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Failing Firm Defence In The European Union A Panacea For Mergers
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Book Synopsis Failing Firm Defence in the European Union. A Panacea for Mergers? by : Ioannis Kokkoris
Download or read book Failing Firm Defence in the European Union. A Panacea for Mergers? written by Ioannis Kokkoris and published by . This book was released on 2017 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article deals with the assessment of a merger involving a failing firm. Competition authorities have recognised the importance of a merger/acquisition in avoiding bankruptcy as well as the impact of the failing firm defence on entry in the market and the role of potential dynamic or innovative efficiencies and have taken into account the financial distress in which a company may be. They have considered such issues in the assessment of mergers involving failing firms. Both the European Union and United States merger guidelines mention explicitly the “failing firm defence”. The case law has provided further impetus to the development of the defence in both jurisdictions.
Book Synopsis The Crisis Is Finally Biting! The Response of the EU Merger Control Regime to the Need for Corporate Restructurings by : Ioannis Kokkoris
Download or read book The Crisis Is Finally Biting! The Response of the EU Merger Control Regime to the Need for Corporate Restructurings written by Ioannis Kokkoris and published by . This book was released on 2016 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent financial crisis has illustrated the unprecedented difficulties that companies faced as well as the initiatives that were adopted at corporate and government level in order to mitigate the adverse impact of the crisis.A strategic response for struggling firms and one of the means of implementing a successful debt restructuring process is to combine or merge in order to achieve competitively necessary efficiencies. Either a failing firm within a booming industry or firms in a distressed industry will choose to combine, merge, acquire, be acquired, or choose to sell loss-making divisions in order to enhance the firm's viability and profitability. Given these wrenching transformations, the applicability and importance of the failing firm defence and failing division defence might be crucial.Particularly, it will deal with the implications of the failing firm defence on corporate debt restructuring in the European Union (EU). The reason for choosing these jurisdictions is that the EU has developed merger legislation3 and an extensive practice on the topic.The EU has specific criteria for assessing the failing firm defence argument. The satisfaction of these criteria is an essential factor for a concentration which is likely to have anticompetitive effects, to be allowed to proceed. In addition each of the above jurisdictions has its own legislation regarding merger assessment. It would be necessary for purposes of this paper and for a complete understanding of the implications of merger legislation, as they are identified through the failing firm defence, to provide a brief analysis of the legislation concerning the assessment of mergers. It is imperative to tie the analysis of the relevant legislation with its actual application in cases where the failing firm defence has been invoked. For each jurisdiction the landmark cases related to failing firm defence will be analysed in order to evaluate how the competition authorities and the courts have assessed the failing firm defence.This paper will analyse a recent case where the European Commission has accepted the failing firm defence in clearing the transaction. The failing form defence has been accepted only in a few transactions in the last 25 years and each new merger/acquisition clearance on the basis of the failing firm defence is a clear illustration of the impact of the recent financial crisis on the real economy.
Book Synopsis Failing Firm Defence Under the Clayton Act by : Ioannis Kokkoris
Download or read book Failing Firm Defence Under the Clayton Act written by Ioannis Kokkoris and published by . This book was released on 2017 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article deals with some important and complex issues which concern the assessment of a merger involving a failing firm. Competition authorities have recognised the importance of a merger/acquisition in avoiding bankruptcy as well as the impact of the failing firm defence on entry in the market and the role of potential dynamic or innovative efficiencies and have taken into account the financial distress in which a company may be in the assessment of mergers involving the said company. Both the EU and US competition legislation mention explicitly the “failing firm defence”. The case law has provided further impetus to the development of the defence in both jurisdictions.
Book Synopsis European Merger Control by : Catalin Stefan Rusu
Download or read book European Merger Control written by Catalin Stefan Rusu and published by Kluwer Law International B.V.. This book was released on 2010-01-01 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Twenty years of experience have inevitably brought to light challenges and tensions in the enforcement of the European merger control system. Some of these challenges have been faced, some have been solved and some remain latent. This very valuable study starts from the proposition that the EU has never fully acknowledged those fundamental challenges which relate to the rationale behind merger control in Europe. The author shows how the Commission's focus on adapting the rules of merger control to the economic realities of the future business environment, although designed with a view to facilitating European integration, has compromised attainment of legal certainty, transparency and welfare enhancement. In its detailed evaluation of the 'future market structure prediction process' embedded in European merger control policy, this book approaches two rock-bottom, far-reaching questions: In what ways does merger control promote consumer and societal welfare? Is the Commission able to correctly predict the outcome of any given concentration transaction? These considerations take the reader through a deep and searching analysis that calls into question the very credibility and transparency of the system, leading to alternatives which promise a new clarity of purpose and procedure. The author describes how these recommendations can be integrated into the functioning framework of the European project. Taken fully into account along the way is a wide spectrum of relevant source material, including the following: applicable articles and chapters of the founding and subsequent European Treaties; secondary European legislation concerning competition and merger activity; domestic competition laws; guidelines, notices and action plans; competition law reviews, statements of intentions; draft legislative attempts; speeches on the enactment and purpose of merger control; Member States' views concerning European merger control as expressed during Council negotiations; officially available concentration-related statistics; and a wide-ranging literature review covering both the legal and economic sides of merger control. Throughout, the author substantiates theoretical assertions with case law examples, clearly exposing doctrines arising from such cases as Continental Can, Phillip Morris/Rothmans and the Airtours, Schneider and Tetra Laval trilogy. A unique feature of the analysis draws on the author's personal experience while working for a Brussels competition law firm. This book is a remarkable compound of academic guide to the roots and rationales of the European Merger Control System, practical guide to the day-to-day intricacies of merger control enforcement, and 'raw' guide for decision makers and merger control law enforcers. It will be of immense value in all three contexts.
Book Synopsis Merger Control in the European Union by : Edurne Navarro Varona
Download or read book Merger Control in the European Union written by Edurne Navarro Varona and published by . This book was released on 2005 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition provides an exhaustive analysis of the European Community rules relating to merger control, including the new EC Merger Regulation 139/2004 of 20 January 2004 which entered into force on 1 May 2004 and the latest interpretive notices adopted by the European Commission. The book draws upon the authors' detailed and practical knowledge of the subject as officials at DG Competition and practitioners specialising in this field, and will be updated through a companion website.
Book Synopsis Merger Control in the EU and Turkey by : Fevzi Toksoy
Download or read book Merger Control in the EU and Turkey written by Fevzi Toksoy and published by Kluwer Law International B.V.. This book was released on 2022-05-11 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a country on the way to integration with the European Union (EU), Turkey has been following EU principles in establishing and improving its merger control regime, as well as overall competition law, keeping pace with changes in relevant EU legislation and case law. This book presents, for the first time, a description and analysis of the relationship between the EU and Turkish merger control law and practice. The second edition of the book considers the legislative changes that occurred in 2020-2021, including the reform of the Turkish Competition Law which introduced the significant impediment to effective competition (SIEC) test into the Turkish concentration control. The authors—all three, both practicing lawyers and academicians in Turkey—focus on comparing substantive, procedural and jurisdictional issues and draw parallels on their regulation in the two jurisdictions. These matters include the following: determining whether a transaction shall be regarded as a notifiable merger, hence be subject to control; financial thresholds used for allocating jurisdictions; extraterritoriality of merger control; relationship between the SIEC test and the dominance test; determination of the relevant market; techniques used for assessment of horizontal and non-horizontal mergers; notification requirements; procedural duties of competition authorities in relation to remedies; third-party rights; gun-jumping fines and other sanctions for failure to comply with merger control requirements; and peculiarities of assessment of mergers in the Big Data world. Each chapter provides an overview of the respective issues in the EU and Turkey, projecting a clear understanding of the main similarities and differences in the two regimes. A notable feature is an in-depth analysis of applicable case law concerning each issue, with most of the Turkish decisions available in English for the first time. The book’s comparative approach will prove to be of great value. With its clear answers to questions about what transactions are subject to merger control, what criteria are used in assessing those transactions, and the main issues that a foreign company should be aware of while merging with another foreign company with effect in Turkey and/or EU, the book will be of immeasurable value for lawyers and their business clients dealing with multijurisdictional merger cases. Interested academics and policymakers will also find much here to attract their attention.
Book Synopsis The Economic Assessment of Mergers Under European Competition Law by : Daniel Gore
Download or read book The Economic Assessment of Mergers Under European Competition Law written by Daniel Gore and published by Cambridge University Press. This book was released on 2013-04-25 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a clear, concise and practical overview of the key economic techniques and evidence employed in European merger control.
Book Synopsis The Failing Firm Defence by : Robin Mason
Download or read book The Failing Firm Defence written by Robin Mason and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assess the Importance of the Counterfactual in Merger Assessment with Regards to the Failing Firm Defence by : George P. Kyprianides
Download or read book Assess the Importance of the Counterfactual in Merger Assessment with Regards to the Failing Firm Defence written by George P. Kyprianides and published by . This book was released on 2014 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the European Commission's practice with regard to the failing firm defence as an element of its counterfactual assessment under Regulation 139/2004 (Merger Regulation), and considers whether the three stage test for the defence should be interpreted more flexibly in times of economic crisis. Discusses the role of the counterfactual assessment within the merger control process.
Book Synopsis Comparing the US & the EU Failing Firm Defense by : Marianela López-Galdos
Download or read book Comparing the US & the EU Failing Firm Defense written by Marianela López-Galdos and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to compare the failing firm defense under the European Union and the United States antitrust regimes. In order to do so, the relevant case law and regulations will be studied. Moreover, to better understand the difficulties that the enforcement of the failing company defense brings about, the main problems of the application of this doctrine will be explained. Finally, other considerations such as efficiencies and social and environmental concerns related to the failing firm defense will be explored.
Book Synopsis The Efficiency Defence and the European System of Merger Control by :
Download or read book The Efficiency Defence and the European System of Merger Control written by and published by . This book was released on 2002 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The EU Merger Regulation by : Alistair Lindsay
Download or read book The EU Merger Regulation written by Alistair Lindsay and published by Sweet & Maxwell. This book was released on 2012 with total page 849 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the 4th edition of The EC Merger Regulation - a detailed guide to the method of merger control in the European Union. Fully revised for 2012, this comprehensive text describes how the European Commission determines approval of a notified merger, thereby providing information and techniques to complete merger deals successfully for companies operating in the European Union
Book Synopsis A Practitioner's Guide to Takeovers and Mergers in the European Union by : City & Financial Publishing
Download or read book A Practitioner's Guide to Takeovers and Mergers in the European Union written by City & Financial Publishing and published by . This book was released on 2001 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Merger Control in Europe by : Ioannis Kokkoris
Download or read book Merger Control in Europe written by Ioannis Kokkoris and published by Routledge. This book was released on 2010-09-13 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the phenomenon of mergers that might result in non-coordinated effects in oligopolistic markets, identifying examples of these mergers both in the EU and in other jurisdictions including the UK, USA, Italy, Hungary, Finland, and Australia, and analyzing how these cases were dealt with in practice.
Book Synopsis European Union Law by : Robert Schütze
Download or read book European Union Law written by Robert Schütze and published by Oxford University Press. This book was released on 2021 with total page 1105 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and critical textbook, Schütze's European Union Law uses a distinctive three-part structure to examine the constitutional foundations, legal powers, and substantive law of the European Union. Written in a uniquely engaging style, and full of illuminating analyses, this book provides a thorough and modern guide to the study of the European law. Visual and pedagogical support is offered by the book's numerous diagrams and tables that clarify key concepts and processes, and a practical appendix helps students to find and read primary and secondary legal sources. This third edition includes an updated dedicated chapter on the past, present, and future of Brexit. Digital formats and resources The third edition is available for students and institutions to purchase in a variety of formats. The e-book offers a mobile experience and convenient access along with functionality tools, navigation features, and links that offer extra learning support: www.oxfordtextbooks.co.uk/ebooks.
Book Synopsis EU Competition Law by : Alison Jones
Download or read book EU Competition Law written by Alison Jones and published by Oxford University Press, USA. This book was released on 2010-10-14 with total page 1377 pages. Available in PDF, EPUB and Kindle. Book excerpt: New to this edition: --
Book Synopsis Collective Dominance and Collusion by : Marilena Filippelli
Download or read book Collective Dominance and Collusion written by Marilena Filippelli and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: By examining the issue of collusion in EU and US competition law, this book suggests possible strategies for improving the antitrust enforcement against parallelism, by exploiting the most advanced achievements of economic analysis. The book contains a suggested approach to collusion, in ex ante and ex post perspectives. By moving from the analysis of the state of art, in terms of law, case law, and scholarship, Marilena Filippelli analyses inconsistencies and failures in the current antitrust enforcement toward collusion and develops a workable parameter for the issue of collective dominance. The most innovative part of this work goes beyond the analysis itself of collective dominance and involves the interference of arts. 101 and 102. The conclusion is a re-definition of the relationship between those rulesÑfrom dichotomy to redundancy. Finally, the book highlights the antitrust significance of semi-collusion, as a strategy made of collusion and competition. The author considers economic models equaling, as for the effects, collusion and semi-collusion and the case law supporting the qualification of semi-collusion as a species of collusion. The analysis involves both US and EU systems, under the highly topical economic-oriented approach. It also contains an original view of European antitrust prohibitions. Because of its contents and its approach, this book will be attractive to every academic interested in antitrust law. Moreover, the well-documented research on parallelism, involving law, case law and scholarship, makes this book interesting also for competition authorities and antitrust lawyers.
