Introduction Section 37(1) of the Act against Restraints of Competition (ARC) defines four events that constitute a concentration within the meaning of the German merger control regime, and thus trigger the obligation to notify the Federal Cartel Office (FCO) of a transaction, provided that the turnover thresholds are also met. Under section 37(1) n°1 ARC, a concentration shall arise in the event of an acquisition “of all or of a substantial part of the assets of another undertaking” (i.e. in the case of an asset deal). Ordinarily, the FCO interprets and applies this definition in respect to asset deals broadly. In contrast to the exact wording of section 37(1) n°1 ARC, it is not necessarily a requirement that the assets to be acquired should constitute a substantial part of the
The German Competition Authority applies new de-minimis exemptions to limit merger notifications of real estate and loan portfolio asset deals
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