Washington, DC

120 Merger Regimes: Multinational Deals in a World of Non-Convergence: US, EU, Brazil, China...

Conference organized by Concurrences Review in partnership with Axinn, Bates White, Cleary Gottlieb Steen & Hamilton, Compass Lexecon, Cornerstone Research and O’Melveny & Myers.

OPENING KEYNOTE SPEECH: SIR PHILIP LOWE

Philip LOWE (Senior Advisor, FTI Consulting) opened his remarks by recalling the climate at the International Competition Network (ICN) Annual Conference in Cape Town in 2006, where more governments realized that competition was an essential aspect that needed to be enhanced to ensure the well functioning of markets. Lowe emphasized the increasingly important role of the ICN in international cooperation as convergence became more important. He also highlighted the active participation of the US and the European Union (EU) in the debate on China’s competition law, and the positive response by China towards that collaboration. National policy concerns are present in all countries and sometimes are materialized in exemptions from antitrust scrutiny or a different application of antitrust rules. Examples of national policy concerns include media plurality and national security, amongst others. Another concern is the inclusion of industrial strategy in merger policy by governments and parliaments. Lowe stressed that the imposition of only competition or effects-based analysis in competition policy would be difficult and that it is unlikely that a binding legal instrument will be developed to tackle these differences.

© Photos Matt Mendelsohn.

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