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Merger Control in Europe : EU, Member States and Accession States - Peter Verloop

Merger Control in Europe

EU, Member States and Accession States

By: Peter Verloop (Editor), Valerie Landes (Editor)

Hardcover

Published: 26th June 2003
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Merger control in Europe has continued to evolve rapidly. In addition to significant changes in the national merger control regimes in Denmark, France, Germany, the United Kingdom, and Portugal, a new EU Merger Regulation is expected to enter into force on 1 May 2004, a measure that will launch the most far-reaching reform of European merger control since the adoption of the EC Merger Regulation in December 1989. This updated edition of the preeminent work in the field offers practitioners expert guidance through the next phase of this crucial aspect of business and economic activity in Europe.

Like earlier editions, this new edition of Merger Control in Europe introduces practitioners and interested academics to the issues of merger control which are relevant when preparing an acquisition within the European Union. In order to provide insight into problem areas at each national level, and to allow possible comparisons, it includes a chapter on each of the 14 EU countries with a merger control regime, as well as one on the EU itself. In addition, as a first step towards the expected enlargement of the European Union in 2004, this new edition welcomes contributions on Hungary, Poland, the Czech Republic, and Cyprus.

For each jurisdiction, the major elements of merger control law, the definition of concentration, control or notification thresholds, procedure, and substantive test clearance or appraisal, as well as other issues unique to each country, are all covered in some detail. For any of the jurisdictions, the practitioner will quickly be able to determine the precise scope of such important considerations as the following:

  • concept of concentration;
  • notification requirements;
  • procedural time-frame;
  • sanctions for violation of procedural rules;
  • special rules governing banks, building and loan associations, the media sector, insurance, and other specific areas of business;
  • political intervention possibilities;
  • publicity and confidentiality;
  • consultation of works council;
  • co-operation within the framework of the European Competition Authorities (ECA);
  • test for clearance;
  • economic benefits and disadvantages analysis;
  • what constitutes substantial lessening of competition;
  • remedies (both behavioural and structural); and
  • appeal against decisions regarding the test for clearance.

    Each chapter, written by one or more practicing lawyers from major European law firms, is expertly grounded in the relevant law and takes into account changes in legislation and recent decisions. The book also contains a detailed introductory 20-page chart allowing readers to compare the basic elements of merger control law in all of the countries covered and in the EU. Like its three predecessors, this 4th Edition of Merger Control in Europe will quickly become the most relied-upon handbook in the field for business people and their counsel doing business in Europe.

  • Introductionp. xxiii
    Survey of Merger Control in Europep. 1
    European Unionp. 27
    Introductionp. 27
    Definition of Concentrationp. 29
    Operations which qualify as concentrationsp. 29
    Joint venturesp. 31
    Control Thresholdsp. 32
    Thresholdsp. 32
    Foreign-to-foreign mergersp. 33
    Criteria for calculation of turnoverp. 35
    Special rulesp. 36
    Exceptions to the one-stop shop principlep. 37
    Applicability of Articles 81 and 82 post-merger Regulationp. 38
    Procedurep. 38
    Notificationp. 38
    Investigationp. 40
    Sanctions for violation of procedural rulesp. 43
    Publicity and confidentialityp. 44
    Judicial reviewp. 45
    Substantive Test for Clearancep. 46
    Dominancep. 46
    Other testsp. 53
    Remediesp. 54
    Ancillary restraintsp. 55
    Austriap. 57
    Introductionp. 57
    Overviewp. 57
    Competent authoritiesp. 58
    Definition of Concentrationsp. 59
    Operations which qualify as concentrationsp. 59
    Joint venturesp. 62
    Control Thresholdsp. 63
    Notification thresholdsp. 63
    Foreign-to-foreign mergersp. 63
    Criteria for calculation of turnoverp. 64
    Special rulesp. 65
    Exemption from any notification requirementp. 68
    Procedurep. 68
    Notificationp. 68
    Investigationp. 70
    Sanctions for violation of procedural rulesp. 72
    Publicity and confidentialityp. 72
    Judicial reviewp. 73
    Substantive Test for Clearancep. 73
    Dominancep. 73
    Other test: Balancing clausep. 74
    Remediesp. 74
    Other Issuesp. 75
    Relations EU/nationalp. 75
    Summaryp. 75
    Definition of Concentrationsp. 75
    Joint venturesp. 75
    Notification thresholdsp. 76
    Notification and sanctionsp. 76
    Time limits for notificationp. 77
    Procedural time frame and suspension requirementsp. 77
    Substantive Test for clearance and political intervention possibilitiesp. 77
    Competent authoritiesp. 78
    Belgiump. 79
    Introductionp. 79
    Main Provisionsp. 79
    Competent authoritiesp. 79
    The Definition of a Concentrationp. 80
    Operations which qualify as concentrationsp. 81
    Joint venturesp. 82
    Operations which do not constitute concentrationsp. 83
    Control Thresholdsp. 83
    Thresholdsp. 83
    Foreign-to-foreign mergersp. 84
    Procedurep. 85
    Notificationp. 85
    Investigationp. 87
    Sanctions for violation of procedural rulesp. 89
    Judicial reviewp. 90
    Substantive Testp. 90
    Dominancep. 90
    Remediesp. 99
    Ancillary restraintsp. 99
    Conclusionp. 100
    Cyprusp. 101
    Introductionp. 101
    Definition of a Concentrationp. 101
    Control Thresholdsp. 102
    Procedurep. 102
    Notificationp. 102
    Investigationp. 102
    Substantive Test for Clearancep. 103
    Czech Republicp. 105
    Introductionp. 105
    Definition of a Concentrationp. 106
    Operations which qualify as concentrationsp. 106
    Joint venturesp. 107
    Operations which do not constitute a concentrationp. 107
    Notification Thresholdsp. 108
    Turnover thresholdsp. 108
    Foreign-to-foreign concentrationsp. 108
    Criteria for the calculation of turnoverp. 108
    Special rulesp. 109
    Procedurep. 109
    Notificationp. 109
    Procedurep. 111
    Sanctions for breach of merger clearance rulesp. 112
    Test for Clearancep. 113
    Dominancep. 113
    Conditionsp. 114
    Ancillary restraintsp. 115
    Denmarkp. 117
    Introductionp. 117
    Concept of Concentrationp. 119
    Operations which qualify as concentrationsp. 119
    Joint venturesp. 120
    Operations which do not constitute a concentrationp. 120
    Control Thresholdsp. 120
    Jurisdictional thresholdsp. 120
    Criteria for the calculation of turnoverp. 121
    Procedurep. 121
    Notificationp. 121
    Investigationp. 122
    Sanctions for violation of procedural rulesp. 123
    Publicity and confidentialityp. 123
    Substantive Testp. 124
    Dominancep. 124
    Impediment of effective competitionp. 125
    Remediesp. 125
    Ancillary restraintsp. 126
    Summaryp. 126
    Finlandp. 127
    Introductionp. 127
    Definition of a Concentrationp. 127
    Operations which qualify as concentrationsp. 128
    Joint venturesp. 128
    Control Thresholdsp. 129
    Thresholdsp. 129
    Foreign-to-foreign mergersp. 129
    Criteria for the calculation of turnoverp. 130
    Special rulesp. 130
    Procedurep. 131
    Notificationp. 131
    Investigationp. 133
    Sanctions for violation of procedural rulesp. 134
    Judicial reviewp. 135
    Substantive Testp. 135
    Dominancep. 135
    Other test/exceptionp. 136
    Remediesp. 136
    Ancillary restraintsp. 136
    Francep. 139
    Introductionp. 139
    Definition of a Concentrationp. 142
    Operations which qualify for a concentrationp. 142
    Joint venturesp. 144
    Control Thresholdsp. 145
    Thresholdsp. 145
    Foreign-to-foreign mergersp. 145
    Criteria for the calculation of turnoverp. 146
    Special rulesp. 147
    Procedurep. 148
    Notificationp. 148
    Investigationp. 151
    Sanction for violation of procedural rulesp. 157
    Publicity and confidentialityp. 157
    Judicial reviewp. 158
    Substantive Testp. 160
    First step of the analysis: consequences of the concentration on the competitive market situationp. 161
    Second step of the Analysis: economic benefits/disadvantages analysisp. 168
    Remediesp. 171
    Ancillary restraintsp. 173
    Summaryp. 173
    Germanyp. 175
    Introductionp. 175
    Definition of Concentrationp. 176
    Overviewp. 176
    General: merger control applies to "enterprises" onlyp. 176
    Merger by acquisition of assetsp. 177
    Merger by acquisition of sharesp. 178
    Merger by acquisition of controlp. 179
    Merger by exercise of influence which is substantial as regards competitionp. 180
    Exceptionsp. 181
    Joint Venturesp. 182
    Notification Thresholds/Jurisdiction Issuesp. 182
    Basic turnover thresholds for German merger control to applyp. 182
    Effect of mergers in Germany, in particular: foreign-to-foreign mergersp. 183
    De minimis thresholds for exceptions from German merger controlp. 183
    Specific thresholds for newspaper/magazine publishing and broadcastingp. 184
    Method of calculating turnoverp. 184
    Notification/Sanctionsp. 185
    Mandatory pre-merger notification without official formp. 185
    Content of notificationp. 185
    Exception from notification requirement: referral by European Commissionp. 186
    Sanctionsp. 187
    No Time-Limits for Notificationsp. 188
    Procedurep. 188
    Time-frame and standstill obligationp. 188
    Imposition of conditions/undertakings by clearance decisionp. 189
    Fees charged by the FCOp. 189
    Written statement of reasons: increased transparencyp. 190
    Substantive Test: Dominancep. 190
    General rule: prohibition of dominant positions/possibility to override anti-competitive effects of mergerp. 190
    Creation of market dominance or strengthening of an already existing position of market dominancep. 191
    Presumption of market dominancep. 194
    Balancing clausep. 194
    Competent Authoritiesp. 195
    Federal Cartel Officep. 195
    Approval by Federal Minister of Economicsp. 196
    Judicial reviewp. 197
    Summaryp. 198
    Greece
    Introductionp. 209
    Development of the lawp. 209
    First and second amendment of Act 703/1977 by 208 Acts 1934/1991, 2000/1991p. 210
    Third amendment of Act 703/1977 by Act 2296/1995p. 211
    The provisions of act 2837/2000p. 211
    Definition of Concentrationp. 211
    Operations which qualify for a concentrationp. 211
    Joint venturesp. 213
    Operations which do not constitute a concentrationp. 215
    Control Thresholdsp. 216
    Procedurep. 217
    Notification/pre-notificationp. 217
    Investigationp. 218
    Sanctions for violation of procedural rulesp. 219
    Judicial reviewp. 220
    Substantive Testp. 220
    Hungaryp. 225
    Introductionp. 225
    The Definition of Concentrationp. 225
    Control Thresholdsp. 226
    Generalp. 226
    The HUF 500 million thresholdp. 226
    The HUF 10 billion thresholdp. 227
    Criteria for calculation of turnoverp. 227
    Filing feesp. 227
    Procedurep. 228
    Mandatory obligationp. 228
    Investigationp. 228
    Sanctions for the violation of procedural rulesp. 228
    Substantive Testp. 229
    Irelandp. 231
    Introductionp. 231
    Main legislative provisionsp. 231
    Competent Authoritiesp. 234
    Other regulatory authoritiesp. 235
    Definition of a Concentrationp. 235
    Overviewp. 235
    Operation which qualifies as a concentrationp. 235
    Mergersp. 236
    The acquisition of controlp. 236
    Asset acquisitionsp. 237
    Joint venturesp. 238
    Operations which do not constitute a concentrationp. 238
    Thresholdsp. 238
    Thresholdsp. 238
    Undertakings involvedp. 239
    Calculation of turnoverp. 240
    "Carrying on Business"p. 241
    Foreign-to-foreign transactionp. 241
    Exemptions/exceptionsp. 242
    Procedurep. 242
    Notificationp. 242
    Investigationp. 244
    Sanctions for violation of procedural rulesp. 247
    Publicity and confidentialityp. 248
    Appealsp. 249
    Procedure in relation to media mergersp. 249
    Procedure in relation to voluntary notificationp. 250
    Substantive Appraisalp. 252
    Substantial lessening of competitionp. 252
    Horizontal transactionsp. 252
    Non-horizontal mergersp. 258
    Remediesp. 260
    Ancillary restrictionsp. 261
    Other Issuesp. 262
    Relationship between Irish and EU Merger Control Lawp. 262
    Other Regulatory Approvalsp. 262
    Central Bank Act, 1989--Acquiring Transactionsp. 263
    2BCD Regulations--Acquisition of Ownership Interestsp. 265
    Investment business firms and fund management and administrationp. 266
    1994 Non-Life Insurance Regulations and 1994 Life Assurance Regulationsp. 268
    Italyp. 271
    Introductionp. 271
    The Italian merger control systemp. 271
    The Italian Antitrust Authorityp. 272
    Relationship between the authority and the European Commission and other authoritiesp. 273
    Definition of Concentrationp. 276
    Operations which qualify for concentrationsp. 276
    Joint venturesp. 276
    Operations which do not constitute a concentrationp. 277
    Control Thresholdsp. 279
    Thresholdsp. 279
    Special rulesp. 279
    Procedurep. 281
    Notificationp. 281
    Investigationp. 282
    Sanctions for violation of procedural rulesp. 285
    Publicity and confidentialityp. 287
    Judicial review and redressp. 288
    Substantive Test for Clearancep. 289
    Dominancep. 289
    Clearance or prohibition due to national economic interestp. 295
    Remediesp. 296
    Ancillary restraintsp. 298
    Conclusionp. 298
    The Netherlandsp. 301
    Introductionp. 301
    Definition of a Concentrationp. 302
    Operation which qualify for concentrationsp. 302
    Joint venturesp. 303
    Exceptionsp. 303
    Control Thresholdsp. 304
    Thresholdsp. 304
    Criteria for the calculation of turnoverp. 304
    Special rulesp. 305
    Exemption/exceptionsp. 305
    Procedurep. 306
    Notificationp. 306
    Investigationp. 308
    Sanctions for violation of procedural rulesp. 309
    Publicity and confidentialityp. 309
    Judicial protection and request to the Ministerp. 310
    Substantive Testp. 310
    Dominancep. 310
    Remediesp. 311
    Ancillary restraintsp. 312
    Polandp. 313
    Introductionp. 313
    Concept of a Concentrationp. 314
    Operations which qualify for concentrationsp. 314
    Joint venturesp. 316
    Notification Thresholdsp. 316
    Turnover thresholdsp. 316
    Market share thresholdp. 316
    Foreign-to-foreign concentrationsp. 317
    Exemptions from the notification obligationp. 318
    Procedurep. 318
    Notificationp. 318
    Investigationp. 320
    Sanctions for violation of procedural rulesp. 320
    Confidentiality and third party rightsp. 321
    Judicial reviewp. 321
    Substantive Testp. 321
    Dominancep. 321
    Remediesp. 323
    Portugalp. 325
    Introductionp. 325
    Definition of a Concentrationp. 327
    Overviewp. 327
    Operations that qualify as a concentrationp. 328
    Operations which do not qualify as a concentrationp. 329
    Control Thresholdsp. 330
    The Act foresees two alternative thresholds that may trigger the obligation to notifyp. 330
    Territorial scope of the Act (Foreign to foreign mergers)p. 333
    Exceptionsp. 334
    Procedurep. 336
    Notificationp. 336
    Contentp. 336
    Investigationp. 337
    Sanctions for violation of procedural rulesp. 339
    Completion before clearancep. 340
    Publicity and confidentialityp. 340
    Judicial reviewp. 341
    Substantive Testp. 343
    The Dominance testp. 343
    Practical applicationp. 344
    Spainp. 349
    Introductionp. 349
    Definition of "Concentration"p. 351
    Overview/operations which qualify for concentrationsp. 351
    Joint venturesp. 355
    Control Thresholdsp. 356
    Jurisdictional thresholdsp. 356
    Foreign to foreign mergersp. 356
    Market share thresholdp. 357
    Criteria for the calculation of turnoverp. 359
    Special rulesp. 359
    Control of concentrations and restrictive practicesp. 360
    Procedurep. 362
    Notificationp. 362
    Investigationp. 364
    Relationship between the Spanish Authorities and the European Commissionp. 370
    Publicity and confidentialityp. 371
    Judicial reviewp. 372
    Substantive Test for Clearancep. 373
    Maintenance of effective competitionp. 373
    Remediesp. 374
    Special Provisionsp. 374
    Notification by the bidderp. 375
    Referral of non-notified transactions to the Service for the Defence of Competition by the National Stock Exchange Commissionp. 376
    Publicityp. 377
    Swedenp. 379
    Introductionp. 379
    Definition of Concentrationp. 381
    Operations which qualify for concentrationsp. 381
    Notification Thresholdsp. 384
    Two thresholdsp. 384
    Foreign to foreign concentrationsp. 384
    Criteria for calculation of turnoverp. 385
    The procedural rulesp. 386
    Notificationp. 386
    Investigationp. 387
    Enforcement agencies and adjudicative bodiesp. 388
    Confidentiality, trade secrets and disclosurep. 391
    Substantive Testp. 391
    The dominance testp. 391
    Other test: the national interest testp. 392
    Decisions and case-law regarding the test for clearancep. 393
    Remediesp. 394
    Ancillary restrictionsp. 395
    Special rulesp. 395
    United Kingdomp. 397
    Introductionp. 397
    General principles of UK merger controlp. 397
    Competent authoritiesp. 400
    Definition of a Concentrationp. 403
    Qualifying Mergerp. 403
    "Enterprise"p. 403
    "Ceasing to be Distinct"p. 403
    Control Thresholdsp. 405
    Thresholdsp. 405
    The "assets" testp. 406
    The "share of supply" testp. 407
    Competition Act 1998p. 408
    Procedurep. 409
    No mandatory notificationp. 409
    Reference to the CCp. 416
    Confidentiality in cases referred to the CCp. 420
    Judicial reviewp. 421
    Substantive Testsp. 421
    Public interest test/substantial lessening of competitionp. 423
    Assessment criteriap. 423
    Remediesp. 423
    Contributorsp. 429
    Table of Contents provided by Ingram. All Rights Reserved.

    ISBN: 9789041120564
    ISBN-10: 9041120564
    Series: International Competition Law Series
    Audience: Professional
    Format: Hardcover
    Language: English
    Number Of Pages: 400
    Published: 26th June 2003
    Publisher: Kluwer Law International
    Country of Publication: NL
    Dimensions (cm): 23.5 x 16.5  x 3.2
    Weight (kg): 0.86
    Edition Number: 4