mergers and acquisitions is one of the pillars of European Union competition policy.
		Below these thresholds, merger control is carried out by the authorities in the Member States under their own legislation.
		Mergers and acquisitions with a Community dimension must be notified to the Commission for its agreement before they are put into effect.
	europa.eu.int /comm/competition/citizen/citizen_mergers_en.html (668 words)

	Finnish Competition Authority: Merger Control (Site not responding. Last check: 2007-10-09)
		It is the aim of merger control to secure the competitive structure of the markets by intervening, ex ante, with concentrations significantly impeding competition or creating a dominant position.
		The provisions on merger control are included in Chapter 3 a of the Competition Act (303/98, amended by 318/2004).
		In merger control, the structure of the market is the object of attention, and the control is proactive by nature.
	www.kilpailuvirasto.fi /cgi-bin/english.cgi?luku=merger-control&sivu=merger-control (806 words)

	SCADPlus: Merger control between companies (Site not responding. Last check: 2007-10-09)
		Mergers are appraised with a view to establishing whether or not they are compatible with the common market.
		This notice identifies undertakings concerned in three different types of operation, such as mergers, acquisition of sole control, acquisition of joint control, acquisition of control by a joint venture, change from joint control to sole control, change in the shareholding, acquisition of control by individual persons, management buy-outs and acquisition of control by state-owned companies.
		The Commission must be notified of mergers with a European dimension within one week of conclusion of the agreement, publication of the take-over bid or acquisition of a controlling interest.
	www.europa.eu.int /scadplus/leg/en/lvb/l26046.htm (2581 words)

	[No title]
		The task for merger control authorities dealing with a merger in a concentrated market is to distinguish between these two situations in the context of the examination of a single merger.
		It is no consolation for merger control authorities by the certain knowledge that, even if the merger can be blocked in a way that withstands legal challenge, the status quo is still oligopolistic and unsatisfactory.
		It is one based not on amendments to the merger test based on theory but – rather less interestingly – on the discovery of verifiable facts in cartel investigations and their dogged prosecution.
	www.simkins.co.uk /articles/sbheuropeanmergercontrol.aspx (2310 words)

	Squire, Sanders & Dempsey L.L.P. - Publications - Merger Control and Remedies in the Global Economy by Barry Pupkin ...
		The merger was mostly complementary with one major exception: the merged firm would have accounted for 80% of sales in the worldwide market for thinwall bearings used in car, truck, and heavy equipment engines.
		With respect to vertical mergers, there is little that is new in the United States In the vertical area, enforcement agencies inquire about whether combinations of customers and suppliers can injure competition because competitors of the customer may not be able to obtain reliable sources of supply from the merged supplier.
		The Revised Merger Guidelines in the United States, and cases decided subsequent to publication of those Guidelines, require that the efficiencies be of a character and magnitude sufficient to reverse a merger's potential to harm consumers.
	www.ssd.com /publications/pub_detail.aspx?pubid=8707 (7362 words)

	Catalogue - for booksellers - Cambridge University Press (Site not responding. Last check: 2007-10-09)
		Within the field of competition law, merger control has emerged as a growing area of law over the last decade.
		Merger operations can impact on a number of jurisdictions, and regulatory notification and approval may need to be sought in more than one country.
		Merger Control Worldwide aims to provide the legal community, in particular law firms and policy-makers, with a clear point of reference which will prove invaluable when making decisions and delivering sound and accurate advice in merger cases.
	booktrade.cambridge.org /series.asp?series=MCW (196 words)

	Latham & Watkins Online (Site not responding. Last check: 2007-10-09)
		The Council of the European Union yesterday reached a political agreement on the most comprehensive overhaul of EC merger control since the system was first introduced in 1990.
		The new Merger Control Regulation that will be formally adopted in the coming weeks introduces a new substantive test, an expanded referral system and significant procedural changes.
		The new Merger Control Regulation will enter into force on 1 May 2004, at the same time as the new procedural rules for the general enforcement of EC competition law (the so-called “Modernization” package) and simultaneous with the enlargement of the EU to 25 Member States.
	www.lw.com /resource/Publications/ClientAlerts/clientAlert.asp?pid=876 (1497 words)

	icEssex - Fears raised over fire control room merger (Site not responding. Last check: 2007-10-09)
		Shelley Blewett of the FBU told the Yellow Advertiser how she fears the new control rooms may lead to longer response times and lives being lost because people out of the area have no geographical knowledge.
		She said: "Local emergency fire control rooms in each brigade are cost-effective and are the fastest way of responding to an emergency call.
		She said: "If there is a way of having a central control room but with people with local knowledge that would be great.
	icessex.icnetwork.co.uk /essexheadlines/tm_objectid=14913268&method=full&siteid=100927&headline=fears-raised-over-fire-control-room-merger-name_page.html (283 words)

	NERA Economic Consulting \| Event
		While examination of market facts remains at the core of merger control, the analysis of such evidence and the assessment of competitive effects on the markets affected by a merger must be guided by a consistent framework of economic theory.
		A solid economic foundation is of special importance in merger analysis, because -- unlike in the cases of cartel behavior or abuse of dominance -- the actual competitive effects of a merger can only be observed in the future.
		The reform of the EC Merger Regulation (ECMR) and the Commission's Guidelines on the Assessment of Horizontal Mergers reflect the increasing importance of economic analysis.
	www.nera.com /event.asp?e_ID=2212 (301 words)

	merger control and antitrust : tetra laval - sidel
		merger control and antitrust : tetra laval - sidel
		The merger was prohibited or abandoned in both cases because of antitrust issues.
		In the Tetra Laval/Sidel case, the merger resulted in combining Tetra and Sidel's activities in three markets were both companies are present (low capacity molding machines, barrier technology and aseptic PET filling machines).
	www.jurismag.net /articles/artiGB-tetra.htm (1330 words)

	W&D \| Publications \| Articles \| Global Merger Control in the New Millennium
		The European Commission's prohibition of the merger of General Electric Co. and Honeywell Inc. portends a potentially troubling future for the review and approval of mergers, acquisitions and joint ventures throughout the world.
		At that time, most state attorneys general perceived that the federal government's antitrust agencies were, overall, passive in clearing certain national mergers; then, the state attorneys general began to exercise significant independent authority in reviewing the competitive implications of significant acquisitions.
		If members of the Second Bush Administration and Congress continue to dress down or beltittle merger control officials in other jurisdictions and nations, even casting doubt upon their competency, it will be a very long and difficult four years for United States corporations in the international arena.
	www.wiggin.com /pubs/articles_template.asp?ID=91017192001 (803 words)

	LBR: Global Briefings: Spain (Site not responding. Last check: 2007-10-09)
		It will update the Spanish merger control rules to cope with the increasingly complex transactions which are taking place in Spain.
		The Royal Decree originally provided for merger control proceedings in which filing was only compulsory at the specific request of the Spanish merger control authorities.
		The main goal of this latest Regulation is to introduce a form of merger control procedure that is in line with a mandatory notification regime.
	www.global-competition.com /global_b/spain.htm (197 words)

	EU to have new merger control rules from 1 May 2004
		After the unanimous political agreement reached on the new merger rules in the Competitiveness Council of 27 November 2003 (seeEurActiv 28 Nov. 2003), ECOFIN ministers gave their final approval of the proposed regulation on 20 January 2004.
		Under the original Merger Regulation adopted in 1989, the Commission has exclusive jurisdiction for mergers or acquisitions between companies with a combined worldwide turnover of at least five billion euro and a turnover within the European Economic Area of more than 250 million euro for each of them.
		Council: Council regulation on the control of concentrations between undertakings ("The EC Merger Regulation") (23 Dec. 2003)
	www.euractiv.com /Article?tcmuri=tcm:29-115180-16&type=News (342 words)

	Merger in Daylight (Site not responding. Last check: 2007-10-09)
		In 1989 the European Council of Ministers approved a Regulation establishing a new system of merger control for the European Community.
		This is the first independent review of the EC Merger Regulation and has wide implications for other issues such as regulatory capture and transparency.
		The full text of the Regulation is reprinted along with summary statistics for all of the cases investigated up to the end of March 1993.
	www.brook.edu /PRESS/books/clientpr/Cepr/merger_in_daylight.htm (224 words)

	EUROPEAN UNION, EU Merger control in the energy sector - OGEL - Oil, Gas & Energy Law Intelligence @ ...
		The ultimate decision by the German authorities to approve the recent acquisition by Eon of Ruhrgas has led to calls that this merger should be investigated by the European Commission.
		There is therefore a two-fold test of structure and size to determine whether a transaction is caught by the Merger Regulation and thus needs to be notified to the Commission (to the Merger Task Force).
		'Control' is assessed by the concept of decisive influence - whether the acquired rights give the acquirer(s) decisive influence over the target.
	www.gasandoil.com /ogel/samples/freearticles/practitioner_09.htm (590 words)

	Table of contents for Merger control in the european union
		Table of contents for Merger control in the european union : law, economics and practice / Edurne Navarro Varona...
		Decisions Granting Conditional Authorization A. The Analysis of Economic Efficiency under the Merger Regulation 11.01 B. Unavailability of the Purchased Undertaking as a Defence to a Dominant Position.
		Notifications A. Introduction 12.01 B. Basic Principles in the Procedure for the Control of Concentrations Favourable approach to concentrations 12.03 Time periods that favour the parties 12.06 Preventive control 12.12 The Commission's exclusive jurisdiction to decide 12.14 C. The Pre-notification Phase: Preparing the Notification.
	www.loc.gov /catdir/toc/ecip053/2004025228.html (674 words)

	EU's merger control faces comprehensive reform
		The European Commission presented on 11 December its long-awaited proposals for a comprehensive overhaul of its merger control regime.
		The Commission reform proposals, however, are the result of a long period of review, which commenced in July 2000 with the submission of a Report to the Council on the functioning of the Merger Regulation and continued with the adoption of a Green Paper by the Commission in December, 2001.
		The main objectives of the reform are: greater flexibility over the length and timing of merger investigations, strengthening of the economic analysis of merger decisions, clearer guidelines on how to apply the most important principles of competition policy such as the definition of market dominance.
	www.euractiv.com /Article?tcmuri=tcm:29-113633-16&type=News (426 words)

	UK Merger Control in 2004 (Site not responding. Last check: 2007-10-09)
		The judgment focuses on how decisions are reached by the bodies responsible for UK merger control and, in particular, the degree of discretion given to the OFT to clear cases without ordering a full four month inquiry.
		This is particularly the case where the parties involved in the proposed merger are competitors.
		(4) The OFT may, particularly in cases where a merger may be regarded as potentially problematical, seek to make greater use of its powers to demand undertakings from the parties to limit the potentially harmful impact of the merger as a condition of deciding not to refer to the CC.
	www.hg.org /articles/article_319.html (647 words)

	Business Unlimited \| Business latest \| Monti tears up merger control policy
		Striving to restore confidence in his ability to vet some of the world's largest mergers, Mario Monti, the EU competition commissioner, yesterday announced the most radical shake-up of Brussels' merger control policy to date.
		Having seen three of his decisions to ban mergers overturned in spectacular fashion by Europe's second highest court earlier this year, Mr Monti outlined a series of sweeping changes to Brussels' evaluation of mergers.
		Under these changes firms undertaking mergers will no longer be forced to notify Brussels of their alliance within a week of it being concluded, and deadlines for the completion of investigations will become far more flexible.
	business.guardian.co.uk /story/0,3604,858411,00.html (449 words)

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		Abstract: In this paper, we analyse the scope for conflict between national merger control agencies that assert jurisdictions simultaneously.
		We consider a positive model of merger control in which market definition and the analysis of dominance are both explicitly specified.
		We find that conflict in international merger control is less likely to occur when economic integration is high.
	www.cepr.org /home/cite.asp?Type=DP&Item=2621 (150 words)

	FTC Officials Promote Merger Process Reform at International Competition Network Conference in Merida, Mexico
		The ICN was launched in October 2001 by the Federal Trade Commission, the Department of Justice, and 13 foreign antitrust agencies to provide a venue where senior antitrust officials from developed and developing countries work to reach consensus on proposals for procedural and substantive convergence in antitrust enforcement.
		After reviewing the work of the Merger Review Working Group, which is chaired by DOJ Deputy Assistant Attorney General Deborah P. Majoras, ICN members adopted four new Recommended Practices for merger notification procedures, recognizing the objectives of reasonable review periods, limited notification requirements, transparency in enforcement, and the periodic review of merger control procedures.
		In addition to evaluating ongoing work in multijurisdictional merger review, capacity building, and competition advocacy, the ICN established a new working group on the role of competition enforcement in regulated sectors, and has agreed to explore the potential for work on the topic of cartel enforcement.
	www.ftc.gov /opa/2003/06/icnpost.htm (808 words)

	The EC Merger Control (Consequential Amendments) Regulations 2004
		These Regulations may be cited as the EC Merger Control (Consequential Amendments) Regulations 2004 and shall come into force on 1st May 2004.
		Under the EC Merger Regulation, if a merger satisfies certain jurisdictional thresholds, that is, it is a concentration with a "Community dimension", it must be notified to the European Commission (EC) before it can proceed and the EC generally has sole jurisdiction over competition issues.
		Instead, the new EC Merger Regulation obliges the competent authority of a Member State where a case has been referred back to it to provide the parties with the results of the preliminary competition assessment within 45 working days after the EC's referral.
	www.opsi.gov.uk /si/si2004/20041079.htm (3113 words)

	Journal of Accountancy: EC merger control regulation approved after long delay (Site not responding. Last check: 2007-10-09)
		After 16 years of debate, a European Community regulation on the control of concentrations between companies has been approved by the EC Commission, effective September 21, 1990.
		A concentration can be either a merger between two or more companies or an aquisition, with one company assuming control of another.
		Joint ventures are not considered concentrations if the controlling companies remain independent of each other.
	www.findarticles.com /p/articles/mi_m6280/is_n5_169/ai_8472240 (270 words)

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