This is even more the case where remedies are required in order to obtain approval in one or more jurisdictions. It is not a matter of whether transactions will return to pre-pandemic levels, but simply a matter of when.
Indeed, as of today, only a total of 74 merger cases have been brought before the General Court, and only 15 of those cases were appealed to the Court of Justice. Unfortunately, it can be tricky to determine where filings are required in a given case. This is due to, among other things, the time required for judicial review, which does not typically relate well to the fast-paced nature of M&A transactions, the fact that few transactions actually ever threaten to create a dominant market position or otherwise lessen competition in the market, and the thorough and focused review by expert European Commission case teams. European Union: Merger Control Laws and Regulations 2020.
Welcome to the second White & Case merger control publication, the first edition of which was warmly received. ICLG - Merger Control Laws and Regulations - European Union covers common issues in merger control laws and regulations – including relevant authorities and legislation, notification and its impact on the transaction timetable, remedies, appeals and enforcement and substantive assessment – in 55 jurisdictions. For instance, the questions on applicable fines for failure to file not only ask whether such penalties exist and what their legal maximum is, but, more importantly, whether these penalties are applied in practice and what penalties have been imposed recently. © The Author(s) 2020. Reasonable timelines need to be set for the parties and expectations must be carefully managed. This book aims to cut through some of that complexity by providing the reader with a practical guide that covers 33 of the world’s leading merger control jurisdictions in a user-friendly question and answer format.The questions in this guide cover the key rules relevant for a merger control filing assessment, including: what kind of transactions have to be notified, what are the filing thresholds, what is the procedure and timeline for notification and approval, what are the substantive considerations of the authorities and what kind of enforcement record do the authorities have?
Section 1 considers actions for annulment, Section 2 considers actions for failure to act, Section 3 considers applications for interim measures, Section 4 considers actions for damages, and Section 5 considers preliminary rulings in merger control matters. However, a rebound is almost certainly inevitable. This urgency needs to be reconciled with the fact that, with some notable exceptions, most merger control jurisdictions require closing to be suspended until regulatory approval has been granted. For example, is the legal test for assessing mergers based on maintaining effective competition, avoiding dominance or some other standard? With this in mind, we would like to thank all the authors for their contributions, as well as the Chambers team for their diligence and professionalism. Please check your email address / username and password and try again. Chambers and Partners | Although by no means a substitute for seeking advice from experienced merger control counsel, this book provides clear and practical answers to most of the fundamental questions faced by any company involved in a transaction that requires merger control filings. And post-Brexit, the possibility will soon exist that a transaction may need to be notified both to the European Commission and the UK Competition and Markets Authority, a scenario that did not arise when the UK was part of the EU. This article provides a summary overview of the cases that have been decided by the EU courts in merger cases to date. With much of the world in lockdown for several months due to the COVID-19 pandemic, and the significant economic toll such lockdowns have caused, it may take some time for the number of transactions, and hence the number of deals requiring regulatory approval, to rebound to the levels witnessed prior to the pandemic.
GBP £42.00 How are efficiencies considered by the regulator in its assessment? Sorting out where filings are required can, in itself, be a very significant task.Once it has been determined where merger filings need to be made, the next question is what the regulatory reviews will entail and what needs to be done in order to obtain approval in each jurisdiction. The year 2020 appears likely to be a somewhat uncertain time in the world of M&A and, by extension, merger control. This article is also available for rental through DeepDyve. Is the agency’s analysis based purely on competition law principles or are there other (eg, public interest) considerations at play? However, the questions also go beyond the letter of the law and probe for useful answers on how these rules are applied in practice. Are vertical mergers subject to the same level of scrutiny as horizontal mergers? EU merger control is governed by Regulation (EC) 139/2004 on the control of concentrations between undertakings (Merger Regulation). USD $71.00 Under the Merger Regulation, the European Commission (Commission) has, subject to limited exceptions, exclusive jurisdiction within the EU … Taking into account the time needed to prepare the filing(s), which in challenging cases can easily be hundreds of pages long (excluding annexes), the time spent in “pre-notification consultations” with the relevant authorities before formal filing occurs (an increasingly common practice in many jurisdictions), and the time it takes for the review process(es) to play out, closing can easily be delayed, for a couple of months in simple cases to well over a year in more challenging ones.
In fact, there may be more of a spotlight, at least in some jurisdictions, on foreign firms trying to take advantage of the current climate to acquire local rivals.
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