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Author: Christian R. Fackelmann
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Dynamic efficiencies theoretically bear greater potential than static efficiencies. Yet, their role in merger control is limited, not least due to difficulties in their practical implementation. At the same time, the new EC Merger Control Regulation (ECMR) and the Commission's Horizontal Merger Guidelines explicitly acknowledge dynamic efficiencies as a cognizable type of merger-related benefits. This paper aims to contribute to the analysis of two questions: (i) do the new Guidelines represent a workable analytic framework for the evaluation of dynamic efficiency claims and is there room for dynamic efficiencies in the current merger control regime, and (ii) what are the main problems in practice, and what would adequately improve the current framework of efficiency analysis? In its first part, this paper provides an introduction to the economic implications of the analysis of merger-related efficiencies. The second part analyses the role of dynamic efficiencies under the new merger control regime, focusing on the requirements stipulated in the ECMR and the Guidelines. Part three analyses crucial problems and according benchmarks which have to be considered when discussing proposals to refine dynamic efficiency analysis. It identifies four crucial problems: (i) insufficient information about potential efficiencies, (ii) existent information asymmetrically distributed between the Commission and the parties, (iii) a lack of legal certainty and business predictability for the firms and (iv) potential detrimental cost effects of the respective approach to efficiency analysis. Part five discusses various suggestions for reform of the procedural approach to efficiency analysis. Finally, the paper suggests the introduction of an ex post audit regarding merger-related efficiencies. It constructs a four-stage decision framework within which the ex post audit aims to - in the long term - provide both merging parties and the Commission with more solid information about the potential of mergers to create (dynamic) efficiencies and the particulars of such benefits.
Author: Christian R. Fackelmann
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Dynamic efficiencies theoretically bear greater potential than static efficiencies. Yet, their role in merger control is limited, not least due to difficulties in their practical implementation. At the same time, the new EC Merger Control Regulation (ECMR) and the Commission's Horizontal Merger Guidelines explicitly acknowledge dynamic efficiencies as a cognizable type of merger-related benefits. This paper aims to contribute to the analysis of two questions: (i) do the new Guidelines represent a workable analytic framework for the evaluation of dynamic efficiency claims and is there room for dynamic efficiencies in the current merger control regime, and (ii) what are the main problems in practice, and what would adequately improve the current framework of efficiency analysis? In its first part, this paper provides an introduction to the economic implications of the analysis of merger-related efficiencies. The second part analyses the role of dynamic efficiencies under the new merger control regime, focusing on the requirements stipulated in the ECMR and the Guidelines. Part three analyses crucial problems and according benchmarks which have to be considered when discussing proposals to refine dynamic efficiency analysis. It identifies four crucial problems: (i) insufficient information about potential efficiencies, (ii) existent information asymmetrically distributed between the Commission and the parties, (iii) a lack of legal certainty and business predictability for the firms and (iv) potential detrimental cost effects of the respective approach to efficiency analysis. Part five discusses various suggestions for reform of the procedural approach to efficiency analysis. Finally, the paper suggests the introduction of an ex post audit regarding merger-related efficiencies. It constructs a four-stage decision framework within which the ex post audit aims to - in the long term - provide both merging parties and the Commission with more solid information about the potential of mergers to create (dynamic) efficiencies and the particulars of such benefits.
Author: Laskowska Magdalena
Publisher: LAP Lambert Academic Publishing
ISBN: 9783659677595
Category :
Languages : en
Pages : 124
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Book Description
It is a well-established fact that economic growth largely hinges upon technological progress, and that productivity gains are key to rising incomes and living standards. As high technology industries have significantly increased their prominence in global economic performance in the 1980s and 1990s, and economic policy has increasingly focused on innovation, merger laws have become a crucial part of antitrust enforcement on both sides of the Atlantic. In recent years, many mergers and acquisitions of control have occurred in innovation-driven industries. Hence, it is important to ask a fundamental question: how does the competition authorities' decisional practice reflect the importance of technological progress? Due to space limitations, we have restrained our review of how conventional merger control accounts for technological progress only to the European Commission's decisional practice. Our analysis provides an exhaustive review of all the phase II merger decisions taken by the European Commission from the establishment of merger control at Community level (21 December 1989) to 21 September 2008.
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: Veronika Minkova
Publisher: GRIN Verlag
ISBN: 3656016984
Category : Law
Languages : en
Pages : 23
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Book Description
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.
Author: Richard J. Gilbert
Publisher:
ISBN:
Category : Clayton Act
Languages : en
Pages : 40
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Book Description
Author: Alistair Lindsay
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 568
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Book Description
EC Merger Regulation is a specifically practical mergers book. It provides a working guide to the most crucial EC Merger Regulation issues, with the purpose of supplying Competition and EC law practitioners with the key information and effective techniques they need to complete merger deals successfully. Throughout, it is alive to the practical issues involved and discusses them in lawyers' terms. A highly practical rather than theoretical treatment, supplying clear answers to lawyers' questions about the process. Focuses on what lawyers negotiating the EC Merger Regulation process need to know to steer a deal through effectively. Analyses the way in which the Commission reaches its decisions. Examines the practical lessons from the substantial volume of case law and jurisprudence in this area.
Author: Magdalena Laskowska
Publisher:
ISBN:
Category :
Languages : en
Pages : 91
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Book Description
It is a well-established fact that economic growth largely hinges upon technological progress, and that productivity gains are key to rising incomes and living standards. As high technology industries have significantly increased their prominence in global economic performance in the 1980s and 1990s, and economic policy has increasingly focused on innovation, merger laws have become a crucial part of antitrust enforcement on both sides of the Atlantic. In recent years, many mergers and acquisitions of control have occurred in innovation-driven industries. Hence, it is important to ask a fundamental question: how does the competition authorities' decisional practice reflect the importance of technological progress? Due to space limitations, we have restrained our review of how conventional merger control accounts for technological progress only to the European Commission's decisional practice. Our analysis provides an exhaustive review of all the phase II merger decisions taken by the European Commission from the establishment of merger control at Community level (21 December 1989) to 21 September 2008.
Author: Alistair Lindsay
Publisher: Sweet & Maxwell
ISBN: 041404844X
Category : Law
Languages : en
Pages : 849
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Book Description
This is the 4th edition of The EC Merger Regulation - a detailed guide to the method of merger control in the European Union. Fully revised for 2012, this comprehensive text describes how the European Commission determines approval of a notified merger, thereby providing information and techniques to complete merger deals successfully for companies operating in the European Union
Author: Ulrich Schwalbe
Publisher: Oxford University Press
ISBN: 0199571813
Category : Business & Economics
Languages : en
Pages : 477
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Book Description
Co-written by an expert lawyer and economist, this book provides a thorough guide to the economic theory behind the regulation of mergers. The economic theory is then used to analyse the current state of European competition law, and test the success of the European Commission's search for a 'more economic approach' to merger regulation.
Author: Miguel de la Mano
Publisher:
ISBN: 9789289445627
Category :
Languages : en
Pages : 83
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Book Description
