7 x 11 longassets.cambridge.org/97805218/57888/index/9780521857888_index.pdf · pyramid schemes 40...

Index

Abkhazia 7Afghanistan 7agricultural sector

Slovakia 1043Spain 1139United States 1312

Albaniaappeal rights 34, 39banking mergers 40Competition Authority 33–4complaints 34conditional approvals 36co-operation 42, 775defence industry mergers 40–1definition of merger 36–7efficiency gains 37failing firm defence 37history of merger control 32information requirements 35interim authorisations 35–6investigation powers 33, 34–5joint ventures 36legislation 33notifications and procedures 35–6personal liabilities 39private remedies 39–40public notices 35, 39–40pyramid schemes 40sanctions 38–9strategic sectors 32substantive assessments 37telecommunications mergers 41third-party rights 39–40thresholds 35time limits 33–4

amicus curiae 103ancillary restraints

Austria 129Belgium 157Denmark 350–2European Union 418Finland 441–4Greece 540–1Hungary 564Israel 662Italy 696Lithuania 764Netherlands 796–7Romania 975

Russia 998Slovakia 1029–32Spain 1135, 1146, 1147–48Sweden 1177

Andean Community 8, 10, 18–19Andorra 7Angola 7, 9Antigua and Barbuda 7appeal/ review

Albania 34, 39Argentina 54–5Armenia 70Australia 102–6Austria 135–6Barbados 149Belgium 164Brazil 193–4Bulgaria 22Canada 231–2Chile 254China 274Costa Rica 280–1Croatia 304–5Cyprus 320Czech Republic 332–5Denmark 355Estonia 366–8European Economic Area (EEA)

373–4European Union 420–1Finland 448–50France 480Germany 515–18Greece 546–7Hungary 566–7Iceland 588India 605–6Indonesia 623–5Ireland 649–51, 654Israel 664–5Italy 699–703Japan 729Kenya 736–8, 741Latvia 753–4Lithuania 766Luxembourg 23–4Macedonia 775Malta 785–6Netherlands 812–13

New Zealand 838–41Norway 864–5Pakistan 876Peru 885Philippines 889Poland 934–6Portugal 955–7Romania 986Russia 999Serbia and Montenegro 1005Slovakia 1036–40Slovenia 1058South Africa 1108–11Spain 1151–2Sri Lanka 1163–4Sweden 1177–8Switzerland 1207–8Taiwan 1219–20Thailand 1223Tunisia 1230Turkey 1237Ukraine 1248–50United Kingdom 1282United States 1305–6Uzbekistan 1330Venezuela 1338–42Zambia 1351Zimbabwe 28–9

Argentinaadvertising companies 56appeals 54–5banking mergers 56cease-and-desist orders 52competition analysis 49–50competition authorities 43, 44conditional approvals 50–2context 43co-operation 56–7, 198–9damages to third parties 55definition of concentration 44–5divestment undertakings 50–2efficiency gains 49exempted transactions 46extraterritorial jurisdiction 44failing firm defence 49–50flowchart 58FTAA negotiations 57history of merger control 43insurance companies 56

1353

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Cambridge University Press978-0-521-85788-8 - Merger Control WorldwideMaher M. Dabbah and K. P. E. Lasok QCIndexMore information

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1354 index

Argentina (cont)investigation powers 48legislation 43–4media industries 56MERCOSUR membership 56–7,

197–9merger decisions 50minority shareholdings 45National Tribunal for the

Defence of Competition(TNDC) 44

non-compete clauses 52notifications and procedures 44–8personal liabilities 54post-merger notifications 47pre-clearance suspension 52–4private remedies 55public interest 48–9publication requirements 46–7Repsol 43, 50sanctions 52–4substantive test 46, 48–50telecommunications mergers 56third-party rights 48, 54thresholds 45time limits 46, 47

Armeniabanking mergers 70–1Central Bank of Armenia 70–1CIS membership 73–4company law 71–3competition authority 60–2confidentiality 65–6co-operation 60, 73–5, 1256definition of concentration 63–4dominance test 66, 67, 68–9due process 66economic development 59economic entities 64efficiency gains 66failing firm defence 67foreign companies 63ICN membership 74–5information requirements 65investigation powers 61joint stock companies 71–2judicial review 70Karabakh conflict 59legislation 59–60, 68–9market definition 67–8merger decisions 65, 69, 70notifications and procedures 64–6pre-clearance mergers 69private remedies 70public interest 66public utilities 71

sanctions 69State Commission for the

Protection of EconomicCompetition 60–2

substantive test 66–9third-party rights 70thresholds 62–3time limits 66translations 65

Asian Development Bank 1330Asia-Pacific Economic Co-operation

(APEC) 843assessment. See substantive testsAustralia

amicus curiae 103appeal/ review 76, 102–6Australian Competition Tribunal

102–3, 104banking mergers 107broadcasting mergers 107–8Competition and Consumer

Commission 82–4competition authorities 82–4conditional mergers 88

divestment 88, 99, 106undertakings 99, 100–2

co-operation 109–11Canada 110Fiji 110New Zealand 109, 110, 111,

817, 841Papua New Guinea 109South Korea 110Taiwan 109, 110, 1218United States 109, 110–11,

1315, 1318, 1321–2de minimis exclusion 94definition of merger

changes of control 79charges over assets 79–80conditions precedent to

acquisitions 78–9deeming provisions 88direct and indirect acquisitions

80, 89exclusionary provisions 88legal or equitable interests 77–8ordinary course of business

79–80purchasers and vendors 77shares and assets 77triggering arrangements 80

extra-territorial jurisdiction 77Federal Court jurisdiction 104–6flowcharts 86, 91foreign companies 81

group companies 80legislation 76–82

Dawson Bill 76, 99, 100, 103media mergers 107–9merger decisions 83–4

deemed authorisations 88reasons 88

Merger Guidelines 90–1, 94, 95,96, 97, 98, 99, 100, 101

notifications and procedures 76,84–89

applications for authorisation85–6, 88

comfort letters 85courtesy notifications 84–5‘do-nothing approach’ 84informal clearance 85–6pre-merger negotiations 88–9time limits 88voluntary formal clearance 103

orders 99, 101private remedies 106public inquiries 106public notices 87, 101–2sanctions 98–101, 108

declaratory relief 105, 106fines 100injunctions 76, 98–9, 106

substantive test 76, 81, 87, 90–9assessment methodology 91countervailing factors 97defences 98efficiency gains 98entry barriers 91, 96–7failing firm defence 98functional markets 94geographical markets 91–2, 93import competition 91, 95market definition 91, 92–4market dynamics 97market shares 94–5New Zealand harmonisation

with 826–7product markets 93–4, 97public benefit 87, 91–2, 98temporal markets 93vertical market integration 97

third-party rights 106thresholds 85, 90, 91, 94–5turnover calculation 100void mergers 99

Austriaancillary restraints 129–30appeals 135–6aviation mergers 113, 138–9banking mergers 113, 139–40






index 1355

broadcasting mergers 113, 138Cartel Court 113–14, 115Commission on Competition

115–16, 127–8competition authorities 112,

113–16, 140, 141conditional mergers 135confidentiality 131–2context 121control, concept 118co-operation 141definition of concentration 117–19

business managementagreements 117–18

company surrender agreements117–18

exempted transactions 120–1divestment orders 135effects doctrine 116, 126EU competition law 114, 117exchange rates 122Federal Cartel Prosecutor 115Federal Competition Authority

114–15Financial Market Authority 140,

141flowchart 142group companies 116, 120information requirements 122–5,

131insurance mergers 113, 120, 140–1international mergers 126, 128investigatory powers 114, 130–1joint ventures 118–19, 124legal representation 126licensing 137media mergers 112, 113, 117, 120,

124, 137–8merger decisions 129

‘Formil’ decision 112newspaper mergers 138notifications and procedures

116–33documentation 125, 131fees 132–3hearings 127in-depth examinations 127,

128–9, 130, 136information requirements

121–2notification obligation 117–21‘one-stop-shop’ 115short-form notifications 125–6timescales 130timing of notifications 121translation of documents 122

pension funds 139powers of attorney 126–7private remedies 136–7public notices 122, 127, 128, 131,

132, 135sanctions 134–5

failure to notify 121fines 134–5

stock exchange sector 113, 140substantive test 133–4

affected markets 123–4import competition 124market definition 122, 133market dominance 133–4

Supreme Cartel Court 113–14Takeover Code 140television mergers 113third-party submissions 127, 136thresholds 116, 119–20turnover calculation 120void mergers 134

aviation mergersAustria 113, 138–9Canada 205–6, 226, 235–6Greece 543Iceland 585Japan 724–6New Zealand 820Philippines 891Poland 896South Africa 1095Switzerland 1180, 1208United States 1313–14, 1319

Azerbaijan 19–20, 1256

Bahamas 7Bahrain 7Bangladesh 8banking mergers

Albania 40Argentina 56Armenia 70–1Australia 107Austria 113, 139–40Belgium 165Brazil 196Canada 204, 234–5Chile 257–60Croatia 283, 289, 291, 306Czech Republic 335–6Denmark 356Estonia 368–9Finland 430, 451–2France 482–5Germany 519–20Hungary 570–2

Iceland 590–1India 607Indonesia 629–30Israel 665Italy 668, 675, 693–4, 706–7Japan 717, 731Latvia 755Lithuania 767–8Macedonia 775Netherlands 791, 814Norway 866Pakistan 876–8Philippines 890Poland 911, 937–8Portugal 960Romania 970Russia 1000Slovakia 1042Slovenia 1046, 1059South Africa 1091–2Spain 1141, 1146Switzerland 1187–8, 1209Thailand 1224–5Turkey 1238Ukraine 1241, 1253United States 1310–11Uzbekistan 1330

Barbadosappeals 149competition authorities 143–4confidentiality 144co-operation 149court directions 148definition of merger 147divestment undertakings 148efficiency gains 146, 148failing firm defence 146Fair Trading Commission 143–4information requirements 145investigation powers 143legislation 143market definition 147merger clearance forms 145–7merger notification forms 144–5notifications and procedures

144–7personal liabilities 148private remedies 149sanctions 147, 148, 149submissions 146substantive test 147–8thresholds 144, 147

Belarus 20, 73, 1256Belgium

ancillary restraints 157appeals 164






1356 index

Belgium (cont)banking mergers 165Brussels Court of Appeal

jurisdiction 164change of control 151College of Rapporteurs 152competition authorities 150, 152–3Competition Commission 153Competition Council 152Competition Service 152conditional approvals 161–3co-operation 167damages to third parties 164definition of concentration 151–2divestment orders 161–3energy mergers 165–6fines 159–61flowchart 169immunity 161–2insurance mergers 165joint ventures 151legislation 150–2market definition 156merger decisions 154ministerial powers 153, 164newspaper mergers 163–4non-compete clauses 157notifications and procedures 153–5President of Competition Council

153private remedies 164prohibited mergers 158sanctions 157–61simplified notification procedure

155substantive test 155–7television mergers 162–3third-party rights 159, 164thresholds 154, 155–6turnover calculation 156

Belize 8Benin 8Bermuda 8Black Sea 1256Bolivia 8, 18, 197, 885Bosnia-Herzegovina 8Botswana 8boycotts 612Brazil

Administrative Council forEconomic Defence (CADE)170, 173

appeals 193competition authorities 168, 170,

170–3conditional approvals 189–90

confidentiality 180, 200–1Constitution 170co-operation agreements

Argentina 57, 198–9Mercosur 199Russia 200United States 199–200, 1315,

1319, 1321corporate restructuring 183Economic Law Office (SDE) 172Economic Policy Bureau (SEAF)

172effects in Brazil 173, 174–5efficiency gains 186, 187, 190, 191energy policy 195financial regulation 196–7flowcharts 188, 202foreign companies 183Fortaleza protocol 197–8joint ventures 183judicial review 194legislation 170–1, 179and Mercosur 176, 197–9merger decisions 183, 190–1

decided cases 191–2notifications and procedures

173–83documentation 176fast-track procedure 183franchises 183information requirements

176–8preliminary assessments 180–1timescales 178–9

preventive measures 180–1private remedies 194reversibility agreements 180–1sanctions 178–9, 193

fines 178–9substantive test 184–9

assessment procedure 182–3cost-effectiveness ratio 187–8entry barriers 186failing firm defence 189import competition 186market definition 176–7, 185market dynamics 177market power analysis 186market shares 185

telecommunications mergers195–6

third-party rightschallenges 194–5damages 194–5

thresholds 173–4, 175, 186triggering events 178–9

broadcasting mergersSee also media mergersArgentina 55–6Australia 107–8Austria 113, 137–8Belgium 165–6Canada 236–7Croatia 307Germany 520–1Hungary 569Ireland 652–5Italy 693, 695, 710Lithuania 768New Zealand 842Poland 937–8Portugal 959–60Slovakia 1041–3Spain 1146, 1147, 1149, 1152–53Ukraine 1253–4United States 1312–13

Brunei Darussalam 8Bulgaria

appeals 22conditional approvals 22co-operation 23, 422, 775, 1255definition of merger 20effects doctrine 21exempted transactions 21fees 21investigations 21–2joint ventures 20notifications 21personal liabilities 22private remedies 22public notices 22substantive test 22thresholds 21

Burkina Faso 8–9Burma 9Burundi 9

Cambodia 9Cameroon 9Canada

appeals 231–32aviation mergers 205, 225, 235–6banking mergers 204, 234–5broadcasting mergers 236–7Commissioner of Competition

206–7competition authorities 206–8Competition Bureau 207, 208Competition Tribunal 203, 207–8conditional orders 231confidentiality 215consent agreements 228–9






index 1357

co-operation 238–9Australia 110–11Chile 239, 263Costa Rica 239, 280, 282European Union 238–9, 422Mexico 239trade negotiations with Central

America 11, 12, 16United Kingdom 239United States 237–8, 1315–16,

1318-19co-ordinated effects 221–2Crown corporations 205defences 224–7definition of merger 204

business undertakings 210–11exempted transactions 204–5non-operative businesses

210–11information requirements 212–13insurance mergers 205interim orders 229–30investigation powers 207, 208joint ventures 206, 211judicial review 231–2legislation 203–206merger decisions

dissolution orders 230permanent orders 230–1rescission/ variation of orders

231uncontested mergers 227–9

notifications and procedures208–16

advance ruling certificates 228exemptions 205–6, 210–11filing fees 214–15long-form notifications 212,

213, 214no-action letters 227, 228service standards 215–16short-form notifications 212,

213–14timescales 215waiting periods 212–13, 227

personal liabilities 215private remedies 232–4sanctions

breach of orders 232–3failure to notify 215

search and seizure powers 207shipping 205substantive test 216–29

change and innovation 220efficiency gains 225–6entry barriers 222–4

failing firm defence 224market definition 217–18market power 216, 219regulated industry defence

226–7unilateral effects 219, 220–1

territorial jurisdiction 204–5third-party rights

challenges 232costs 233damages 233interveners 232, 234remedies 233standing 233

thresholds 208, 209–10, 218–20CARICOM 17, 149Cayman Islands 9Central African Republic 9Chad 9Chile

adversarial proceedings 246–9anti-competitive practices 245banking mergers 257–60competition authorities 241–5competition principles 250–2co-operation 195, 239, 263–4, 282damages to third parties 255demand elasticity 251discovery procedures 248entry barriers 251evidence 248fines 253Fiscalía Nacional Económica 240,

243–5general interest interventions

244–5hearings 248, 250insurance mergers 260–1interim orders 247interveners 255investigation powers 244legislation 240market definition 251media mergers 261merger decisions 248non-adversarial proceedings

249–50notifications and procedures

245–50petitions in error 254public corporations 256, 257public information requirements

250public offers 256reconsideration of Tribunal

decisions 254

sanctions 252–4securities markets 256–7settlement hearings 247–8substantive test 250–2substitute products 251territorial jurisdiction 252thresholds 259–60Tribunal de Defensa de la Libre

Competencia 240water utilities 262

Chinaapproval certificates 272competition authorities 267–8context 265co-operation 275documentation requirements

270–2foreign companies 265, 266–7,

270, 273legislation 265–7merger decisions 272Mergers and Acquisitions Rules

266–7ministerial powers 267–8no-objection letters 272notifications and procedures

268–73offshore mergers 267, 270post-approval steps 272–3private remedies 274–5prohibited sectors 275review of decisions 274sanctions 274State Administration for Industry

and Commerce 266, 267,268

thresholds 269, 270CIS 9, 73–4, 1256collective dominance

European Union 412Finland 438–40, 446–7France 474Germany 507–8Italy 691–2Japan 725Lithuania 763Netherlands 806–7Norway 857Poland 927–8Portugal 950–1Russia 996–7Switzerland 1201–2

Colombia 18COMESA 7, 9, 10, 11, 14, 15, 16,

29, 742comity 30, 1319–21, 199






1358 index

Commonwealth of IndependentStates (CIS) 9, 73–4, 1256

Comoros 9competition authorities

Albania 33–4Andean Community 19Argentina 43, 44Armenia 60–2Australia 82–4Austria 112, 113–16, 140, 141Azerbaijan 19Barbados 143–4Belarus 20Belgium 150, 152–3Brazil 170, 171–3Canada 203–4Chile 240–4China 266–7Costa Rica 276–7Croatia 289–90Cyprus 309–10Czech Republic 321–2Denmark 338–9Estonia 359European Economic Area (EEA)

370–1European Union 383–5Finland 423–5France 454–6Germany 491–2Greece 525–7, 538Hungary 550–51Iceland 575–7India 593, 596–7Indonesia 612–13Ireland 633–5Israel 657–9Italy 666–7Japan 712–13Kazakhstan 23Kenya 734–6Latvia 743–4Lithuania 758Luxembourg 23–4Macedonia 770Malta 776, 777Netherlands 787, 792–3New Zealand 817–9Norway 844–5Pakistan 867, 869, 875Peru 879Philippines 886–7Poland 892–6Portugal 940–2powers 2Romania 963–4

Russia 990–1Serbia and Montenegro 1002Slovakia 1006–9Slovenia 1044–5South Africa 1061–8Spain 1114–16Sri Lanka 1157–9Sweden 1166–9Switzerland 1181–2Taiwan 1212Thailand 1221–2Tunisia 1226–8Turkey 1231–5Ukraine 1242–3United Kingdom 1259–60United States 1292, 1295Uzbekistan 1327–8Venezuela 1333Zambia 1345–7Zimbabwe 25–6

competition laws, growth 1conditional approvals

Albania 36Argentina 50–2Australia 88, 99, 101–2, 107Austria 136Belgium 161–3Brazil 189–90Bulgaria 20Canada 231Croatia 297Czech Republic 331Denmark 353–4Estonia 364–5European Union 418–19Finland 444France 476Germany 512–13Hungary 564Iceland 586–7Ireland 646Italy 691–3Japan 725–6Kenya 740Latvia 751Lithuania 763–4Malta 784Netherlands 792, 800–1, 811Norway 863Pakistan 875, 877Panama 24Poland 929, 933Portugal 955restructuring conditions 3Romania 983–5Russia 997

Slovakia 1029–30, 1032–4Slovenia 1055, 1057–8South Africa 1106–8Spain 1146, 1148, 1150, 1152Sweden 1176–7Switzerland 1196, 1199, 1205Tunisia 1230United Kingdom 1267, 1269–70,

1275–9United States 1304, 1305Zimbabwe 27

confidentialityArmenia 65–6Austria 131–2Barbados 144Brazil 182, 197–8, 200Canada 215Cyprus 311Czech Republic 330European Competition Network

815France 469–71Germany 521Indonesia 626–7Ireland 640, 641, 644Italy 683Kenya 738Latvia 749Malta 779Netherlands 791, 798, 800, 802Norway 855Poland 923–4Romania 981Slovakia 1025Slovenia 1053South Africa 1084–5, 1089Spain 1126, 1128–9Switzerland 1208–9Taiwan 1218Ukraine 1245United Kingdom 1280–1US co-operation agreements 1317,

1321, 1322Zambia 1351

confidentiality clauses 442, 1031conglomerate mergers

European Union 417Hungary 562Iceland 583Italy 690–1Japan 722–3New Zealand 835Poland 928South Africa 1078–9Sweden 1173

Congo 9






index 1359

consumer remediesIsrael 664Italy 704Slovakia 1041Spain 1129

control, meaningAustralia 79Austria 118Belgium 151Cyprus 316–17Denmark 340European Union 387–8Finland 425–6France 455Germany 492, 494Greece 528Hungary 553Iceland 577India 595Ireland 638Italy 666–7Kenya 739Lithuania 759Malta 777Netherlands 788–9Norway 848Poland 900–1Portugal 944Romania 965–6Slovakia 1011–12Slovenia 1047–8South Africa 1075–9Spain 1117Sweden 1168Switzerland 1185–6Turkey 1237Ukraine 1241–2United Kingdom 1261–2

co-operationAlbania 42, 775Andean Community 19Argentina 56–7, 197–8Armenia 60, 73–5, 1256Australia. See AustraliaAustria 141Azerbaijan 19–20Barbados 149Belgium 167bilateral agreements 29–31Brazil 56, 197–200, 1315, 1319,

1321Bulgaria 23, 422, 775, 1255Canada. See CanadaChile 197, 238, 263–4, 239, 282China 275comity 30, 200, 1319–21

confidentiality 1321Costa Rica 239, 263, 281Croatia 306, 422, 775Cyprus 320Czech Republic 336, 1001, 1255Denmark 356Estonia 369European Economic Area (EEA)

374–6, 422, 591European Union. See European

UnionFinland 452France. See FranceGermany 521, 1210, 1315Greece 548, 1001Hungary 572–3, 1255Iceland 168, 591, 866, 1179India 607Indonesia 631Ireland 637–8, 655Israel 655, 665, 1315, 1319Italy 710, 1001Japan 730, 1315, 1319Kenya 9, 742Latvia 369, 756Lithuania 369, 768, 1255Macedonia 775Malta 786Mexico 239, 1315, 1318, 1319Moldova 24multilateral agreements 31Netherlands 814–16New Zealand 109, 110, 111,

842–3, 1220Norway 168, 356, 591, 866, 1179Pakistan 878Peru 18, 885Philippines 891Poland 938, 1255Portugal 961Russia 200, 990, 1001Serbia and Montenegro 775, 1005Slovakia 1043Slovenia 775, 1059South Africa 1111, 1352South Korea 110Spain 1154–5Sri Lanka 1165Sweden 591, 866, 1179Switzerland 1181, 1210–11Taiwan 109, 110, 1220technical co-operation 1321Thailand 1225Tunisia 1230Turkey 422, 1238Ukraine 74, 1255–6

United Kingdom 110, 239, 1211,1290

United States. See United StatesUzbekistan 73, 1256, 1330–1Venezuela 18, 1343Zambia 9, 1352Zimbabwe 9, 29, 1352

Costa Ricaappeals 280–1Commission to Promote

Competition 277–8context 276co-operation 239, 264, 282exempted entities 277fines 279–80interveners 281notifications and procedures 278pension mergers 281–2personal liabilities 279–80private remedies 281sanctions 279–80state monopolies 276–7substantive test 278–9

Côte D’Ivoire 9–10Cotonou Agreement 7, 8, 9, 11, 12,

14, 15, 16, 17, 29CR3 approach 832–3credit institutions. See banking

mergerscriminal liability

Croatia 304Estonia 366Finland 448Greece 544–6India 600Indonesia 623Ireland 647, 648–9Israel 663–4Malta 784–5Philippines 888–9Russia 998–9Slovakia 1035Sri Lanka 1163Switzerland 1192, 1207Thailand 1223

Croatiaadministrative challenges 290–91,

304–5Agency for the Protection of

Market Competition 290–1annulment of compatibility

decisions 303banking mergers 283, 289, 291,

306certificates of completeness 295competition authorities 290–1






1360 index

Croatia (cont)conditional approvals 298Constitution 286co-operation 307, 422, 775criminal liability 304defences 301–2divestment orders 303documentation requirements 294dominant position 301efficiency defence 302energy mergers 283–4, 291, 306entry barriers 299EU accession 284–6exempted entities 288failing firm defence 301–2fines 303–4flowchart 308geographical markets 299–8incompatible concentrations 300–1information requirements 292–4insurance mergers 289interim orders 302–3Interim Trade Agreement with EU

284–5interveners 305joint ventures 287legislation 283–90market definition 298–300media mergers 281, 282, 291,

306merger orders 297–8, 303notifications and procedures 291–8Phase 1 reviews 296Phase 2 reviews 296–7post-notification procedures 295–6private remedies 305product markets 298–9prohibited concentrations 287public notices 295sanctions 302–3substantive test 298–302telecommunications mergers

283–4, 291, 306territorial jurisdiction 289thresholds 288–9turnover calculation 288–9

Cuba 10Curacao 10Cyprus

administrative reviews 320Commission for the Protection of

Competition 310–11confidentiality 311context 309control, meaning 315–16co-operation 320

definition of concentration 316documentation requirements 314dominance test 315–16EU accession 309exemptions 316–17geographical markets 317information requirements

313–15insurance mergers 316languages 315legislation 309–10market definition 317merger decisions 318ministerial powers 311, 313notifications and procedures

312–15Phase II investigations 318private remedies 320product markets 317public interest 311sanctions 319substantive test 315–19third-party interests 318thresholds 312translations 315turnover assessment 312–13

Czech Republicappeals 332–3banking mergers 335–6cancellation of authorisations

331–2cassation complaints 335conditional approvals 331–2confidentiality 330co-operation 336, 1001, 1255damages to third parties 335definition of concentration 322–3documentation requirements 326,

329and EC competition law 321, 330,

331, 336fees 326fines 332flowchart 337hearings 327information requirements 326–7,

329investigation powers 328joint ventures 323judicial review 333–5legislation 321market definition 331merger decisions 331minority shareholders 328notifications and procedures

322–30

Office for the Protection ofEconomic Competition321–2, 325

private remedies 335public notices 329public tender offers 327–8public undertakings 336sanctions 331–2securities markets 335–6substantive test 330–1territorial jurisdiction 325third-party rights 335thresholds 324–5timescales 327turnover calculation 324–5

damages to third partiesArgentina 55Australia 106Belgium 164Brazil 194–5Canada 232Chile 255Czech Republic 335Estonia 368European Union 422Germany 518–19Iceland 588–9Ireland 651–2Italy 700–1, 705Japan 729–30Latvia 754–5Netherlands 812, 813New Zealand 841Pakistan 876Peru 885Philippines 889Poland 898, 936–7Taiwan 1220Thailand 1223Turkey 1238Ukraine 1247–8United States 1305, 1306

dawn raids 338, 804, 921, 933, 934,1024

defence industry mergersAlbania 40–1Portugal 956

Denmarkancillary restraints 350–2appeals 355banking mergers 356Competition Appeals Tribunal 339Competition Authority 338–9Competition Council 339conditional approvals 353–4






index 1361

consultation procedures 347control, meaning 340co-operation 356, 591, 866, 1179defences 352definition of merger 339–41documentation requirements 344dominant position 349–50effect on competition 349–50efficiency gains 350, 352and EU competition law 338, 349exempted transactions 339failing firm defence 352–3fines 354flowcharts 357–8foreign mergers 346geographical markets 349group companies 340, 342–3hearings 347information requirements 344, 347insurance mergers 356investigation powers 338, 347joint ventures 341, 343, 351legislation 338limitation periods 355market definition 348–9merger decisions 345ministerial powers 339minority shareholdings 340notifications and procedures

339–47one-stop-shop principle 343pre-merger notifications 345–6private remedies 355–6product markets 349purchasing power defence 352revocation of approvals 354sanctions 354self-governing territories 11substantive test 348–53thresholds 341–3timetables 345turnover calculation 342–3

divestmentArgentina 50–2Australia 88, 99, 106Austria 135Barbados 148Belgium 161–4Brazil 190Croatia 303European Union 419Germany 514Greece 544Japan 723, 728, 730Kenya 741Netherlands 801

New Zealand 837Pakistan 871, 875–6Poland 927Romania 984Spain 1143–4, 1145Taiwan 1218Ukraine 1247United Kingdom 1259, 1276,

1277, 1278–9United States 1304

Djibouti 9Dominica 10Dominican Republic 10

Ecuador 10, 18, 885efficiency gains

Albania 37Argentina 49Armenia 66Australia 98Barbados 146, 148Brazil 184, 185, 188, 189Canada 225–6Croatia 302Denmark 349–50, 352European Union 415Finland 440France 477Germany 509–10Iceland 584Ireland 646Italy 692Japan 722, 724Kenya 740Malta 784Netherlands 807New Zealand 823–4, 825Norway 858–60Poland 928Portugal 951Romania 982Russia 997Slovakia 1027South Africa 1101–3Sweden 1175Taiwan 1218United States 1300Venezuela 1337–8Zambia 1350

EFTA 141, 168, 371–2EFTA Surveillance Authority 168,

371, 422, 866Egypt 9, 10El Salvador 10–11, 16Elzinga-Hogarty test 808employee consultation

France 470Romania 979South Africa 1083, 1085

energy mergersBelgium 165Croatia 283, 306Estonia 368–9Finland 424, 440, 450–1Germany 505–6, 512, 514Greece 548Hungary 569Iceland 583, 585, 590India 607Italy 690Netherlands 805, 806New Zealand 842Norway 862Pakistan 877Peru 879, 880Philippines 889–91Poland 896Portugal 958–9Russia 1000–1Spain 1114, 1121, 1137, 1140–1,

1143, 1144, 1145, 1153Ukraine 1254United States 1311–12

enforcement. See private remedies;sanctions

enforcement authorities. Seecompetition authorities

entry barriersAustralia 91, 96–7Brazil 186Canada 222–4Chile 251Croatia 299European Union 414–5Finland 438Italy 688New Zealand 828–9, 834Slovakia 1022South Africa 1098Spain 1134, 1136–7, 1143Sweden 1175Switzerland 1202United States 1299–1300Venezuela 1337

Eritrea 9, 11Estonia

appeals 366–7assessment methodology 364–5cassation proceedings 367competition authorities 359Competition Board 359conditional approvals 365–6






1362 index

Estonia (cont)co-operation 369credit institutions 368criminal liability 366criminal proceedings 359damages to third parties 368decided cases 365–6definition of concentration 360dominant position 364–5energy mergers 368–9and EU competition law 365exempted entities 361–2false information 368Financial Supervision Authority

369foreign companies 361group companies 361hearings 364information requirements 362–3insurance mergers 368–9investigation powers 359joint ventures 360judicial review 366, 367jurisdiction 360, 366–7languages 363legislation 359mandatory notification 362–3market share 364notifications and procedures 360–4personal liabilities 366precepts 366pre-clearance suspension 363private remedies 368public notices 363, 364revocation of merger decisions 368sanctions 366substantive test 364–6Tallinn Administrative Court

367–8Tallinn City Court 367–8telecommunications mergers

368–9third-party initiatives 368third-party submissions 363, 368thresholds 360–1time limits 363triggering events 362turnover calculation 361

Ethiopia 9, 11European Competition Authorities

168, 452, 485–9, 521, 591,786, 814, 815–6, 961, 1059,1179, 1290

European Competition Network 141,167, 814–15, 961, 1059, 1154

European Economic Area (EEA) 14

appeals 376competition authorities 371–2concentrations with EFTA

dimension 373concentrations with EU and EFTA

dimensions 374–5concentrations with EU dimension

372–3concentrations without EU or

EFTA dimension 373–4co-operation 376–8, 422, 591languages 372–3, 376legislation 370members 370principles 857private remedies 376referrals to national authorities

373, 375sanctions 376substantive test 375thresholds 373, 376two-pillar structure 371

European Unionannulment actions 420

accelerated procedure 421grounds 421interim relief 420–1locus standi 421reviewable decisions 421

Chief Competition Economist 385competition authorities 385–7competition law

abuse of dominant position 380anti-competitive agreements

379–80and EU merger control 395–7

concentrations with communitydimension 372–3, 374–5,391, 491

concentrations without communitydimension 397–8, 491–2

conglomerate mergers 417control, meaning 387–8co-operation

Andean Community 19Armenia 60Azerbaijan 20Bulgaria 23, 422Canada 238–9Croatia 422EEA 422Egypt 10generally 30, 422Japan 730Mercosur 57Moldova 24

Morocco 15–16Romania 422Russia 988, 1001Switzerland 1182, 1210Tunisia 1230Turkey 422United States 1315, 1318Uzbekistan 1330–1See also European Competition

Authorities; EuropeanCompetition Network

Cotonou Agreement. See CotonouAgreement

damages to third parties 422definition of concentration 384,

387–8Europe Agreements 285European Commission

decisions 386EEA role 371failure to co-operate with 405–6investigatory powers 385, 405merger control powers 385–7notices 384–5

horizontal mergers 384, 410–16anti-competitive effects 411buying power as countervailing

factor 414close competitors 412concentration levels 410–11coordinated effects 411, 413efficiency defence 415–16entry barriers 414failing firm defence 416Herfindahl-Hirschman Index

410large market shares 411–16market shares 410non-coordinated effects 411substitutability 412tacit coordination 413

international impactAustria 116, 119Croatia 284Cyprus 309Czech Republic 321, 330, 331,

336Denmark 338, 349Estonia 365Finland 423Germany 382, 393, 491–2Hungary 551, 572–3Iceland 578, 582, 585, 586Ireland 633, 637Italy 666, 671, 685, 694Latvia 743, 751, 756






index 1363

Lithuania 763Malta 776, 777, 783, 785Netherlands 787, 789, 791,

798, 805, 806Poland 892Portugal 940, 941, 951Romania 963, 977, 988Slovakia 1006Slovenia 1056Sweden 1166, 1167, 1168,

1172, 1179Switzerland 1179–1182, 1211United Kingdom 1284–5

investigationsPhase I 401–2Phase II 402–5

joint ventures 384, 389–91,417–18

jurisdiction 383, 387downward referrals 381, 383,

387, 492‘Dutch clause’ 397, 787exclusive jurisdiction rules

392–5, 491‘German clause’ 393legitimate national interests 395national security defence 395one-stop-shop principle 392–3,

428post-notification downward

referrals 393–4pre-notification downward

referrals 394–5referral submissions 400role of national authorities 396upward referrals 383upward referrals without

community dimension 396–7legislation 379–87

implementation 384new Merger Regulation 382–4original Merger Regulation 381

market definition 407–8demand substitutability 408–9geographical markets 409product markets 408–9SSNIP test 409supply substitutability 409

merger controldevelopment 377–8, 379need 380–1

merger decisions 384, 418–20conditional clearance 419–20divestment orders 419prohibitions 420unconditional clearance 419

Merger Task Force 385minority shareholdings 388–9notification procedure 398–400

documentation requirements399

failure to notify 400Form CO 399information requirements 399pre-notification consultation

400timescales 398–9

peer review panels 386Phase I investigations 401–2

decisions 401–2revocation of decisions 402timescales 401

Phase II investigations 402–5access to files 403Advisory Committees 404decisions 404hearings 403–4revocation of decisions 405statements of objections 402–3third-party oral submissions

404timescales 402

pre-clearance suspension 400–1private remedies 422prudential rules 395sanctions

breach of conditions 419–20failure to co-operate 405–6failure to notify 400failure to suspend 401remedies 384

substantive testancillary restraints 418collective dominance 413conglomerate mergers 417dominant position 381, 382,

406generally 406–18horizontal mergers 410–16joint ventures 417–18law reform 382–3, 406–7market definition 407–9portfolio power 417substantial lessening of

competition 382–4, 406–7vertical mergers 416–17

telecommunications mergers 1318third-party rights 404, 422thresholds 391–2, 492turnover calculation 384, 392vertical mergers 416–17

expert assessors 839

failing firm defenceAlbania 37Argentina 49–50Armenia 67Australia 98Barbados 146Brazil 189Canada 224Croatia 301–2Denmark 352–3European Union 416Finland 441France 476–7Germany 506, 509–10Iceland 585–6Ireland 646Italy 693–4Malta 781, 782Netherlands 807New Zealand 833–4Norway 860–2Poland 928–9Portugal 951South Africa 1100–1Sweden 1175Switzerland 1202–3United States 1296, 1301

Faroe Islands 11Fiji 110financial institutions. See banking

mergersfinancial markets

Austria 113, 140Chile 256–7Czech Republic 335–6regulation 1Slovenia 1059Uzbekistan 1330

Finlandaccess to files 449appeals 448–9, 450banking mergers 428, 451–2competition authorities 423–5conditional approvals 444, 445–7

failure to implement remedies448

monitoring 447control, meaning 425–6co-operation 452criminal liability 448definition of concentration 425–8

acquisition of businessoperations 426–7, 431

merger agreements 431minority shareholdings 426

electricity market 440






1364 index

Finland (cont)energy mergers 424–5, 450–1and EU merger control 423Finnish Competition Authority

421, 422, 423, 424, 446–7,448–9

flowcharts 453insurance mergers 424, 430, 451intellectual property rights 426joint ventures 428–9, 432, 443–4legislation 423Market Court 423, 424, 449merger decisions

conditional approvals 444–8prohibitions 444

minority shareholdings 426, 437notifications and procedures

425–35information requirements 432languages 432one-stop-shop principle 428Phase 1 433Phase 2 433–4pre-clearance suspension

434–5pre-notification contacts

432–43time limits 430–2triggering events 430–2

private remedies 449public bid announcements 431sanctions 448–9substantive test 435–44

ancillary restraints 441–4bargaining power of customers

438collective dominance 438–40,

446–7confidentiality clauses 443dominance test 435–40efficiency gains 440–1entry barriers 438failing firm defence 441geographical markets 435licence agreements 442–4market definition 435market power 437market shares 436–7non-compete clauses 442–3,

443–4non-solicitation clauses 443product markets 435purchase and supply

obligations 443, 444significant impediments to

competition 440

third-party rights 449thresholds 428–30turnover calculation 429–30

fishing operations, Iceland 590Foro Iberoamericano 961, 1155Fortaleza protocol 56–7, 197–8France

appeals 480audiovisual communications

481–2banking mergers 482–5competition authorities 455–7

DGCCRF 455, 456–7French Competition Council

455–6ministerial powers 455

conditional mergers 477, 478, 479voluntary undertakings 471,

472confidentiality 469–70, 471context 454control, meaning 458co-operation 485–9

European CompetitionAuthorities 485–8

ICN membership 488–9Russia 1001Switzerland 1210Taiwan 1220Ukraine 1255–6

definition of merger 454, 458–9employees, consultation 469flowchart 490insurance mergers 481–4interim measures 456legislation 454–5media mergers 481merger decisions 477–8newspaper mergers 476notifications and procedures

457–72documentation requirements

460filing fees 460forms 460hearings 472information requirements

459–65, 470investigations 472merger decisions 477–8notification obligations 457Phase I 457, 469–71, 477–8Phase II 457, 470–1, 477–8pre-clearance suspension 467pre-notification contacts 459re-examinations 472

referrals to CompetitionCouncil 472

Schedule I 461–3Schedule II 464–5Schedule III 466time limits 460

private remedies 476, 478public notices 454, 471sanctions 478–9

failure to notify 457–8, 478failure to suspend 478–9false information 479

substantive test 473–8affected markets 462–3collective dominance 473dominance 473–5efficiency gains 477failing firm defence 476geographical markets 461market definition 461product markets 461social and economic progress

477–8substantial lessening of

competition 475substitutability 475

thresholds 456, 459, 478Free Trade Area of the Americas

(FTAA) 57

Gabon 11GATS 1065GATT 1065Georgia 11, 73, 1256Germany

appeals 515–18conditions of mergers 513interim relief 517locus standi 516ministerial authorisations 517points of law 516procedure 516third parties 518

banking mergers 519broadcasting mergers 520competition authorities 492–3

Federal Cartel Office 493ministerial powers 492, 501,

510–11, 517–18conditional approvals 512–13

appeals 515divestment orders 513

confidentiality 502, 521co-operation 521, 1210, 1315definition of concentration

494–5






index 1365

competitively significantinfluence 495

control 494–5shares 495substantial part of assets 494successive joint acquisitions

496undertakings 494

energy mergers 507, 516and EU merger control 382, 393,

491flowcharts 522–3group companies 496insurance mergers 519joint ventures 496legislation 492

law reform 492market definition 505–6

beverages 506cross-price elasticity 504geographical markets 504newspapers 504pharmaceuticals 506product markets 504publishing houses 505recent FCO practice 505substitutability 504waste management 505

media mergers 520merger decisions

administrative acts 503conditional clearance 514dissolution of mergers 514ministerial powers 502, 510–11options 514revocation of clearance

decisions 514warning letters 503

Monopolies Commission 493newspaper mergers 503, 505, 521notifications and procedures

493–5031-month letters 501, 502, 515deemed clearances 501domestic effect 498EU referrals 500fees 503foreign companies 501hearings 502information requirements

500–1interveners 517investigations 501–2non-consummation rule 500,

515notification obligation 498–500

notification of consummation503

public notices 503third-party participation 502,

518timescales 501volume of mergers 503

private remedies 518–19public undertakings 519sanctions 515

dissolution orders 514personal liabilities 515

substantive test 503–12ancillary restraints 509defences 509–11dominance 503, 506–7efficiency gains 509–10failing firm defence 506, 510market definition 504–6monopolies 507–8non-compete clauses 509oligopolies 507–8overriding public interests 502,

510–12, 517–18types of concentrations 508


third-party rightsappeals 515, 518damages 518interveners 518–19participation 502, 518

thresholds 496–8de minimis clause 498, 520minor markets 498

transport mergers 504, 514, 520–1turnover calculation 497–8

Ghana 11Global Competition Forum 200,

1155globalisation 2, 4, 126Greece

appeals 546–7aviation mergers 543competition authorities 526–8,

540Greek Competition

Commission 525, 526–7ministerial powers 540

concentrationsmeaning 529minority shareholdings 530types 530

conditional approvals 542–4control, meaning 530co-operation 548, 1001

energy mergers 548flowchart 549foreign companies 538insurance mergers 542–3joint ventures 529–30, 541legislation 526merger decisions

conditional approvals 542–4delay 536powers 527–8prohibition of mergers 542recent cases 542–4revocation of clearances 527–8time limits 535–6


filing fees 531–2hearings 532–3interveners 534, 547investigatory powers 528pre-clearance suspension

531–2, 542preliminary assessments 532

private remedies 547–8sanctions 527, 531, 541–6

criminal liability 543, 544–5divestment orders 543personal liabilities 544, 545

substantive test 536–41ancillary restraints 540–1dominant position 537market shares 531–2, 537, 538non-compete clauses 541, 543political assessments 540public interest 540recent decisions 538–9substantial lessening of

competition 538–9telecommunications mergers 548third-party rights

appeals 546, 547interveners 534, 547submissions 534, 535

thresholds 531–3turnover calculation 530–1

Greenland 11–12guaranteed supplies 1146, 1149Guatemala 11, 12, 16Guinea 12Guyana 12

Herfindahl-Hirschman IndexArgentina 49Australia 95European Union 410Iceland 584






1366 index

Herfindahl-Hirschman Index (cont)Ireland 645Japan 721, 722, 723, 724Norway 857Romania 981South Africa 1087, 1097Spain 1142, 1145United States 1297–8, 1300Venezuela 1336–7

Honduras 11, 12, 16Hong Kong 12Hungary

appeals 566–7banking mergers 570–1competition authorities 551–2Competition Council 551conditional approvals 564context 550control, meaning 554co-operation 572–3, 1255definition of concentration 553–4

independent undertakings553–4

state undertakings 554energy mergers 569and EU law 551, 572–3extra-territorial jurisdiction 556flowchart 574foreign companies 556Hungarian Competition Office

550, 551–2insurance mergers 571–2joint ventures 553judicial review 566–7legislation 550–1media mergers 569–70merger decisions

decision making 557options 565time limits 556–7


documentation 558–9exemptions 555filing fees 559forms 558hearings 557information requirements

558–9investigatory powers 552, 565mandatory and voluntary

notifications 558one-phase investigations 559time limits 556–7, 567two-phase investigations 560,

564

pre-clearance suspension 557–8private remedies 567–8public notices 560sanctions 556, 565–6self-incrimination 552substantive test 560–5

ancillary restraints 564conglomerate effects 562effects on neighbouring

markets 564horizontal effects 562market definition 561market share analysis 562–5portfolio effects 562substitutability 561vertical effects 562

telecommunications mergers 564third-party complaints 567–8thresholds 554–6turnover calculation 555–6

Iberian-American Forum forCompetition 961, 1155

Icelandappeals 588aviation mergers 585banking mergers 590–1competition authorities 575–6

Competition AppealsCommittee 576, 588

Competition Authority 576Competition Council 576ministerial powers 575

conditional approvals 587–8context 575control, meaning 577co-operation 168, 591, 866, 1179definition of merger 577EEA/EFTA member 370, 575energy mergers 583, 585, 590and EU law 578, 583, 585, 586fishing operations 590flowchart 592foreign investment 589–90interim measures 581investigations 578–81joint ventures 577legislation 575merger decisions 586–8

revocation 587notifications and procedures

577–81documentation 578–9Form CO 578information 578–9interveners 579–80

investigatory powers 578–9lack of transparency 579time limits 578, 580–1

private remedies 588–9real estate investment 590sanctions 586–8substantive test 581–6

conglomerate effects 583defences 584–6dominant position 581, 582efficiency gains 584–5failing firm defence 585–6future markets 583–4Herfindahl-Hirschman Index

584international competition

583market definition 584objectives 581

third-party rightscomplaints 588–9damages 588interveners 579–80standing 587

thresholds 577–8turnover calculation 578

IMF, conditional loans 3India

agreements to acquire shares593–4

amalgamation orders 602–3amalgamations 595appeals 605–6arrangements 594–5, 598banking mergers 607Board of Industrial and Financial

Reconstruction(BIFR) 602

Company Court approvals 594–5,597–8, 601–2, 609

competition authorities 594–5,597–8

Competition Commission of India(CCI) 599, 611

compromises 594–5, 598control, meaning 595co-operation 607criminal liabilities 602dominant undertakings 594energy mergers 607flowcharts 608–11foreign direct investment 597information requirements 600–1interveners 601–3investigatory powers 599legislation 593–7






index 1367

ministerial powers 595, 600–1,603, 608

notifications and procedures 600–4personal liabilities 605private companies 591private remedies 606public interest test 601, 602public notices 603real estate 590sanctions 600, 605Securities and Exchanges Board of

India (SEBI) 593, 599,603–4, 610

sick industrial companies 601–2substantive test 604–5Takeover Code 595, 603, 606telecommunications mergers 607third-party rights 601, 602, 606thresholds 593–4

Indonesiaabuse of dominant position 615,

620anti-competitive agreements

612–14anti-competitive practices 612–15appeals 624banking mergers 629–30Business Competition Supervisory

Commission (KPPU) 612,616–18

capital market regulation 629closed agreements 613, 621collusion 614, 620company law 628competition authorities 616–7competition case law 619–22confidentiality 627co-operation 631criminal liability 623definition of merger 618–19foreign investment regulation 629intellectual property rights 615investigatory powers 626–7judicial review 625legislation 612–16market domination 614, 621minority shareholdings 629–30monopolies 614, 621, 630monopsonies 614notifications and procedures

618–22predatory pricing 620price fixing 613, 621–2private remedies 625–6, 632research and development

agreements 616

sanctions 623substantive test 622telecommunications mergers 630thresholds 619tortious liability 627–8unimplemented legislation 612vertical integration 613, 620, 621

injunctionsAustralia 98–99, 106Ireland 652Israel 664–5Japan 728Latvia 753Lithuania 767Malta 784Netherlands 814New Zealand 836–7, 841Sweden 1172Taiwan 1220United Kingdom 1282–3United States 1302–3

insurance mergersArgentina 55–56Austria 113, 120, 140–1Belgium 165Canada 205Chile 260–1Croatia 289Cyprus 316Denmark 356Estonia 368–9Finland 424, 430, 451France 482–5Germany 519–20Greece 542–3Hungary 570–2Israel 665Italy 675, 707–8Latvia 755Lithuania 768Macedonia 775Netherlands 791, 816Pakistan 877–8Poland 912, 937Portugal 960–1Romania 970Russia 1000Slovenia 1059Switzerland 1188Thailand 1223–4Turkey 1238Ukraine 1241

International Competition Network(ICN)

Albania 42Argentina 57

Armenia 74–5Australia 109Barbados 149Belgium 167Brazil 200Cyprus 320Finland 452France 488–9generally 31Germany 521India 607Israel 657, 665Italy 710Kenya 742Malta 786merger principles 488–9Netherlands 814, 816New Zealand 842objectives 1323Peru 885Poland 938Portugal 961Romania 988Russia 1001structure 488Sweden 1179Turkey 1238Ukraine 1256United Kingdom 1290US membership 1322–24Uzbekistan 1331Venezuela 1343working groups 488, 1323–4Zambia 1352

International Consumer Protectionand Enforcement Network(ICPEN)

international lawbilateral co-operation agreements

29–31and merger control 29–31multilateral agreements 31South African obligations 1065–6

Internet service providers 56interveners

Canada 232, 234Chile 255Costa Rica 281Croatia 305Germany 518–19Greece 533, 547–8Iceland 579–81India 601Slovenia 1058–9

investigatory powersAlbania 33, 34–5






1368 index

investigatory powers (cont)Argentina 48Armenia 61Austria 114, 130–1Barbados 143Canada 207, 208Chile 244Czech Republic 328Denmark 338, 347Estonia 359European Commission 385, 405Greece 528Hungary 552, 565Iceland 579India 599Indonesia 626–7Ireland 637Israel 658Italy 681–2Kenya 735Latvia 745Malta 781Netherlands 791, 794Norway 852Panama 24Poland 921–2Portugal 943Romania 974Serbia and Montenegro 1005Slovakia 1007–8Slovenia 1054Spain 1127–8Taiwan 1219Turkey 1234Ukraine 1247Zambia 1351Zimbabwe 25

Iran 13Ireland

abuse of dominant position 636anti-competitive agreementsappeals 649–51, 651assessment of mergers 644competition authorities 634Competition Authority 636–7conditional approvals 632, 636–7,

648confidentiality 640, 644, 654context 633control, meaning 638co-operation 637, 655criminal liabilities 647, 648–9criminal proceedings 636damages to third parties 652deemed clearances 641–2definition of merger 638

Director of Public Prosecutions637

efficiency gains 646and EU competition law 634, 637failing firm defence 646false information 647–8flowchart 656group companies 639hearings 643–44Herfindahl-Hirschman Index 645implementation of cleared mergers

642injunctions 652investigations 643investigatory powers 637judicial review 649, 651law reform 633–4legislation 633–4listing rules 635locus standi 648media mergers 635, 636, 652–4merger decisions 644ministerial powers 633, 635, 636,

653notifications and procedures

638–41personal liabilities 647Phase 1 640, 653Phase 2 640pre-clearance commitments 640pre-clearance suspension 641preliminary assessments 640pre-notification contacts 639–41private remedies 651–2public notices 641, 642, 644re-notification obligations 642sanctions 636, 647–8SSNIP test 646strengthening dominant position

644–5substantial lessening of

competition 644–5, 654substantive test 644–5Takeover Panel 635territoriality 639third-party challenges 648third-party submissions 643thresholds 638–9and US case law 645

IsraelAdvisory Exemptions and Mergers

Committee 658ancillary restraints 662Antitrust Tribunal 659, 664appeals 664–5banking mergers 665

class actions 665competition authorities 657–8context 657co-operation 657, 664, 1314, 1319criminal liabilities 663–4decided cases 662deemed clearances 661definition of merger 661information requirements 659insurance mergers 665interim measures 664–5investigatory powers 658Israel Antitrust Authority 657–8languages 659legislation 657media mergers 665merger decisions 658merger statistics 662ministerial powers 665notification forms 659–60notifications and procedures

659–60personal liabilities 663–4private remedies 665public notices 658significant damage to competition

661substantive test 661–2telecommunications mergers 665thresholds 660time limits 660–1

Italyappeals/judicial review 699–703

annulment actions 699–700appealable decisions 701–2damages to third parties 700–1grounds 699–701locus standi 702–3third-party rights 702–3time limits 699, 702

banking mergers 668, 675, 694–5,706–7

competition authorities 667–8Autorità Garante della

Concurrenza e del Mercato667–8

Banca d’Italia 668, 706–7ministerial powers 667

competition law 666conditional approvals 694–6

appeals 699confidentiality 683control, meaning 669–70co-operation 710, 1001definition of concentration

668–74, 711






index 1369

excluded transactions 673–4intra-group transactions 674minority shareholdings 669–70parts of undertakings 670

energy mergers 690–1and EU competition law 666, 671,

685, 694film distribution 710flowcharts 711foreign companies 675insurance mergers 675, 707–8investigatory powers 681–2joint ventures 670–1, 676, 679legal monopolies 709–10legislation 666–7media mergers 693, 695, 708–9merger decisions 680, 696–7

clearance letters 680merger statistics 684–5notifications and procedures

668–84access to files 683, 684conversion of notifications 679expert reports 681–2failure to notify 697–8, 701flowcharts 711formalities 677hearings 682, 682–3incomplete notifications 679information requirements 678,

679, 680, 681–2investigations 681–2, 697languages 677legal representation 681long-form notifications 678no pre-clearance suspension

676notifying parties 676–7Phase I 680, 684, 696Phase II 680, 684, 696, 698,

701preliminary findings 682rights of notifying parties 683short-form notifications 679statements of objections 682–3third-party rights 682, 684time limits 675, 676

private remedies 703–6public notices 666, 680referrals to EC Commission 680sanctions 696–9, 710services of general economic

interest 709–10substantive test 684–96

abuse of dominant position 666ancillary restraints 677, 696

anti-competitive agreements666

collective dominance 691–2conglomerate mergers 690–1countervailing buyer power 689dominant position 684, 685–92,

709efficiency gains 692entry barriers 688failing firm defence 693–4flowchart 711geographical markets 685horizontal mergers 686–9market concentration 687market definition 685market shares 686–7, 688product markets 685public interest 684qualified competitors 686–8single-firm dominance 686–91vertical mergers 689–91

telecommunications mergers 690third-party rights

appeals 703–5consumers 704damages 700–1, 705hearings 682interim measures 705–6participation 684


Ivory Coast 9–10

Jamaica 13Japan

appeals 729aviation mergers 724–6banking mergers 717–18conditional approvals 723, 725–6co-operation 730, 1315, 1319damages to third parties 730definition of merger 719divestment orders 723, 728, 730extra-territoriality 726–8Fair Trade Commission 712–13injunctions 728insurance mergers 717–18legislation 712notifications and procedures

713–16detailed examinations 716foreign companies 714initial examinations 715–16post-merger notifications 714pre-merger notifications

713–14

prior consultation system714–16

waiting periods 728–9private remedies 729–30sanctions 728–9substantive test

acquisition of voting rights 719collusion 724conglomerate mergers 722–3co-ordinated effects 722corporate and industrial

revitalisations 723–4efficiency gains 722, 724excessive concentration of

economic powers 716–17foreign companies 726–8geographical markets 721Guidelines 720–4Herfindahl-Hirschman Index

721, 722, 723, 724holding companies 716–17horizontal markets 721–2JAL/JAS case 724–6market definition 720–1market shares 721, 722, 723,

724oligopolies 725precautionary measures 718product markets 721stock acquisition by finance

companies 717–18substantial restriction of

competition 712, 718–26thresholds 721, 722, 723, 724vertical mergers 722–3

third-party rights 729–30thresholds 713–14, 721

joint stock companies, Armenia 73–4joint ventures

Albania 36Austria 118–19, 124Belgium 151Brazil 183Bulgaria 20Canada 206, 212Croatia 287Czech Republic 323Denmark 341, 343, 351Estonia 360European Union 382, 389–90,

417–18Finland 427–8, 432, 443–4Germany 496Greece 529–30, 540Hungary 553Iceland 577






1370 index

joint ventures (cont)Italy 670–4, 676, 679Latvia 746, 751Lithuania 759Macedonia 771Malta 777, 780, 782–3Netherlands 789, 792, 805Norway 846Poland 899, 903–4, 909, 926Romania 963, 966Slovakia 1012, 1014, 1019, 1020,

1023, 1027–8, 1031–2Slovenia 1050–1Spain 1117–18Sweden 1167, 1169, 1175Switzerland 1185–6, 1186, 1190Turkey 1237Ukraine 1240Venezuela 1335

Jordan 13

Kazakhstan 23, 73, 1254Kenya

appeals 736–7, 738, 741competition authorities 735–7conditional approvals 741confidentiality 738context 734control, meaning 739co-operation 9, 742definition of merger 739divestment orders 741efficiency gains 740information requirements 737–8investigations 735, 736investigatory powers 735legislation 734merger decisions 740–1ministerial powers 735, 736, 741Monopolies and Prices

Commission 735–6notifications and procedures

737–8personal liabilities 741private remedies 742public interest test 740public notices 738Restrictive Trade Practices

Tribunal 736–7, 741sanctions 734, 737, 740–1state corporations 741substantive test 739–40telecommunications mergers 742void mergers 742

Kuwait 13Kyrgyzstan 13, 73, 1254

Laos 13Latvia

appeals 753–4banking mergers 755Competition Council 744–5competition law 743Competition Office 744–5conditional approvals 752confidentiality 749co-operation 369, 756damages to third parties 753de minimis rules 747definition of merger 746, 757and EU competition law 743, 751,

756excluded transactions 746, 755flowchart 757geographic markets 750hearing rights 749–50information requirements 748–9injunctions 753insurance mergers 755investigatory powers 745joint ventures 746, 751legislation 743market definition 750merger decisions 748, 751–2notifications and procedures 743,

746–50notifying parties 749personal liabilities 753private remedies 753, 754–5product markets 750public notices 745, 749sanctions 752substantive test 750–1third-party rights 749–50, 753,

754–5thresholds 746–7time limits 747, 748turnover calculation 747two-phase procedure 748

Lebanon 13legislation

Albania 33Andean Community 18Argentina 43–4Armenia 59–60, 68–9Australia 76–81Austria 112–13Azerbaijan 19Barbados 143Belarus 20Belgium 150–2Brazil 170–1, 179Bulgaria 20

Canada 203–6Chile 240China 265–7Costa Rica 276–7Croatia 283–9Cyprus 310Czech Republic 321Denmark 338Estonia 359European Economic Area (EEA)

370European Union 377–87Finland 423France 454–5Germany 492Greece 525–6Hungary 550–1Iceland 575India 593–7Indonesia 612–16Ireland 633–5Israel 657Italy 666–7Japan 712Kazakhstan 23Kenya 734Latvia 743Lithuania 758–60Macedonia 770Malta 776Moldova 24Netherlands 787–92New Zealand 817–18Norway 844Pakistan 867–9Panama 24Peru 879–80Philippines 886Poland 892–4Portugal 940–1Romania 963Russia 990–1Serbia and Montenegro

1002Slovakia 1006–8Slovenia 1044–5South Africa 1061–7Spain 1114Sri Lanka 1157–9Sweden 1166Switzerland 1181–2Taiwan 1212Thailand 1221Tunisia 1226Turkey 1231Ukraine 1239–42






index 1371

United Kingdom 1257–9United States 1291Uzbekistan 1325–7Venezuela 1332Zambia 1344Zimbabwe 25

Lesotho 13Liberia 14Libya 14Liechtenstein 14, 168, 370Lithuania

access to files 762ancillary restraints 764appeals 766banking mergers 767broadcasting mergers 768collective dominance 763collective investments 768Competition Council 760conditional approvals 764–5control, meaning 759co-operation 369, 768, 1254deemed clearance 764defences 764definition of merger 758–9, 767dominant position 763and EU merger control 763excluded transactions 759flowchart 769hearings 762insurance mergers 768interim measures 767investigations 762joint ventures 759legislation 758–60merger decisions 762, 763, 764–5,

767notifications and procedures 760,

761–3pre-clearance suspension 761private remedies 766–7public interest test 764public notices 762sanctions 765–6small markets 760substantive test 763–4third-party rights 762, 766–7thresholds 759–60time limits 761, 762–3, 764triggering events 761turnover calculation 760two-phase procedure 762–3

Luxembourg 23–4

Macau 14Macedonia

appeals 775banking mergers 775competition authorities 770co-operation agreements 775definition of merger 770–1excluded entities 775information requirements 773insurance mergers 775joint ventures 771legislation 770media mergers 775merger decisions 775ministerial powers 770Monopoly Authority 770notifications and procedures

770–4notifying parties 774pre-clearance suspension 774private remedies 775substantive test 775third-party rights 774thresholds 770time limits 773turnover calculation 772

Madagascar 9, 14Malawi 9, 14Malaysia 15Mali 15Malta

accelerated procedure 780–1access to files 781commencement of legislation 778Commission for Fair Trading 777conditional approvals 784confidentiality 781–2control, meaning 777co-operation 786criminal liability 784definition of merger 777efficiency gains 784and EU competition law 776, 777,

783, 785failing firm defence 782, 783forms of notification 778–9injunctions 784interim relief 784investigations 779–81investigatory powers 781joint ventures 777, 780, 782–3judicial review 785–6languages 779legislation 776market definition 783merger decisions 779, 780notifications and procedures

777–82

Office of Fair Competition 776,777

pre-clearance suspension 779private remedies 786public notices 782revocation of decisions 780right to fair hearing 781sanctions 784–5substantive lessening of

competition 782substantive test 782–4third-party rights 781, 785thresholds 777turnover calculation 777two-phase procedure 779–80and US merger control 784

market definitionArmenia 67–8Australia 90, 92–3Austria 122, 133Barbados 147Brazil 176–7, 184–5Canada 217–18Chile 251Croatia 298–300Cyprus 317Czech Republic 331Denmark 348–9European Union 407–9Finland 435France 461–2Germany 504–6Hungary 561Iceland 584Italy 685Japan 720–2Latvia 750Malta 783New Zealand 829–31Norway 850Poland 926–7Romania 963Slovakia 1025South Africa 1094–7Spain 1119, 1133, 1135, 1139–41,

1143–5Sweden 1173Switzerland 1199–1200Taiwan 1213–14United States 1296–7Venezuela 1336

Mauritania 15Mauritius 9, 15media mergers

See also broadcasting mergersArgentina 56






1372 index

media mergers (cont)Australia 106–8Austria 112, 113, 117, 120, 124,

137–8Chile 261Croatia 283, 291, 307European Union 395France 482Germany 520Hungary 569–70Ireland 635, 636, 652–5Israel 665Italy 693, 695, 708–9Macedonia 775Netherlands 806Norway 866Portugal 959Slovenia 1059Sweden 1178Switzerland 1188Ukraine 1253–4United States 1312–13

Mercosur 56–7, 176, 197–9merger control

assessments. See substantive testsdebates 2–3forms 1and globalisation 2, 5international level 29–31Jurisdictions with nascent merger

control regimes 18–29jurisdictions without merger

control regime 4, 6–17objectives 1, 3practitioners’ perspective 3–5proliferation of regimes 3restructuring pre-condition 3Significance 2

Mexico 239, 1315, 1318, 1319Microsoft 341minority shareholdings

Argentina 45Czech Republic 328Denmark 340European Union 388–9Finland 426, 437Greece 529Indonesia 628–9Italy 669–70Netherlands 789Norway 846, 852Poland 899, 901, 903–4, 914–15Romania 965Russia 992Spain 1146Sweden 1168

Switzerland 1185United Kingdom 1261

Moldova 24, 73, 1256Mongolia 15monopsonies 614Montenegro. See Serbia and

MontenegroMorocco 15–16Mozambique 16multilateral agreements 31

Namibia 9, 16national security defence

Albania 40–1and EU jurisdiction 395Portugal 958Sweden 1175United Kingdom 1283

NATO 40Nepal 16Netherlands

access to files 802administrative review 812, 813appeals 812–13banking mergers 791, 814competition authorities

Dutch Competition Authority(NMA) 787, 792–3

ministerial powers 792–3conditional approvals 792, 800–1

behavioural remedies 801breach of conditions 811divestment 801pre-notification discussions

800–1structural remedies 800, 801

confidentiality 791, 797–8, 780,802

control, meaning 789–90minority shareholdings 789option agreements 789parts of undertakings 789–90related transactions 790

co-operation 814–16European Competition

Authorities 815–16European Competition

Network 814–15ICN membership 814, 816international precedents 816

definition of concentration 788–90doorzoeking 804energy mergers 805, 806and EU merger control 397, 787,

789, 791, 798, 805, 806insurance mergers 791, 814

investigatory powers 791, 792,803, 804

joint ventures 789, 790, 792, 805jurisdiction 787–8

excluded transactions 788foreign companies 787–8referrals from EC Commission

788referrals to EC Commission

788legislation 787–92

law reform 791–2recent amendments 791

media mergers 806merger decisions 798, 799–800

short-form decisions 798merger statistics 793notifications and procedures

793–804documentation requirements

797forms 795informal NMA advice 795–6information requirements 781,

795, 796, 797, 810interim reports 799languages 795notification responsibility 795Phase I 796–8Phase II 798–800pre-notification contacts 796,

800–1public bids 794renotifications 795state of play meetings 796timetables 794, 797, 799two-stage procedure 795

pre-clearance suspension 788, 794breach of obligations 810–11exemptions 794, 811

private remedies 813–14public notices 797–8, 800, 802,

803sanctions 791, 792, 809–12

administrative review 812breach of authorisation

conditions 811breach of standstill exemption

conditions 811breach of standstill obligations

810–11failure to co-operate 809information requirements 810limitation periods 811personal liabilities 809void mergers 811–12






index 1373

sector investigations 807–9construction sector 791–2,

808–9health care 808

substantive test 805–9ancillary restraints 796–7collective dominance 806–7decided cases 805–7dominance 792, 805economic theory 805efficiency gains 807Elzinga-Hogarty test 808failing firm defence 807market shares 807market test 803portfolio effects 806services of general economic

interest 800SSNIP test 808unilateral effects 805vertical effects 806

third-party rightsappeals 813–14complaints 803damages 812, 813hearings 803information 801, 802injunctions 814interim relief 812, 813legitimate interests 803–4participation 802–4


New Zealandappeals 838–41

Commission’s role 840Court of Appeal powers 840–1expert assessors 839grounds 838locus standi 838re-hearings 839–40stay 838–9

aviation mergers 820broadcasting mergers 841competition authorities

Commerce Commission818–20, 840

ministerial powers 820conditional approvals

divestment 837voluntary undertakings 825–6

co-operation 109, 110, 111, 817,842–3, 1220

economic deregulation 817energy mergers 842foreign investment 842

interim measures 836–7judicial review 841legislation 817–18merger decisions

clearance 821time limits 822

Merger Guidelines 818merger statistics 819notifications and procedures

821–26conferences 823documentation 823draft determinations 823information requirements 822investigations 822–3notification options 821timing 821

Overseas Investment Commission842

private remedies 841public notices 822sanctions

cease and desist orders 837fines 837–8injunctions 836–7, 841

substantive test 826–36assessment methodology 829comparisons 833–6conglomerate mergers 835consumer dimension 832CR3 approach 832–3dominance 826efficiency gains 823–5entry barriers 828–9, 834failing firm defence 834functional market definition

831geographical markets 831harmonisation with Australia

826–7market definition 829–32Merger Guidelines 829product markets 830–1public interest 821, 823–5safe harbour thresholds 832–3SSNIP test 830substantial lessening of

competition 817, 826, 827–9,836

temporality 831–2vertical mergers 835

telecommunications mergers 819,824, 825, 839

third-party rights 841appeals 837–8damages 841

declaratory relief 841injunctions 841

thresholds 817, 819, 832–3newspaper mergers

See also media mergersArgentina 56Australia 108Austria 138Belgium 162–3Croatia 307France 482Germany 520Ireland 652–5Netherlands 801Portugal 959Spain 1143Switzerland 1203United Kingdom 1286–9

Nicaragua 11, 12, 16Niger 16Nigeria 16non-compete clauses

Argentina 52Belgium 157Finland 442–4Germany 509Greece 540–1Netherlands 797, 798Slovakia 1030–1, 1031–2Spain 1146, 1147–8United Kingdom 1277

non-solicitation clauses 443, 1031Norway

access to files 856appeals 864–5banking mergers 866competition authorities 845–6

Competition Authority 845ministerial powers 845–6,

864–5Royal powers 845, 846

conditional approvals 864confidentiality 855–6control, meaning 848co-operation 167, 356, 591, 866,

1179definition of merger 846

acquisitions not conferringcontrol 852–3

minority shareholdings 846,852

EEA/EFTA member 370, 866energy mergers 862foreign companies 844investigatory powers 855joint ventures 846






1374 index

Norway (cont)judicial review 865legislation 844media mergers 866merger decisions 863–4

clearance 863–4intervention decisions 864public interest decisions 865


complete notifications 850–2failure to notify 849information requirements 849,

851joint obligations 849mandatory notification 846Phase 1 854Phase 2 854short-form notifications 849–50standard forms 850, 851time limits 848, 851, 853,

854voluntary notifications 853

pre-clearance standstill 854–5private remedies 865–6public notices 848–9, 855–6public takeover bids 848sanctions

breach of informationobligations 855

failure to notify 849substantive test 856–63

causal link defence 856–7,860–2

collective dominance 857efficiency defence 858–60failing firm defence 861–2Herfindahl-Hirschman Index

857market definition 850Nordic or European market

defence 856–7, 862–3protectionism 860significant restriction of

competition 856, 857–8total welfare standard 859undertakings 856

territoriality 844third-party rights 856, 865–6thresholds 846–8turnover calculation 847and US competition law 857

notifications and proceduresAlbania 35–6Andean Community 19Argentina 44–8

Armenia 62–6Australia 76, 84–9Austria 116–33Azerbaijan 19Barbados 144–7Belarus 20Belgium 153–5Brazil 173–84Bulgaria 20, 21Canada 208–16Chile 245–50China 268–73Costa Rica 278Croatia 291–8Cyprus 312–15Czech Republic 322–30Denmark 339–47Estonia 360–4European Economic Area (EEA)

372–5European Union 398–406Finland 425–35France 457–72Germany 494–503Greece 528–36Hungary 552–60Iceland 577–81India 600–4Indonesia 618–19Ireland 634–5, 638–44Israel 659–61Italy 668–84Japan 713–16Kazakhstan 23Kenya 737–8Latvia 743, 746–50Lithuania 760, 761–3Luxembourg 23–4Macedonia 770–4Malta 777–82Moldova 24Netherlands 793–804New Zealand 821–6Norway 846–56Pakistan 869, 870–3Panama 24–5Peru 880–2Philippines 887–8Poland 898–926Portugal 943–9Romania 964–81Russia 992–6Serbia and Montenegro

1003–1004Slovakia 1011–26Slovenia 1046–56

South Africa 1074–93Spain 1116–31Sri Lanka 1160–1Sweden 1167–72Switzerland 1183–97Taiwan 1212–17Thailand 1222Tunisia 1228–9Turkey 1235–6Ukraine 1243–6United Kingdom 1260–4United States 1292–4, 1316–17Uzbekistan 1328–9Venezuela 1333–5Zambia 1347–50Zimbabwe 26

OECD 75, 166, 200, 237, 734, 814,816, 843, 938, 961, 988,1043, 1154, 1179, 1238,1256, 1290, 1331

Oman 17

Pakistanappeals 876banking mergers 877conditional approvals 874, 875co-operation 878defences 869divestment orders 874, 875energy mergers 877exempted entities 869information requirements 872insurance mergers 877–8investigations 872legislation 867–9merger decisions 872–3, 875Monopoly Control Authority 867,

869–70, 873notifications and procedures 870–3personal liabilities 875–6private remedies 876public interest test 873–4, 877public sector entities 869registration of mergers 869, 870regulated sectors 876–8sanctions 875–6substantive test 873–5telecommunications mergers 877third-party rights 876thresholds 867, 871–2undue concentration of economic

power 867, 873, 874unreasonable monopoly power

868–9, 873, 874–5vagueness of merger criteria 871






index 1375

Palestinian Authority 17Panama 24–5Papua New Guinea 17, 109Paraguay 17, 197, 198, 199pensions

Austria 139Costa Rica 281–2Poland 937

personal liabilitiesSee also criminal liabilityAlbania 39Argentina 54Barbados 148Bulgaria 22Canada 215Costa Rica 279, 280Estonia 366Germany 515Greece 544, 545India 605Ireland 647Israel 663–4Kenya 741Latvia 753Netherlands 809Pakistan 875–6Peru 884Philippines 888–9Poland 931, 932, 933, 934Portugal 953Russia 999Turkey 1237Ukraine 1247Zambia 1351

Peruappeals 885Commission on Free Competition

880context 879co-operation 18, 885deemed refusals 882dissolution orders 884electricity sector 879, 880filing fees 882information requirements 881–2investigations 883legislation 879–80limitation period 883merger decisions 883no general merger control 879, 880notifications and procedures 880–2personal liabilities 884private remedies 885revocation of authorisations 884sanctions 880, 883–4substantive test 882–3

Technical Secretariat 880third-party rights 885thresholds 881

pharmaceutical sectorGermany 506Poland 938Portugal 961

Philippinesaeronautics sector 891appeals 889banking mergers 890co-operation 891criminal liabilities 888–9foreign companies 888information requirements 887legislation 886notifications and procedures 887–8oil sector 889–90private remedies 889public service sector 890sanctions 888–9Securities and Exchange

Commission 886–7substantive test 888telecommunications mergers

890–1third-party rights 889

Polandaccess to files 923appeals 934–6

amici curiae 937to appeal courts 936to CCPC 935to Supreme Court 936, 937

aviation mergers 896banking mergers 911, 938broadcasting mergers 937competition authorities 894–900

Civil Rights Ombudsman 897OCCP Chairman 893, 894–7State Attorney 897Trade Inspectorate 897

conditional approvals 930, 934divestment orders 930

confidentiality 923–4control, meaning 900–3,

913–14co-operation 938, 1255criminal proceedings 924definition of concentration 898definition of undertakings 906–7energy mergers 896and EU accession 892exempted entities 912–16

insolvency proceedings 915–16intra-group transactions 913–15

polish turnover threshold912–13

temporary acquisitions 915financial institutions 938flowcharts 939going concerns, meaning 909group companies 908, 913historical context 892–3insurance mergers 912, 937investigations 921–6

OCCP powers 921–3rights of parties 923

investment funds 938legal professional privilege 924legislation 892–4merger decisions 929–30notification procedures 916–26

branch and central offices 916costs 923discontinuance of proceedings

930documentation 919failure to notify 919–20faulty notifications 921informal contacts 916information derogations 919information requirements

918–19, 921–2initiation of proceedings

916–20investigations 921–6notifying parties 917–18pre-clearance suspension

920–1, 925–6questionnaire 918–19time limits 917, 922, 925–6triggering events 917

notification requirements 898–916excluded sectors 895–7exemptions 912–16renotifications 902–3territoriality 907, 920thresholds 907–16turnover calculation 907–12types of concentrations

898–907pension funds 937pharmaceuticals 938police 897postal services 896private remedies 936–7public bids 920public notices 924railway sector 896regulated sectors 896sanctions 930–4






1376 index

Poland (cont)conditional approvals 934de-mergers 932failure to co-operate in

inspections 934failure to notify 919–20, 921,

931failure to suspend mergers 921,

931inaccurate information 933limitation period 931merging in breach of

prohibition 932–3personal liabilities 931, 932,

933, 934state monopolies 896substantive test 926–9

collective dominance 928conglomerate effects 928dominance 927–8efficiency gains 928–9failing firm defence 929geographic markets 927joint ventures 926market definition 926–7product markets 926–7public interest 926, 928significant impediment of

competition 926vertical effects 928

telecommunications mergers 896,937

third-party rightsbreach of orders 931challenges 923complaints 895damages 898, 936initial proceedings 916party status 923representations 922, 923

turnover calculation 907–12control over part undertakings

909–11definition 907–8direct participants 909financial institutions 911–12group companies 908insurance undertakings 912natural persons 912public sector organisations 912territoriality 911

types of transactions 898–907asset deals 901–2, 910control 900–3full legal mergers 900, 906,

913

interlocking directorates 899,905, 906, 913

joint ventures 897, 903–4, 906,909, 913, 914

main forms 898–9minority interests 899, 901,

903–4, 906, 914–15option agreements 901several types conjoined 906subsidiary forms 899–900

portfolio power 417, 562, 806Portugal

administrative and private law 956appeals 955, 956–7banking mergers 960Competition Authority 940, 941–3conditional approvals 954control, meaning 944co-operation 961deemed clearance 948defence industries 958definition of concentration 943–5energy mergers 958–9and EU law 939, 940, 950flowchart 962insurance mergers 960–1investigatory powers 942judicial review 955–7, 957–8legislation 940–1media mergers 959–60merger statistics 949ministerial powers 943, 955notification procedures 947–9

hearings 948information requirements

947–8, 949investigations 948–9preliminary decisions 948time limits 948

notification requirements 943–9conditions 945ex officio proceedings 946,

948fees 947, 948notifying parties 946timing 945–6

pharmaceutical mergers 961pre-clearance suspension 946private remedies 957–8public bids 946public utilities 958–9sanctions 952–5

breach of conditions 954breach of suspension

obligations 952, 953–4competence 942

enforcement of EU competitionregime 954

failure to notify 946, 952false information 952fines 952non-compliance with orders

952personal liabilities 953

substantive test 950–1collective dominance 950–1consumer interests 951dominance test 950efficiency gains 951failing firm defence 951public interest 951, 955significant impediment to

competition 950third-party rights

hearings 948judicial review 957–8submissions 948, 957


prestige factor 2private remedies

Albania 39–40Andean Community 19Argentina 55–6Armenia 70Australia 106Austria 136–7Barbados 149Belgium 165Brazil 194Bulgaria 22Canada 232–4Chile 255China 274–5Costa Rica 281Croatia 305Cyprus 320Czech Republic 335Denmark 355Estonia 368European Economic Area (EEA)

376European Union 422Finland 449–50France 451–2Germany 518–19Greece 547Hungary 567–8Iceland 588–9India 606Indonesia 625–8, 632Ireland 651–2






index 1377

Israel 665Italy 700–1, 703–6Japan 729–30Kenya 742Latvia 752, 754–5Lithuania 766–7Macedonia 775Malta 786Netherlands 813–14New Zealand 841Norway 865Pakistan 876Panama 25Peru 885Philippines 889Poland 936–7Portugal 957–8Romania 986–7Russia 1000Serbia and Montenegro 1005Slovakia 1040–1Slovenia 1058–9South Africa 1111Spain 1152–3Sri Lanka 1164Sweden 1178Switzerland 1208–9Taiwan 1220Thailand 1223Tunisia 1230Turkey 1238Ukraine 1250–2United Kingdom 1282–3United States 1306–8Uzbekistan 1330Venezuela 1342Zambia 1351–2Zimbabwe 29

public interest testArgentina 48–9Armenia 66Australia 86, 92, 99Chile 244–5Cyprus 311and EU merger jurisdiction 395France 477–8Germany 502, 510–12, 517–18Greece 539–40India 601, 602, 603Italy 684, 709–10Kenya 740Lithuania 764and mergers 2Netherlands 800New Zealand 821, 823–5Norway 865

Pakistan 873–4, 877Poland 926, 928Portugal 951, 955Romania 982, 986Slovakia 1025South Africa 1088, 1090, 1092,

1103Sri Lanka 1162–3Sweden 1175Switzerland 1199, 1208United Kingdom 1257, 1258,

1283–6Zambia 1350Zimbabwe 27

public noticesAlbania 35, 39–40Australia 87, 102Austria 122, 127, 128, 131, 132,

135Bulgaria 22Chile 250Croatia 295Czech Republic 329Estonia 363, 364France 453, 470–1Germany 502Hungary 560India 563Ireland 641, 642–3, 644Israel 658Italy 668, 680Kenya 738Latvia 745, 749Lithuania 762Malta 782Netherlands 797–8, 800, 802, 803New Zealand 822Norway 848–9, 855–6Poland 924Romania 972, 977Slovakia 1009Slovenia 1053, 1055South Africa 1088, 1089Spain 1127, 1128–9, 1131Switzerland 1196Taiwan 1217Ukraine 1245United Kingdom 1272, 1274,

1280–1public policy 1public security. See national security

defencepublic utilities

See also energy mergersArmenia 71Belgium 166

Chile 262Portugal 958–9Sri Lanka 1164–5United Kingdom 1289–90

pyramid schemes 40

Qatar 17

radio. See broadcasting mergersreal estate

Iceland 590India 596

remedies. See private remedies;sanctions

Romaniaaccess to files 979appeals 986banking mergers 970competition authorities

Competition Council 963–4Competition Office 964ministerial powers 986

conditional approvals 983–5access to technology 985decided cases 985–6divestment orders 984exclusive agreements, removal

984–5pre-clearance commitments

983–4principles 983sanctions 985structural v behavioural

remedies 983third-party rights 987

confidentiality 979control, meaning 965–6co-operation 422, 988, 1001definition of concentration 963,

964–6exempted transactions 970–1intra-group restructurings 971minority shareholdings 965

and EU merger control 963, 977,988

flowchart 989hearings 978–9information requirements 973insurance mergers 970investigatory powers 973joint ventures 963, 966legislation 963merger decisions

authorisation tax 976–7non-intervention decisions

975






1378 index

Romania (cont)non-objection decisions 975Phase 1 975–7Phase 2 980–1publication 977rejections 980–1statistics 976time limits 973, 978, 980

notification procedures 971–3incomplete notifications 972notifying parties 971–2obligation to notify 964–71Phase 1 975–7Phase 2 978–81pre-notification meetings 972–3simplified procedure 977–8statements of completeness 972time limits 971

pre-clearance suspension 973–4derogations 974public bids 974sanctions 974

private remedies 986–7public bids 974public notices 972, 977sanctions

conditional approvals 985failure to file 972failure to pay authorisation tax

977failure to suspend mergers 974fines 986non-compliance with

information requests 973substantive test 981–2

ancillary restraints 975dominance test 981–2efficiency gains 982Herfindahl-Hirschman Index

981market definition 963public interest 982, 986


territoriality 967, 969third-party rights 980

access to files 980conditional approvals 987employees 979hearings 978–9initiating investigations 987submissions 987

thresholds 966–70asset deals 968de minimis turnover 966–7, 968foreign mergers 967

group companies 967–8staggered operations 968

turnover calculation 963, 968–70Russia

appeals 999banking mergers 1000competition law 991conditional approvals 997context 990co-operation 73, 200, 990, 1001,

1255, 1256definition of merger 992

minority interests 992energy mergers 1000–1Federal Anti-trust Service 991–2

jurisdiction 995regional divisions 995

foreign exchange regulations 1000foreign investment 1000foreign mergers 995insurance mergers 1000legislation 990–1merger decisions

options 996, 998revocation 998, 999time limits 996

notifications and procedures 992–6documentation 994information requirements 994notifying parties 994post-transaction notifications

993–4prior notifications 992–3timing 993

private remedies 1000public bids 1000sanctions 998–9

criminal liabilities 999dissolution orders 999failure to notify 994voiding mergers 995, 999

substantive test 996–8abuse of dominant position

997, 999ancillary restraints 998dominance 996–7efficiency gains 997market shares 996–7oligopolies 997

third-party rights 1000thresholds 993

Rwanda 9

sanctionsAlbania 36, 38–9Andean Community 19

Argentina 52–4Armenia 69Australia 98–101, 108Austria 134–5Azerbaijan 20Barbados 147, 148, 149Belarus 20Belgium 157–61Brazil 178–9, 192–3Bulgaria 22Canada 215Chile 252–4China 274Costa Rica 279–80Croatia 303–4Cyprus 319Czech Republic 331–2Denmark 354–5Estonia 366–7European Economic Area (EEA)

376European Union 400, 401, 405–6,

419–20Finland 448France 458–9, 479–80Germany 514, 515Greece 528, 531, 541–6Hungary 556, 565–6Iceland 586–8India 600, 605Indonesia 623Ireland 636, 647–9Israel 663–4Italy 697–9, 710Japan 728–9Kenya 734, 737, 740–1Latvia 752Lithuania 765–6Luxembourg 24Malta 784, 786Moldova 24Netherlands 791, 792, 809–11New Zealand 836–8Norway 849, 855Pakistan 875–6Peru 880, 883–4Philippines 888–9Poland 921, 930–4Portugal 942, 946, 952–5Romania 972, 973, 977, 985, 986Russia 994, 995, 998–9Serbia and Montenegro 1004–5Slovakia 1015, 1033–5Slovenia 1045, 1052South Africa 1108Spain 1150–1






index 1379

Sri Lanka 1163Sweden 1177Switzerland 1192, 1206–7Taiwan 1218–19Thailand 1223Tunisia 1230Turkey 1235, 1237Ukraine 1247–8United Kingdom 1273United States 1292, 1302–5Uzbekistan 1329–30Venezuela 1338Zambia 1344, 1351Zimbabwe 28

Saudi Arabia 17Scotland 17securities markets. See financial

marketsself-incrimination, Hungary 552Senegal 17Serbia and Montenegro

administrative review 1005competition authorities 1002co-operation 775, 1005investigatory powers 1004legislation 1002merger decisions 1003, 1004notifications and procedures

1003–1004private remedies 1005sanctions 1004–5substantive test 1004third-party rights 1004, 1005thresholds 1003

Seychelles 9Sierra Leone 17Singapore 17Slovakia

administrative law 1026, 1034,1036, 1037, 1038

agricultural sector 1043ancillary restrictions 1029–32

confidentiality clauses 1031licence agreements 1031, 1032non-compete clauses 1030–1,

1031–2non-solicitation clauses 1031principles 1030purchase and sale agreements

1031, 1032Antimonopoly Office

generally 1006, 1008–11guidance 1007independence 1009opinions 1016powers 1009–11

structure 1008subordinate legislation 1007

appeal/ review 1036–40Administrative Office review

1038Council review 1036–7judicial review 1039–40limitation periods 1038ordinary appeals 1036Public Prosecutor’s protest

1038–9reopening proceedings 1038

banking mergers 1042broadcasting mergers 1042competition law 1006–7concentrations

definition 1011–12description requirement 1020exempted transactions 1012forms 1019–20parties 1040staggered transactions 1014

conditional approvals 1028–9,1032–3

confidentiality 1025control

exclusive control 1018from joint to exclusive control

1019joint control 1019meaning 1011–12

co-operation 1042and EU competition law 1006foreign companies 1014hearings, fair hearings 1024–5information requirements 1017–24

affected markets 1021–2affiliated companies 1021competition effects 1022co-operation agreements 1022co-operative effects of joint

ventures 1022description of mergers 1020documentation 1023–24entry barriers 1022intellectual property 1022parties 1018–20personnel connections 1021product markets 1023property 1020–1trade associations 1023

investigations 1024–6investigatory powers 1009–10,

1024joint ventures 1012, 1014, 1019,

1020, 1023, 1027–8, 1031–2

legislation 1006–8merger decisions 1028–9

no-action letters 1016revocation 1032timetables 1025–6

ministerial powers 1009notification requirements 1011–24

information 1017–24notifying parties 1016time limits 1015–16

OECD report 1043precedents, status 1007private remedies 1040–1public bids 1015, 1016, 1040public notices 1009sanctions 1033–5

criminal liability 1035failure to notify 1015, 1033fines 1033–5information requests 1033limitation period 1033

state enterprises 1015, 1016substantive test 1026–8

co-ordinated effects 1028dominance 1026–7effects doctrine 1008efficiency gains 1027joint ventures 1027–8market definition 1027public interest 1027substantive lessening of

competition 1026, 1027telecommunications mergers

1041–2territoriality 1008, 1014third-party rights

appeals 1036consumer actions 1041fair hearing 1024, 1025intervention in proceedings

1040post-merger complaints 1041


Sloveniaadministrative review 1058appeals 1058banking mergers 1046, 1058competition authorities

ministerial powers 1046Office for the Protection of

Competition 1045–6conditional approvals 1056–7

voluntary undertakings 1055confidentiality 1053control, meaning 1047–8






1380 index

Slovenia (cont)co-operation 775, 1059definition of concentration 1047

exempted transactions1048–9

intra-group transactions 1047public undertakings 1047

dominant position 1056–7and EU merger control 1056financial markets 1059flowchart 1060insurance mergers 1059investigatory powers 1054joint ventures 1050–1legislation 1044–5media mergers 1059merger decisions 1055, 1056–7

preliminary decisions 1052–3time limits 1055–6


documentation 1051ex officio proceedings 1046,

1054fees 1044, 1052forms 1051informal discussions 1050,

1052information requirements 1051notifying parties 1050–1pre-merger notification 1046,

1060Stage I investigations 1052–3Stage II investigations 1053–4,

1059time limits 1050

pre-clearance suspension 1053,1054

private remedies 1058–9public bids 1050, 1054public notices 1053, 1055sanctions 1045, 1052substantive test 1056–7

market shares 1056significant lessening of

competition 1056third-party rights

initiating procedures 1058–9interveners 1058submissions 1055, 1059

turnover calculation 1049void mergers 1058

South Africaappeals 1108–11

from Competition Appeal Court1110–11

to Competition Appeal Court1108–10

aviation mergers 1095bank mergers 1091–2competition authorities 1067–74

competences 1073–4Competition Appeal Court

1072–3, 1108–10Competition Commission

1063, 1067–10Competition Tribunal 1063,

1070–1, 1089ministerial powers 1069, 1074,

1088, 1105conditional approvals 1106–8confidentiality 1084–5, 1089control, meaning 1075–9co-operation 1111, 1352definition of merger 1075–9

intra-group transactions 1076delict 1061flowcharts 1112–13foreign mergers 1092–3freedom of information 1063hearings, fair hearing 1063intermediate mergers 1079, 1080,

1083, 1088–9investigation procedure

fast-tracking 1087hearings 1090, 1105–6intermediate mergers 1088–9large mergers 1088–90pre-hearings 1090, 1105–6small mergers 1087–8

large mergers 1079, 1080, 1083,1089–91

legislation 1061–7Bill of Rights 1062, 1066–7common law 1061comparative law 1066competition law 1061–2,

1064–5Constitution 1062–4, 1066international law obligations

1065–6statutory interpretation 1066–7

management buy-outs 1087merger decisions 1104

deemed clearance 1086–7,1088

intermediate mergers 1089large mergers 1091reconsideration requests

1104–5revocation 1088, 1089, 1106–8small mergers 1087–8

notification requirements 1074–86abandonment of mergers 1087documentation 1085–6employees and trade unions

1083, 1085fees 1086forms 1083incomplete notifications 1086information requirements

1083–4obligations to notify 1082–3processing 1086separate filings 1086

parties 1105pre-clearance suspension 1083private remedies 1111public notices 1088, 1089sanctions 1108small mergers 1079–80, 1082–3,

1087–8substantive test 1093–1103

collusion 1096–7conglomerate mergers 1078–9countervailing power 1099effects doctrine 1092efficiency gains 1101–1103employment effects 1103entry barriers 1098failing firms 1100–1geographical markets 1095Herfindahl-Hirschman Index

1086, 1096horizontal mergers 1078import competition 1098–9innovation 1100market definition 1094–7market dynamics 1099–1100market power 1099market shares 1087market structures 1097monopsonies 1099product differentiation 1100public interest 1088, 1090,

1092, 1103substantial lessening of

competition 1093–1101vertical mergers 1078


third-party rightsappeals 1109employees and trade unions

1084, 1085hearings 1091judicial review 1076–7party status 1105






index 1381


South Korea 110Spain

access to files 1130administrative law 1153appeals 1151–2banking mergers 1141, 1146brewing mergers 1141, 1146, 1148broadcasting mergers 1146, 1147,

1149, 1152competition authorities 1114–16

Competition Service (SDC)1114–15, 1126–8

Competition Tribunal (TDC)1114, 1115–16, 1129–31

ministerial powers 1115, 1116,1131, 1147–9

concentrationsdefinition 1116–18, 1133forms 1117–18

conditional approvals 1145–9divestment orders 1145–6, 1147failure to comply 1150

confidentiality 1126, 1128–9control, meaning 1117co-operation 1152–3energy mergers 1114, 1121, 1137,

1140–41, 1143, 1144, 1145,1153

flowchart 1156investigative procedures

first phase 1123, 1126–31hearings 1130market testing 1128SDC reports 1128–9, 1134–8second phase 1123, 1129–31TDC reports 1130–1timetables 1122–24

investigatory powers 1127–8, 1130joint ventures 1117–18legislation 1114merger decisions

conditional approvals 1145–9decided cases 1142–9first phase 1129, 1137first phase statistics 1131–2ministerial powers 1131prohibitions 1142–5second phase statistics 1138–9tacit authorisations 1123, 1127

minority shareholdings 1146notification requirements 1116–26

affected markets 1124documentation 1125enforcement 1119–20

ex officio proceedings 1120failure to notify 1150–1fees 1125–6foreign mergers 1122form 1124–5informal meetings 1119information 1124–5, 1127powers of attorney 1125prior notification obligation

1120public bids 1121–2timing 1120

pre-clearance suspension 1120–1,1138

failure to comply 1150, 1151private remedies 1152–3public notices 1127, 1128–9, 1131sanctions 1150–1substantive test 1131–49

ancillary restraints 1135, 1177countervailing power 1134dominance 1143energy markets 1140–1entry barriers 1134, 1136–7,

1143geographical markets 1135,

1141, 1142, 1145guidelines 1132–4Herfindahl-Hirschman Index

1142, 1144hindering competition 1131,

1132market analysis 1133, 1135–7market definition 1119, 1133,

1135, 1139–41, 1143–5market shares 1133–4, 1142,

1144, 1145, 1146ministerial assessments 1147–9product markets 1135,

1139–41, 1144prohibitions 1142–5SDC assessments 1131–8SDC reports 1134–8single firm dominance 1142TDC assessments 1138–47TDC decided cases 1142–7

telecommunications mergers 1114,1137

third-party rightsaccess to files 1130complaints 1152consumers 1129first phase submissions 1152interested parties 1153second phase consultation

1129, 1152–3

second phase submissions1130, 1153

thresholds 1118–19transport mergers 1142, 1144turnover calculation 1118–19

Sri Lankaanti-competitive practices 1157–8,

1161, 1162–3, 1164appeals 1163–4competition authorities 1158–9Consumer Affairs Authority 1157,

1158–60Consumer Affairs Council 1159,

1160–1co-operation 1165criminal liability 1163judicial review 1164legislation 1157–9ministerial powers 1160notifications and procedures

1161–2private remedies 1164public interest test 1162–3public utilities 1164–5sanctions 1163substantive test 1162–3

SSNIP test 409, 645, 646, 808, 830,1297, 1299

state monopoliesCosta Rica 276, 277Panama 24–5Poland 896

substantive testsAlbania 37Andean Community 19Argentina 46, 48–50Armenia 66–9Australia 76, 81, 87, 90–9Austria 133–4Barbados 147–8Belgium 155–7Brazil 184–9Bulgaria 21–2Canada 216–29Chile 250–2China 273–4Costa Rica 278–9Croatia 298–302Cyprus 315–19Czech Republic 330–1Denmark 348–53Estonia 364–6European Economic Area (EEA)

375European Union 382–3, 406–18Finland 435–44






1382 index

substantive tests (cont)France 473–8Germany 502–12Greece 536–41Hungary 560–5Iceland 581–6India 604–5Indonesia 622Ireland 644–6Israel 661–2Italy 684–96Japan 712, 716–28Kenya 739–40Latvia 750–1Lithuania 763–4Macedonia 775Malta 782–4Netherlands 792, 805–9New Zealand 817, 821, 823–5,

826–36Norway 856–63Pakistan 867–8, 871, 873–5Panama 25Peru 882–3Philippines 888Poland 926–9Portugal 950–1Romania 981–2Russia 996–8Serbia and Montenegro 1004Slovakia 1008, 1026–8Slovenia 1056–7South Africa 1077–9, 1093–1103Spain 1131–49Sri Lanka 1162–3Sweden 1172–5Switzerland 1198–1203Taiwan 1217–18Thailand 1222Tunisia 1231Turkey 1236–7Ukraine 1246–7United Kingdom 1264–74United States 1294–1302Uzbekistan 1329Venezuela 1335–7Zambia 1350Zimbabwe 26–7

Sudan 9Swaziland 9Sweden

appeals 1177–8competition authorities 1166–7

Market Court 1167, 1177, 1178Stockholm District Court

1166–7, 1178

Swedish Competition Authority1166–7

conditional approvals 1176–7voluntary commitments 1177–8

control, meaning 1168co-operation 591, 866, 1179definition of concentration 1167–9

minority shareholdings 1168and EU merger control 1166,

1167, 1168, 1172, 1179flowchart 1180injunctions 1172joint ventures 1167, 1169, 1175legislation 1166media mergers 1178merger decisions 1176–7

deemed approvals 1171re-opening cases 1178


form 1171information requirements 1171obligation to notify 1170–1pre-clearance suspension

1171–2pre-notification contacts 1171timetables 1171

prohibition orders 1177sanctions 1177substantive test 1172–5

ancillary restraints 1177conglomerate mergers 1173co-ordinated effects 1172, 1174defences 1175dominance 1173–4efficiency gains 1175entry barriers 1175failing firm defence 1175joint dominance 1174market definition 1173market shares 1173national security 1175public interest 1175substantial impediment to

competition 1172, 1174–5third-party rights 1172, 1177, 1178thresholds 1169–70turnover calculation 1170

Switzerlandappeals

administrative review 1207–8Appeal Commission 1207exceptional authorisations 1208third parties 1208–9

aviation mergers 1182, 1210banking mergers 1187–8, 1209

competition authorities 1182–3Competition Commission 1182ministerial powers 1199, 1208Secretariat 1183

conditional approvals 1196–7,1205

confidentiality 1210–11control, meaning 1185–6co-operation 1210–11

bilateral agreements with EU1182, 1210

France 1211Germany 1211joint merger notifications 1211recognition of EU notification

forms 1211United Kingdom 1211

definition of concentration 1183–6intra-group transactions 1183minority shareholdings 1185

and EEA 370, 1182EU model 1181–2, 1211extra-territoriality 1189–90flowcharts 1184, 1193foreign mergers 1189–90insurance mergers 1188investigation procedure 1193–97

in-depth reviews 1196–7preliminary reviews 1194–5time limits 1192, 1194, 1197

joint ventures 1185–6, 1187,1190

legislation 1181–2media mergers 1188merger decisions

Phase I 1195Phase II 1197, 1205–6Phase II decided cases 1204–5prohibitions 1206statistics 1203

newspaper mergers 1203notification requirements 1183–93

documentation 1191forms 1191–2information 1190–1notifying parties 1190pre-notifications 1192recognition of EU notification

forms 1211short form 1192timing 1192

pre-clearance suspension 1192,1195, 1197

private remedies 1208–9public bids 1191public notices 1196






index 1383

sanctions 1206–7criminal liability 1192, 1207failure to notify 1192fines 1206–7pre-clearance implementation

1192substantive test 1198–1203

affected markets 1200collective dominance 1201–2collusion 1201dominant position 1198–1203dominant undertakings 1188–9effects doctrine 1188elimination of effective

competition 1198–9, 1202entry barriers 1202failing firm defence 1202–3geographical markets 1200import competition 1202market definition 1199–1200potential competition 1201product markets 1199–1200public interest 1199, 1208trends 1203

third-party rightsappeals 1208–9no party status 1208Phase I 1194submissions 1193, 1196


Syria 17

Taiwanaccess to files 1217appeals 1219–20concerted actions 1219confidentiality 1217co-operation 109, 110, 1220definition of merger 1212–13dissolution orders 1219divestment orders 1218effects doctrine 1214efficiency gains 1218exchange control 1220Fair Trade Commission 1212foreign companies 1214–15, 1219,

1220foreign investment 1220hearings 1217information requirements 1216investigation process 1216–17investigatory powers 1217legislation 1212market definition 1213–14merger decisions 1218


notifying parties 1215pre-clearance suspension 1215–16private remedies 1220public notices 1217substantive test 1217–18third-party rights 1217, 1220thresholds 1213–14time limits 1215void mergers 1215–16waiver of jurisdiction 1214–15

Tajikistan 17, 73, 1256Tanzania 17taxation, authorisation taxes 976–7telecommunications mergers

Albania 40–1Argentina 55–6Brazil 180, 193Croatia 284, 291, 306Estonia 368–9and GATS 1065Germany 520–1Greece 548Hungary 564India 607Indonesia 630Israel 665Italy 690Kenya 742New Zealand 819, 824, 825, 839Pakistan 877Philippines 890–1Poland 896, 937Romania 987–8Slovakia 1041–2South Africa 1065–6Spain 1114, 1136, 1153–4United States 1313US co-operation agreements 1318

television. See broadcasting mergersThailand

appeals 1223co-operation 1225criminal liability 1223definition of merger 1221financial sector 1224–5insurance mergers 1223–4legislation 1221merger decisions 1223ministerial powers 1221, 1224private remedies 1223procedures 1222sanctions 1223substantive test 1222Trade Competition Board 1221–2

third-party challengesSee also private remediesAlbania 39Argentina 55Armenia 70Australia 106Belgium 159, 164Brazil 194Canada 232–3Chile 254Costa Rica 281France 480–1Germany 516Greece 546, 547–8Iceland 591India 605, 606Indonesia 626Ireland 648Italy 702–3Japan 729–30Latvia 755Malta 784Netherlands 803–4, 813–14New Zealand 837, 841Poland 923Portugal 957–8Serbia and Montenegro 1005Slovakia 1036South Africa 1109Sweden 1177Switzerland 1208–9Ukraine 1250–1, 1251United Kingdom 1259, 1282

third-party initiativesAlbania 39Armenia 70Czech Republic 335Estonia 368Latvia 754Lithuania 768Macedonia 774Norway 865Pakistan 876Peru 885Poland 895Romania 987Slovenia 1057–9United States 1295Venezuela 1335Zambia 1351–2

thresholdsAlbania 35Argentina 45Armenia 62–3Australia 84, 90, 91, 94–5Austria 119–20






1384 index

thresholds (cont)Barbados 144, 147Belgium 154, 155–6Brazil 171–2, 173, 184Bulgaria 21Canada 208, 209–210, 218–20Chile 259–60China 269, 270Croatia 288–9Cyprus 312Czech Republic 324–5Denmark 341–3Estonia 360–1European Economic Area (EEA)

373, 376European Union 391–2, 491Finland 428–30France 455, 459–60, 478Germany 496–8Greece 530–2Hungary 554–6Iceland 577–8India 593–4Indonesia 619Ireland 638–9Israel 660Italy 674–5Japan 713–14, 721, 722, 723,

724Latvia 746–7Lithuania 760–1Macedonia 770Malta 776–7Netherlands 790–1New Zealand 817, 819, 832–3Norway 846–8Pakistan 867, 871–2Peru 881Poland 907–16, 927–8Portugal 945Romania 966–70Russia 993Serbia and Montenegro 1003Slovakia 1012–13Slovenia 1049South Africa 1079–82Spain 1118–19Sweden 1169–70Switzerland 1186–9Taiwan 1213–14Tunisia 1228Ukraine 1241United Kingdom 1262United States 1293Uzbekistan 1326, 1329Venezuela 1333

Zambia 1347–8Togo 17transport mergers

Germany 504, 514, 520–1Spain 1142, 1144United States 1313–14

Trinidad and Tobago 17Tunisia

appeals 1230competition authorities 1226–8conditional mergers 1229Conseil de la Concurrence

1226–8context 1226deemed approvals 1228definition of concentration 1229dominance test 1229information requirements 1229legislation 1226merger decisions 1228, 1229ministerial powers 1226, 1227,

1228, 1229, 1230pre-clearance suspension 1228private remedies 1230procedures 1228–9sanctions 1229substantive test 1229thresholds 1226Tunisia 1228

Turkeybanking mergers 1238Competition Authority 1231–5

Competition Board 1231–4Office of President 1234technical departments 1234–5

control, meaning 1237co-operation 422, 1238and Cyprus 309definition of merger 1231, 1237documentation requirements 1236dominance test 1231, 1236hearings 1233information requirements 1235–6insurance mergers 1238interim measures 1232investigatory powers 1232–3joint ventures 1237judicial review 1237legislation 1231merger decisions 1233notification form 1235notifications and procedures

1235–6pre-notification contacts 1235private remedies 1238sanctions 1235, 1237

significant impediment tocompetition 1231, 1236

substantive test 1236–7Turkmenistan 17, 73

Uganda 9Ukraine

appeal/ review 1248–50banking mergers 1241, 1253competition authorities 1242–3

Antimonopoly Committee1239, 1242–3

ministerial powers 1243, 1244,1246

confidentiality 1245control, meaning 1241–2co-operation 73, 74, 1255–6defences 1246–7definition of concentration

1239–40exempted transactions 1240intra-group transactions 1240

divestment orders 1247energy mergers 1254expert evidence 1252foreign mergers 1241insurance mergers 1253international law obligations 1239joint ventures 1240legislation 1239–42media mergers 1253–4merger statistics 1245–6notifications and procedures

1243–6documentation 1244fees 1245information 1244investigatory powers 1244–5pre-clearance suspension

1243–4preliminary assessments 1244pre-merger notification 1243

private remedies 1250–2public notices 1245sanctions 1247–8

fines, statistics 1248limitation periods 1248personal liabilities 1247

substantive test 1246–7third-party rights

appeal statistics 1251appeals 1248–9damages 1247–8participation 1251, 1252party status 1250–2

thresholds 1241






index 1385

turnover calculation 1241UNCTAD 200, 742, 938, 961, 988,

1155, 1179, 1256United Arab Emirates 17United Kingdom

appeal/ review 1282competition authorities 1259–60

Competition Appeal Tribunal1259, 1282

Competition Commission1258, 1260

Director General of FairTrading 1257, 1258

ministerial powers 1257, 1258,1277–8, 1283–9

Monopolies and MergerCommission 1n2, 1257–8

Office of Fair Trading 1259–60conditional mergers 1275–80

appropriate remedies 1275behavioural remedies 1276,

1280competition issues 1278,

1279–80cost of remedies 1275–6divestment 1259, 1276, 1277,

1278–9effective remedies 1276–7implementation of remedies

1280newspaper mergers 1289proportionality 1275–6structural remedies 1276, 1279timescales 1276–7, 1278, 1280types of remedies 1277–80undertakings 1267, 1269–70

confidentiality 1280–1control, meaning 1261–2

associated persons 1262staged operations 1261–2

co-operation 110, 239, 1211, 1290definition of merger 1260–2, 1271

enterprises, meaning 1261minority shareholdings 1261

European intervention notices1285–6

injunctions 1282–3investigation procedures

accountability 1281–2CC guidance 1272CC reports 1274–5CC stage 1270–5CC timetable 1270–1fairness 1281–2hearings 1274information gathering 1272–4

OFT stage 1264–70judicial review 1258legislation 1257–9

new regime 1258–9previous legislation 1257–8

merger control objectives 1n2merger decisions

CC reports 1274–5conditional mergers 1275–80partial prohibitions 1278–9

merger referencesdecision-making 1268–9exempted transactions 1266–8information requirements 1268issues meetings 1268–9OFT procedure 1264–70reasons 1269

newspaper mergers 1286–9notification procedures 1260–4

confidential guidance 1264guidelines 1259informal OFT advice 1264initial OFT orders 1270pre-notification procedure 1264time limits 1263–4voluntary notification 1270

private remedies 1282–3public interest test 1257, 1258,

1283–4EC merger control 1285–6newspapers 1286–7

public notices 1272, 1274, 1280–1sanctions 1273share of supply test 1262–3substantive test 1264–74

CC stage 1270–5customer benefits 1267OFT stage 1264–70small markets 1266statutory guidance 1259substantial lessening of

competition 1259, 1265, 1271third-party appeals 1259, 1282thresholds 1265turnover calculation 1262water and sewerage mergers

1289–90United Nations 1154, 1155United States

agricultural sector 1312appeals 1305aviation mergers 1313–14, 1319banking mergers 1310–11broadcasting mergers 1312–13competition authorities 1292, 1295

Department of Justice 1292

Federal Trade Commission1292

conditional mergersbehavioural remedies 1304–5divestiture 1304

co-operation agreements 422,1315–24

Australia 109, 110–11, 1313,1316, 1321–2

Brazil 199–200, 1315, 1319Canada 237–8, 1315, 1318,

1319confidentiality 1321, 1322consultation 1316–17enforcement 1317–18European Union 1315, 1319generally 1315–21Germany 1315IAEAA 1316, 1321–2ICN membership 1322–4Israel 665, 1315, 1319Japan 730, 1315, 1319Mexico 1315, 1318, 1319notifications 1316–17technical co-operation 1321

energy mergers 1311–12foreign assets 1293–5hold separate orders 1302,

1303–4hospital mergers 1314injunctions 1302–3, 1306international impact

and Ireland 645Malta 784Norway 857

judicial review 1305–6legislation 1291notifications and procedures

1292–4exempted transactions 1293–5fees 1292pre-merger notification 1291–2

private remedies 1306–8rail mergers 1314sanctions 1302–05

divestiture orders 1304failure to notify 1292state enforcement 1308–10

substantive test 1295–1302burden of proof 1295co-ordinated effects 1298–9efficiency gains 1300entry barriers 1299–1301failing firm defence 1296,

1301five-step approach 1296






1386 index

United States (cont)Herfindahl-Hirschman Index

1297–8, 1300horizontal mergers 1295–1301likely adverse competitive

effects 1298–9market concentration 1297–8market definition 1296–7SSNIP test 1297, 1299substantial lessening of

competition 1291, 1295unilateral effects 1299vertical effects 1301–2

telecommunications mergers 1313third-party rights

civil proceedings 1306competitors 1307customers 1306–7damages 1305, 1306employees 1308initiating investigations 1295injunctions 1306standing 1306–8targets 1307–8

thresholds 1293transport mergers 1313–14

Uruguay 17, 197, 198, 199utilities. See energy mergers; public

utilitiesUzbekistan

anti-competitive agreements1325

appeals 1330banking mergers 1328competition authorities 1327–8co-operation 73, 1256, 1330–1definition of merger 1326dominant position 1328, 1329financial market regulation 1326legislation 1325–7notifications and procedures

1328–9private remedies 1330sanctions 1329–30State Committee 1326, 1327–8substantive test 1329

thresholds 1326, 1329void mergers 1326

Venezuelaaccess to files 1342annulment actions 1338–42appeal, grounds 1340–2competition authorities 1333competition dynamics 1337competition law 1332Constitution 1332, 1339, 1341co-operation 18, 1343definition of merger 1335efficiency gains 1337–8entry barriers 1337Herfindahl-Hirschman Index

1336–7historical perspective 1334joint ventures 1335legislation 1332market definition 1336market shares 1336–7merger decisions 1335, 1338notifications and procedures

1333–5preliminary investigations 1334–5private remedies 1342Procompetencia 1332, 1333restrictive effects 1335–6sanctions 1338substantive test 1335–8suspension of merger decisions

1340third-party rights 1335, 1342thresholds 1333voluntary notifications 1333–4

Vietnam 17

World Bank 3, 75, 1330WTO 3, 10, 75, 200, 742, 843, 938,

961, 988, 1154, 1179, 1220

Yemen 17

Zambiaanti-competitive practices 1344

appeals 1351competition authorities 1345–7Competition Commission 1344,

1345–7confidentiality 1349co-operation 9, 1352dominance 1350efficiency gains 1350fees 1347interim authorisations 1346,

1349–50interim measures 1346, 1351investigations 1348–9investigatory powers 1349legislation 1344merger decisions 1351notification forms 1347notifications and procedures

1347–50notifying parties 1347personal liabilities 1351pre-merger notification obligation

1344, 1347private remedies 1351–2public interest test 1350sanctions 1344, 1351sectoral regulators 1345, 1352substantive test 1350third-party rights 1346, 1348,

1351–2thresholds 1347–8time limits 1349

Zimbabweappeals 28–9Competition and Tariff

Commission 25–6conditional mergers 27co-operation 9, 29, 1352legislation 25merger decisions 27–8ministerial powers 25notifications and procedures 26private remedies 29public interest test 27sanctions 28substantive test 26–7






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