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Author: Mats Bergman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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We collect a sample of EU and US merger investigations, estimate models of the regulatory decisions, and use the models to compare merger policies. Our approach allows us to decompose observed differences into policy effects and case-mix effects. Focusing on dominance mergers, we find that the EU is tougher than the US on average, in particular for mergers resulting in moderate market shares. However, the US appears to be more aggressive for coordinated interaction and nondominance unilateral effects cases. Overall, our analysis detects substantial differences in policies, but it does not classify one regime as being more aggressive than the other.
Author: Mats Bergman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We collect a sample of EU and US merger investigations, estimate models of the regulatory decisions, and use the models to compare merger policies. Our approach allows us to decompose observed differences into policy effects and case-mix effects. Focusing on dominance mergers, we find that the EU is tougher than the US on average, in particular for mergers resulting in moderate market shares. However, the US appears to be more aggressive for coordinated interaction and nondominance unilateral effects cases. Overall, our analysis detects substantial differences in policies, but it does not classify one regime as being more aggressive than the other.
Author: Catalin Stefan Rusu
Publisher: Kluwer Law International B.V.
ISBN: 9041132597
Category : Business & Economics
Languages : en
Pages : 306
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Book Description
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.
Author: Mats Bergman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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We collect a sample of EU and US in-depth merger investigation, estimate models of the regulatory decisions and use the models to compare merger policies in the two jurisdictions. The approach used allows us to decompose observed differences between merger decisions into regime effects and case-mix effects. Focusing on dominant-firm mergers, we find that EU is tougher than the US on average and on mergers resulting in low market shares. We also find that US policy is more affected than EU policy by a range of market considerations.
Author: Mats Bergman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Using a combination of public and internal information, this paper compares and contrasts EU and US merger policies. Common economics seems to lead both authorities to consider remarkably comparable portfolios of mergers once the nominal differences in the regimes (US reviews more cases) are addressed. Vertical mergers account for less than ten percent and potential competition matters for around five percent of all mergers in both jurisdictions, while purely conglomerate mergers are extremely rare or non-existent. The share of collusion investigations fall over time in both jurisdictions. However, the US relies on collusion theory more than three times as often as the EU, where 85 percent of the horizontal cases concern dominance. Across both regimes, roughly one eighth of all recent horizontal mergers have been analyzed as non-dominance unilateral-effects cases. Only minor differences in the average probability of challenge are observed when controlling for market share. We also find that the EU is more prone to accept (or require) weak remedies and much less likely to consider efficiencies. The 2004 EU reforms seem to be leading towards at least some convergence on enforcement policy.
Author: François Lévêque
Publisher: Edward Elgar Publishing
ISBN: 9781781957646
Category : Law
Languages : en
Pages : 240
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Book Description
This impressive volume presents a detailed comparative analysis of merger remedies in the EU and US, motivated by the fact that a growing number of mergers are being scrutinized and reviewed under both jurisdictions. Merger remedies on either side of the Atlantic play an increasingly important role in the implementation of public policy with regard to the economic concentration of industry. The book provides an understanding of merger remedies in general, and of procedural and substantive differences in the approach of the EU and the US. The editors have gathered together leading European and American practitioners and scholars to comprehensively discuss this issue. They aim to help policymakers decide if, and how, current practices can be improved, and to help firms and their counsel better prepare cases and predict outcomes.
Author: Ann Barry
Publisher:
ISBN:
Category :
Languages : en
Pages : 158
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Author: Nicolas Lafont
Publisher:
ISBN:
Category : Antitrust law
Languages : en
Pages : 104
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Author: Petros C. Mavroidis
Publisher:
ISBN:
Category : Antitrust law
Languages : en
Pages : 29
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The objective of this paper is to discuss and compare the role that different constituencies play in US and EU procedures for merger control. We describe the main constituencies (both internal and external) involved in merger control in both jurisdictions and discuss how a typical merger case would be handled under these procedures. At each stage, we consider how the procedure unfolds, which parties are involved, and how they can affect the procedure. Our discussion reveals a very different ecology. EU and US procedures differ in terms of their basic design and in terms of the procedures that are naturally associated with these alternative designs. On the one hand, there is a single investigator and decision maker operating under a symmetric mandate in the EU and on the other hand, an investigation and settlement operating under the threat of a court decision in case of challenge only in the US. The EU has developed numerous procedures and has granted extensive rights to the parties in the context of these procedures in order to provide some guarantee that the Commission's role as investigator and decision maker at first instance is not abused. By contrast, the US procedures appear to be rather informal, the balance in the investigation and evaluation of the merger being provided by the credible threat of a court decision. With a strong federal government that has extensive competences for regulation, merger control on competition grounds is subject to the additional public interest test of regulators in the US. Such additional control is weak in the EU, which has more limited competences for regulation. In addition, both the executive and the legislative powers are more fully developed at the federal level in the US. Both the executive power and the legislative seem to be in position to wield greater influence on enforcement in the US than is the case in the EU.
Author: Qian Li
Publisher:
ISBN: 9783848775880
Category :
Languages : en
Pages : 0
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Author: Ilene Knable Gotts
Publisher:
ISBN: 9781804490952
Category : Conglomerate corporations
Languages : en
Pages : 0
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