Efficiencies As A Defense In Merger Control Analysis A Comparison Of European And American Merger Policy
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Efficiencies as a Defense in merger control analysis: a comparison of European and American Merger Policy by Markus Martin Pdf
Seminar paper from the year 2006 in the subject Business economics - Miscellaneous, grade: 1, University of Tubingen, language: English, abstract: Effizienzgewinne als Verteidigungsargument in Fusionskontrollverfahren. Es wird die Handhabung in den USA und Europa vergleichend dargestellt.
The first decade of merger control under European competition law offers an enticing stimulus for all kinds of evaluations on the Merger Regulation's running time, in particular into the economic feasibility of its rules and their application. An economic analysis of the Regulation allows for a positive assessment of the envisioned effects, while also enabling normative statements on how to improve the rules' workability given a number of goals to be achieved. This study was inspired by one of the Merger Regulation's more controversial issues, as surrounding the taking into account of efficiencies resulting from a merger under scrutiny. Currently hardly featured in the evaluation process, it will be shown that efficiencies carry the potential to move to the centre of stage in those competitively "close" cases, pending prohibition because of the underlying amalgamation's latent anticompetitive effects, but at the same time characterised by a strong synergistic content. Roberto Pardolesi (Luiss Guido Carli, Rome): "The major strength of the work is the original development of fresh insights in discussing existing literatures, as well as in applying sophisticated economic arguments to the analysis of European discipline of Merger Control ... The comparison with the US legal and economic approach to merger regulation is pervasive and efficaciously performed."
A comparative analysis of EU and US transnational mergers regulation by Dimitris Liakopoulos Pdf
Document from the year 2017 in the subject Law - Civil / Private / Trade / Anti Trust Law / Business Law, grade: A, , language: English, abstract: The major problem associated with the regulation of transnational mergers, which affect several national markets, is the allocation of jurisdiction. Each country concerned may wish to exert jurisdiction and apply its national competition law to regulate the anti-competitive effects a merger may have in its territory. However, this approach may lead to risks of inconsistent decisions regarding the legality of mergers. Indeed, the national competition laws applied by the regulating authorities may diverge in several aspects, which raise the likelihood of inconsistency. The authors advocates the creation of an international merger control framework (IMCF) for the regulation of transnational mergers. This framework will rest on an informal and a formal pillar. The former includes non-legally binding competition principles. Consistency of these principles with the concepts of legitimacy and efficiency, as well as the presence of peer reviews and assistance programmes, should lower the risk of non-implementation. The formal pillar includes bilateral cooperation agreements which apply to merger affecting the countries which have concluded the agreements. As essential pre-condition for the application of bilateral agreements, the level of cooperation achieved by such agreements should be at least equal to that ensured by the informal pillar. The last part of the study addresses and examines the long and complex processes in merger and acquisition (M&A) transactions. M&A arbitration faces certain difficulties during the transaction. Such difficulties the author seeks to underline. Two main problems of arbitration in M&A transactions, particullarly, have been covered. Firstly, the problem of consent in consolidation of parallel proceedings during M&A transactions, and, secondly parties' consent that validate arbitration agreements/clauses in “assignment” or “succession” after M&A transactions have been completed. The author also tries to clarify the content of consent of parties to a transaction. Finally, a criticism of parallel proceedings is enhanced.
Mergers and acquisitions occur for many legitimate reasons and should be encouraged as a matter of general policy, yet the resulting increase in the level of market concentration and market strength can lead to concerns that certain ’deals’ may irreparably damage the market structure and create anti-competitive effects. This volume explores the competition concerns arising out of mergers and acquisitions, the reasons for merger control and the fundamental options that face all jurisdictions intent on implementing an effective merger control regime. The volume acts as a guide through the development of merger control law, policy and scholarly thought and includes commentary on each of the key stages of any effective merger control regime. The articles consider the objectives of merger control and the broader political landscape within which mergers take place; the procedural issues in merger control, including jurisdictional matters and due process; the different substantive legal standards incorporated into merger control; the relevant theories of harm and the appropriate treatment of efficiencies; and the use of remedies in merger control. The chosen articles mainly, but not exclusively, focus on the US and EU, and several adopt a cross-disciplinary approach encompassing law, political science and economics.
European Merger Control by Catalin Stefan Rusu Pdf
Twenty years of experience have inevitably brought to light challenges and tensions in the enforcement of the European merger control system. Some of these challenges have been faced, some have been solved and some remain latent. This very valuable study starts from the proposition that the EU has never fully acknowledged those fundamental challenges which relate to the rationale behind merger control in Europe. The author shows how the Commission's focus on adapting the rules of merger control to the economic realities of the future business environment, although designed with a view to facilitating European integration, has compromised attainment of legal certainty, transparency and welfare enhancement. In its detailed evaluation of the 'future market structure prediction process' embedded in European merger control policy, this book approaches two rock-bottom, far-reaching questions: In what ways does merger control promote consumer and societal welfare? Is the Commission able to correctly predict the outcome of any given concentration transaction? These considerations take the reader through a deep and searching analysis that calls into question the very credibility and transparency of the system, leading to alternatives which promise a new clarity of purpose and procedure. The author describes how these recommendations can be integrated into the functioning framework of the European project. Taken fully into account along the way is a wide spectrum of relevant source material, including the following: applicable articles and chapters of the founding and subsequent European Treaties; secondary European legislation concerning competition and merger activity; domestic competition laws; guidelines, notices and action plans; competition law reviews, statements of intentions; draft legislative attempts; speeches on the enactment and purpose of merger control; Member States' views concerning European merger control as expressed during Council negotiations; officially available concentration-related statistics; and a wide-ranging literature review covering both the legal and economic sides of merger control. Throughout, the author substantiates theoretical assertions with case law examples, clearly exposing doctrines arising from such cases as Continental Can, Phillip Morris/Rothmans and the Airtours, Schneider and Tetra Laval trilogy. A unique feature of the analysis draws on the author's personal experience while working for a Brussels competition law firm. This book is a remarkable compound of academic guide to the roots and rationales of the European Merger Control System, practical guide to the day-to-day intricacies of merger control enforcement, and 'raw' guide for decision makers and merger control law enforcers. It will be of immense value in all three contexts.
European Merger Control by F. Ilzkovitz,Roderick Meiklejohn Pdf
During its first 15 years, the EU's merger control system offered only minimal possibilities for taking efficiency gains into account as a mitigating factor that might offset the anti-competitive effects of a merger. The policy changed in May 2004 and this book examines the background to that change.
Critically assess the role of efficiencies in merger assessment by Veronika Minkova Pdf
Essay from the year 2011 in the subject Law - Civil / Private, Trade, Anti Trust Law, Business Law, grade: 1,3, University of Reading, course: European Competition Law, language: English, abstract: The first section of the present essay discusses historically the European Commission’s approach towards efficiencies. The second section elaborates on the choice of welfare standards and explains the European approach of adopting the consumer welfare standard. The third section outlines types of efficiencies according to the economic literature. The fourth section discusses the three cumulative conditions of the European Commission in order to consider efficiency claims. The next section reveals the Commission decisional practice in cases of efficiency claims and analyses its development. In the last chapter more attention is paid to theory and practice of efficiencies in cases of non-horizontal mergers.
A new book on merger control, edited by Van Bael & Bellis partners Jean-Francois Bellis and Porter Elliott, was published on 14 September 2011. The 820-page book, which is part of the European Lawyer Reference Series, provides an overview of the jurisdictional, procedural and substantive merger control rules in over 40 major jurisdictions worldwide. Leading firms from across the globe contributed to this book, which is among the most comprehensive of its kind on the market.
Transatlantic Merger Cases by Charles Smitherman Pdf
Despite the introduction of the U.S. - EC merger review co-operation initiative in the early nineties, transatlantic mergers remain a minefield for all those involved. For the parties there is the lack of legal certainty and its attendant costs and reputation; for the regulators there is the political toll of reconciling conflicting competition policies. Charles Smitherman reviews merger regulation frameworks on both sides of the Atlantic. The author identifies areas of substantive and procedural differences as they exist today and explores the viability of convergence to aid the efficiency of the merger process through bilateral and domestic enhancements. Throughout the work the emphasis is placed on pragmatic solutions rather than those of academic and oft-unobtainable nature. The backbone of the work is made up of the analysis of eight of the biggest U.S. - EC merger cases between 2000 and 2004.
Author : Peter A. G. van Bergeijk,Erik Kloosterhuis Publisher : Edward Elgar Publishing Page : 240 pages File Size : 46,6 Mb Release : 2005-01-01 Category : Business & Economics ISBN : 1781958939
Modelling European Mergers by Peter A. G. van Bergeijk,Erik Kloosterhuis Pdf
Modelling European Mergers presents a comprehensive and fresh perspective on the economic analysis of mergers by leading academics and competition policymakers from Europe and the US. The book frankly discusses the pro's and con's of using applied game theory models in merger control from a historical and theoretical perspective. Seven case studies on the actual use of advanced techniques and models in legal procedures provide a perspective from the national competition authorities in Belgium, Denmark, Italy. The Netherlands and Sweden on markets that range from basic goods such as bread and aperitifs to complex products such as electricity, literature and software. The case studies provide many insights into practical issues such as data collection, procedures and errors of predication, as well as in the relative merits of different econometric approaches. A recurring theme of the book is how economic insights insights can be translated into convincing legal decisions.
The Multinational Enterprise and Legal Control by Cynthia Day Wallace Pdf
This long-awaited new book from Cynthia Day Wallace picks up the thread of her best-selling "Legal Control of the Multinational Enterprise: National Regulatory Techniques and the Prospects for International Controls," In the present work she applies herself to legal and pragmatic aspects of control surrounding MNE operations. The primary focus is on legal and administrative techniques and measures practised by host states to control - transparently or less so - foreign MNE activity within their territories, or even extraterritorially when effects are felt within national boundaries. The primary geographic focus is the six most investment-intensive industrialized states (namely, Canada, France, Germany, Japan, the United States and the United Kingdom). At the same time an important message of the present study is precisely the implication for the developing countries as well as for the emerging market economies of central and eastern Europe - and even Asian nations besides Japan, because it is the sharing of this very 'experience of years' that can best serve to facilitate a fuller participation on the part of the up-and-coming economies in the same global market place.
Merger Control in the European Union by Edurne Navarro Varona Pdf
This second edition provides an exhaustive analysis of the European Community rules relating to merger control, including the new EC Merger Regulation 139/2004 of 20 January 2004 which entered into force on 1 May 2004 and the latest interpretive notices adopted by the European Commission. The book draws upon the authors' detailed and practical knowledge of the subject as officials at DG Competition and practitioners specialising in this field, and will be updated through a companion website.
