Mergers and Acquisitions

2020 ◽  
pp. 75-88
Author(s):  
David J. Gerber
Keyword(s):  
Mergers And Acquisitions ◽  
Competition Law ◽  
Competition Authority ◽  
Almost Everywhere ◽  
Computer Chips ◽  
The World ◽  
Political Leverage

Most major competition authorities are authorized to prohibit mergers and acquisitions affecting their territory and to condition approval of a proposed merger on changes to the merger agreement (e.g., requiring a participant to divest certain assets). Many laws also require the participating parties to notify the competition authority before the transaction is completed (premerger notification). Combining independent firms into one unit (known generally as a merger) can greatly increase the power of the resulting entity and affect markets in many parts of the world. For example, if the two largest and most successful manufacturers of computer chips in the world combine, the consequences will be felt almost everywhere. Some competition law regimes have greater capacity (e.g., economic and political leverage) to influence mergers than others, and the chapter identifies the factors that determine how much influence a particular merger law is likely to have. It examines the procedures common to these regimes and the standards that competition law institutions use in evaluating them. The chapter also looks at how these rules and procedures create a complex global web of firms, competition authorities, and economic experts.

Better Laws for Africa

2019 ◽  
pp. 179-198
Author(s):  
Eleanor M. Fox ◽  
Mor Bakhoum
Keyword(s):  
Competition Policy ◽  
Competition Law ◽  
Sub Saharan Africa ◽  
Inclusive Development ◽  
Competition Authority ◽  
The World Bank ◽  
Law And Policy ◽  
The World ◽  
Sub Saharan ◽  
Good Policy

This chapter explores the core and limits of competition law and policy in terms of the values of inclusive development and poverty alleviation in sub-Saharan Africa. A pro-outsider, pro-inclusive development antitrust policy would value a free and open marketplace without privilege or favor. This perspective is especially critical for African nations and market players without economic power and especially for those populations in societies ruled by a few privileged families or firms, or by autocrats. Pro-outsider competition policy may be implemented not only through competition law enforcement of manageable rules and standards but also through advocacy by the competition authority with partners such as the World Bank, and collaboration with neighbors. The elements of good policy form an interdependent virtuous circle.

Competition and Antitrust Enforcement Against Standard Essential Patents in India

2017 ◽  
Vol 62 (3) ◽  
pp. 447-452
Author(s):  
Samir Gandhi ◽  
Shivanghi Sukumar
Keyword(s):  
Intellectual Property ◽  
Property Rights ◽  
Intellectual Property Rights ◽  
Competition Law ◽  
Court Decision ◽  
Competition Authority ◽  
Antitrust Enforcement ◽  
Standard Essential Patents ◽  
The World ◽  
Competition Enforcement

Competition authorities and courts across the world have assessed issues at the interface between competition law and intellectual property rights. India is no longer a stranger to this debate and has witnessed the initiation of multiple proceedings involving the exercise of standard essential patents. Further, a long-pending jurisdictional conflict has now been resolved by a court decision, paving the way for the Indian competition authority and courts to concurrently examine the exercise of standard essential patents. While these developments represent a step in the evolution of antitrust jurisprudence in India, several foundational issues in relation to the competition enforcement against standard essential patents are yet to be decided.

Competition Policy for the New Era

2018 ◽  
Keyword(s):  
Developing Countries ◽  
Emerging Economies ◽  
Competition Policy ◽  
Competition Law ◽  
Critical Discussion ◽  
Industrialized Countries ◽  
Collective Wisdom ◽  
Brics Countries ◽  
Law And Policy ◽  
The World

This book presents a new stage in the contributions of the BRICS countries (Brazil, Russia, India, China, and South Africa) to the development of Competition Law and policy. These countries have significant influence in their respective regions and in the world. The changing global environment means greater political and economic role for the BRICS and other emerging countries. BRICS countries are expected to contribute nearly half of all global gross domestic product growth by 2020. For more than a century, the path of Competition Law has been defined by the developed and industrialized countries of the world. Much later, developing countries and emerging economies came on the scene. They experience many of the old competition problems, but they also experience new problems, and experience even the old problems differently. Where are the fora to talk about Competition Law and policy fit for developing and emerging economies? The contributors in this book are well-known academic and practising economists and lawyers from both developed and developing countries. The chapters begin with a brief introduction of the topic, followed by a critical discussion and a conclusion. Accordingly, each chapter is organized around a central argument made by its author(s) in relation to the issue or case study discussed. These arguments are thoughtful, precise, and very different from each another. Each chapter is written to be a valuable freestanding contribution to our collective wisdom. The set of case studies as a whole helps to build a collection of different perspectives on competition policy.

Economic analysis of the firm’s boundaries and the limits of competition: The case of Nord Stream 2 AG

2021 ◽  
pp. 134-151
Author(s):  
S. B. Avdasheva ◽  
G. F. Yusupova
Keyword(s):  
Price Discrimination ◽  
Joint Venture ◽  
Competition Law ◽  
Competition Authority ◽  
Gas Market ◽  
Infrastructure Investments ◽  
Nord Stream ◽  
Economic Concentration ◽  
Legal Concepts ◽  
Available Information

Using publicly available information, the article examines the economic concepts, which underlie the arguments of the decision of Polish competition authority UOKiK in relation to the participants of the Nord Stream 2. It explains the interrelation between economic and legal concepts, which are to be applied to interpret the competitive impact of joint venture and probable theory of harm for infrastructure investments under competition law of European Union, including in comparison with Russian competition law. It has been demonstrated that the resolution of a consortium case should be based on the proof of two statements. The first statement implies that the joint venture is a firm (and therefore the creation of a joint venture is a deal leading to economic concentration). The second statement means that despite Gazprom adopted the commitments about decision of the European Commission and trends in the development of the European gas market, the possibility of price discrimination is retained. Discussion and contestation of the decision against PJSC Gazprom testify in favor of maintaining the relevance of institutional studies and studies of industry markets for resolving legal disputes arising from the application of competition law.

scholarly journals Features of Corporate Management of Mergers and Acquisitions Processes

2020 ◽  
Vol 11 (514) ◽  
pp. 424-429
Author(s):  
O. V. Ptashchenko ◽  
Keyword(s):  
Mergers And Acquisitions ◽  
World Economy ◽  
Structural Changes ◽  
Social Situation ◽  
Corporate Management ◽  
Industrialized Countries ◽  
Modern Development ◽  
The World ◽  
Business Efficiency ◽  
History Of

The article examines the main features and identifies the main trends in the global M&A market. The modern development of the economy is characterized by the spread of the processes of globalization, and it can be noted that, one way or another, the latest waves of mergers and acquisitions are tightly related to the flow of these processes. The history of mergers and acquisitions processes in the world economy shows that all surges in mergers and acquisitions agreements were and are accounted for periods of structural changes, industrial rises, technological revolutions, significant organizational restructuring of the world economy. Mergers and acquisitions of companies are one of the most important business development instruments in the market economy. The purposes of these processes are often the growth of company and the use of various kinds of synergies, which is manifested in strengthening its impact on markets and improving business efficiency. Most mergers and acquisitions agreements are concluded by industrialized countries, their role is increasing for developing countries. The dynamics of the M&A processes market will largely depend on the ability of companies to enter into large contracts announced either at the end of the past year or earlier this year. Only then it could it be stated that the growth of activity in the mergers and acquisitions market has become a long-term trend. Many experts believe that a new wave of M&A will inevitably lead to an increase in unemployment, and this, in turn, will lead to an aggravation of the social situation and require additional costs from the budget.

scholarly journals Substantive and Procedural Issues of Cement Sector Investigations in Turkey

2017 ◽  
Vol 10 (16) ◽  
pp. 205-226
Author(s):  
Hanna Stakheyeva ◽  
Ertugrul Canbolat
Keyword(s):  
Competition Law ◽  
Market Analysis ◽  
Cement Industry ◽  
Competitive Dynamics ◽  
Competition Authority ◽  
Construction Sector ◽  
Competition Rules ◽  
Potential Impact ◽  
Information Requests ◽  
Legal Grounds

In 2016, the Turkish Competition Authority (hereinafter, TCA) published the Cement Sector Inquiry Report (hereinafter, Cement Sector Report) following more than two years of market analysis. One of the reasons for conducting such a market inquiry was the fact that the implementation of competition rules and accuracy of the economic analysis by the TCA in cement cases were frequently criticized. In order to provide some guidance and have better understanding about the competitive dynamics of the cement market, the TCA initiated the inquiry in 2014. Another reason for the inquiry was the importance of the cement industry for the construction sector and the economy of Turkey, as well as numerous competition law concerns in this sector. The article provides an analysis of the substantive and procedural issues in the TCA activity in the cement sector in Turkey. Particular emphasis is placed on the assessment of the Cement Sector Report and common competition law violations in the sector in Turkey based on a review of the decisions of the TCA. Additionally, legal grounds for conducting sector inquiries in Turkey, as well as limits to and potential impact on the TCA’s powers to issue extensive compulsory information requests (in the light of the recent CJEU’s judgements in cement cartel cases) are discussed. Overall, the article provides the reader with a better understanding of the Turkish cement sector dynamics and most common anticompetitive practices there. In conclusion, it is argued that inspite of having a reputation of a “problematic sector”, the behaviour of cement producers and developments in the cement market in Turkey may be justified by economic reasons and the oligopolistic nature of this market.

scholarly journals The scope of competition law in the digital economy

Pravovedenie ◽  
2019 ◽  
Vol 63 (4) ◽  
pp. 522-572
Author(s):  
Ioannis Lianos ◽  
◽  
Zingales Nicolo ◽  
Andrew McLean ◽  
Azza Raslan ◽  
...  
Keyword(s):  
Personal Data ◽  
Competition Law ◽  
Digital Economy ◽  
Competition Authority ◽  
Digital Platforms ◽  
Brics Countries ◽  
Explicit Consent ◽  
Data Portability ◽  
The Right ◽  
Interim Measures

The article reveals new problems arising in the digital economy and the need for antimonopoly regulation. It also analyzes the legal remedies and procedures for competition law in the context of digitalization. Redesigning competition law procedures for the digital economy can take two forms: 1) ensure the rate of competition law enforcement so as to avoid acting in situations when market tipping has already occurred and it is almost impossible to reverse the anticompetitive outcome; 2) develop remedial action that takes into account the scale of anticompetitive behavior, which might better reflect the complexity of digital markets. Competition authorities should consider utilizing interim measures and commitment decisions in the digital economy, both instruments playing a complementary role. Interim measures can be used within a revised framework with lower thresholds, but this should only be reserved for complicated and lengthy investigations where there is risk of irreversible harm to competition. These measures should be applied to the most harmful violations, such as cartels and abuse of dominance. Commitment decisions can be utilized to address less serious violations where it is also beneficial to the competition authority to reach a swift resolution. The article analyzes the division of companies as a way to eliminate violations. Division can take different forms and need not be structural. A certain ‘light-touch’ separation may be achieved by policies mandating that digital platforms not use personal data that has been harvested by the members of their ecosystems unless they have the explicit consent of their users. The article also addresses issues such as data portability and cross-platform compatibility. The authors have proved that the BRICS countries need to supplement their national legislation on the protection of personal data in terms of norms on their portability. Although it is not mainly designed as a tool to combat monopolies and market power, data portability will have a significant impact on competition in digital markets. Multisided digital platforms are characterized by a high network and lock-in effects. In a winner takes all, or most, where undertakings compete for the market rather than in the market, the right to data portability may provide some relief from the power that large digital platforms hold.

scholarly journals Les grèves de médecins en République Démocratique du Congo : quels repères éthiques généralisables?

2019 ◽  
Vol 2 (2) ◽  
pp. 63-72
Author(s):  
Laurent Jean-Claude Ravez ◽  
Stuart Rennie ◽  
Robert Yemesi ◽  
Jean-Lambert Chalachala ◽  
Darius Makindu ◽  
...  
Keyword(s):  
Working Conditions ◽  
Democratic Republic Of Congo ◽  
Medical Profession ◽  
Moral Obligations ◽  
Almost Everywhere ◽  
Vulnerable Patients ◽  
The World ◽  
The Government ◽  
The Right ◽  
Minimum Quality

For several years, the Democratic Republic of Congo has been the scene of strikes by the country’s doctors. The strikers’ demands are essentially financial and statutory and are intended to put pressure on the government. In this country, as is the case almost everywhere in the world, medical strikes are allowed. Every worker has the right to denounce by strike working conditions that are considered unacceptable. But are doctors just like any other workers? Do they not have particular moral obligations linked to the specificities of their profession? To shed light on these questions, the authors of this article propose three essential moral benchmarks that can be generalized to medical strike situations elsewhere in the world. The first concerns the recognition of the right to strike for doctors, including for strictly financial reasons. Health professionals cannot be asked to work in inhuman working conditions or without a salary to support their families. The second benchmark argues that it is unacceptable for this right to strike to be exercised if it sacrifices the most vulnerable patients and thus denies the very essence of the medical profession. A third benchmark complicates the reflection by reminding us that the extreme dilapidation of the Congolese health system makes it impossible to organise a minimum quality service in the event of a strike. To overcome these difficulties, we propose a national therapeutic alliance between doctors and citizens to put patients back at the centre of the health system’s concerns.

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