Merger Remedies

Mergers

The Spanish Competition Authority clears national chemicals company’ acquisition of paint and coating manufacturer with remedies (Pigments / Ferro) New
Spanish Competition Authority (Madrid)
The CNMC clears Pigments’ acquisition of Ferro with remedies* The merger affects the ceramic tile sector, which has a long tradition in Spain and is a significant international economic activity. Before approving the purchase, the CNMC conducted a market test and paid special attention to the (...)

The Australian Competition Authority rejects big tech company’s behavioural remedies for wellness and healthcare manufacturer acquisition (Google / Fitbit)
Australian Competition and Consumer Commission (Canberra)
ACCC rejects Google behavioural undertakings for Fitbit acquisition* The ACCC has announced that it will not accept a long-term behavioural undertaking offered by Google that sought to address competition concerns about its proposed acquisition of wearables supplier and manufacturer Fitbit. (...)

The French Competition Authority clears subject to conditions the exclusive control acquisition by a mobile phone operator of a company specialised in mobile telephony services (Bouygues Telecom / Euro Information Telecom)
French Competition Authority (Paris)
The Autorité clears, subject to conditions, the exclusive control acquisition by Bouygues Telecom group of Euro Information Telecom* The Autorité de la concurrence clears, subject to conditions, the exclusive control acquisition by Bouygues Telecom group, of Euro Information Telecom, subsidiary (...)

The EU Commission conditionally approves a merger between automotive companies (Fiat Chrysler / Peugeot)
DG COMP (Brussels)
Mergers: Commission approves the merger of Fiat Chrysler Automobiles N.V. and Peugeot S.A., subject to conditions * The European Commission has approved, under the EU Merger Regulation, the proposed merger between the automotive companies Fiat Chrysler Automobiles N.V. (‘FCA’) and Peugeot S.A. (...)

The EU Commission clears acquisition of healthcare manufacturer by a big tech company, subject to conditions (Fitbit / Google)
DG COMP (Brussels)
Mergers: Commission clears acquisition of Fitbit by Google, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the acquisition of Fitbit by Google. The approval is conditional on full compliance with a commitments package offered by Google. Executive (...)

The US DoJ requires divestiture of commercial health insurance business for healthcare merger in New Hampshire to proceed (Harvard Pilgrim / Health Plan Holdings)
US Department of Justice - Antitrust Division (Washington)
Justice Department Requires Divestiture of Tufts Health Freedom Plan in Order for Harvard Pilgrim and Health Plan Holdings to Proceed With Merger* Divestiture Will Preserve Competition for Commercial Health Insurance in New Hampshire The Department of Justice announced today that it would (...)

The OECD holds a roundtable on economic analysis in merger investigations
OECD - Competition Division (Paris)
Economic analysis is a fundamental part of merger control. It underpins the theories of harm that guide merger reviews, and it provides the tools to interpret evidence when assessing these theories. Economic expertise can be of value at each stage of a merger investigation, from evidence (...)

The EU Commission approves Japanese ink manufacturer’s acquisition of colorants and effect pigments company, subject to conditions (DIC / BASF Colors & Effects)
DG COMP (Brussels)
Mergers: Commission approves DIC’s acquisition of BASF Colors & Effects, subject to conditions The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of BASF Colors & Effects by the DIC Corporation (‘DIC’). The approval is conditional on full (...)

The US FTC approves prosthetics manufacturer’s application to divest assets it gained through the acquisition of prosthetics company (Otto Bock HealthCare North America / FIH Group Holdings)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Otto Bock HealthCare North America, Inc.’s Application to Divest Assets It Gained through Acquisition of FIH Group Holdings, LLC* Divestiture preserves competition for microprocessor prosthetic knees The Federal Trade Commission has approved an application by prosthetics (...)

The Australian Competition Authority begins consultation on the proposed acquisition of health and wellness undertaking by Big tech company (Google / Fitbit)
Australian Competition and Consumer Commission (Canberra)
Consultation begins on proposed Google Fitbit undertaking* The ACCC is seeking views on a proposed court-enforceable undertaking offered in Australia to the ACCC by Google in relation to its proposed acquisition of Fitbit, Inc (Fitbit). “Our decision to begin consultation should not be (...)

The EU Commission clears several telecommunication undertakings’ acquisition of fibre network operator, subject to conditions (Altice / Allianz / Omer / Covage)
DG COMP (Brussels)
Mergers: Commission clears Altice, Allianz and Omers’ joint acquisition of Covage, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Covage by SFR FTTH, a company jointly controlled by Altice, Allianz and Omers. The approval (...)

The German Competition Authority clears the business-to-consumer side of a Phase II merger of furniture stores, subject to conditions and subject to clearance of the business-to-business side of the merger by the EU Commission (XXXLutz / Tessner group)
German Competition Authority (Bonn)
Bundeskartellamt clears merger of XXXLutz and the Tessner group (Roller, tejo’s, Schulenburg) only subject to conditions* Following an in-depth examination the Bundeskartellamt has cleared the planned acquisition by Mann Mobilia Beteiligungs GmbH, based in Würzburg (part of the Austrian XXXLutz (...)

The US DoJ requires divestiture of digital do-it-yourself tax preparation business for the merger of financial software companies to proceed (Intuit / Credit Karma)
US Department of Justice - Antitrust Division (Washington)
Justice Department Requires Divestiture of Credit Karma Tax for Intuit to Proceed with Acquisition of Credit Karma* Divestiture Will Preserve Competition for Digital Do-It-Yourself Tax Preparation Products The Department of Justice announced today that it is requiring Intuit Inc. and Credit (...)

The Belgian Competition Authority authorizes with remedies the acquisition of a commercial vehicles dealer company by its competitor (Delorge group / Coox)
Belgian Competition Authority (Brussels)
Decision of the Competition College of the BCA in respect of the merger between the Delorge group and Coox* The Competition College of the Belgian Competition Authority (BCA) has on 19 November 2020 authorized with remedies the acquisition by the Holding Groep Delorge BV (Groep Automotive (...)

The Polish Competition Authority informs about its reservation on the concentration of two companies in the media sector (Agora / Eurozet)
Polish Competition Authority (Warsaw)
Agora/Eurozet concentration - reservations expressed by the President of UOKiK* President of UOKiK Tomasz Chróstny has informed the parties of their reservations about the transaction of Agora taking over Eurozet and indicated that such concentration may lead to the restriction of competition. (...)

The UK Competition Authority opens consultation on revised merger assessment guidelines
Morgan Lewis (London)
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Morgan Lewis (London)
The UK Competition and Markets Authority published for consultation updated guidelines setting out its approach to analysing mergers on 17 November. The guidelines update the current merger assessment guidelines (CC2/OFT1254), which date back to 2010, in order to reflect developments in the (...)

The French Competition Authority clears the acquisition of 556 stores subject to divestment of 9 stores (Leader Price / Aldi)
French Competition Authority (Paris)
Aldi – Leader Price transaction: The Autorité clears the acquisition of 554 Leader Price stores and 2 Casino stores by Aldi, subject to the divestiture of 9 stores* In a decision issued today, the Autorité de la concurrence cleared the acquisition of Leader Price by Aldi, subject to conditions. (...)

The UK Competition Authority launches consultation on revised merger assessment guidelines
Skadden, Arps, Slate, Meagher & Flom (Brussels)
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
Following its review of a series of global deals in the digital markets space, the U.K.’s Competition & Markets Authority (the CMA) has launched a consultation on revised merger assessment guidelines (the draft guidelines) codifying its evolving practice in the digital sector and addressing (...)

The German Competition Authority finds competition concerns in proposed merger of major food retailers and extends the deadline for a decision to negotiate solutions with the companies (Kaufland / Real)
German Competition Authority (Bonn)
Bundeskartellamt has concerns about Kaufland’s acquisition of Real stores - negotiations on commitments - deadline extended to 30 December* The Bundeskartellamt is currently examining plans by Kaufland to acquire up to 101 Real stores from SCP Retail S.àr.l. The authority has today informed the (...)

The Croatian Competition Authority informs that the remedy of divesting shares in the national telecom merger has been carried out (Optima / HT)
Croatian Competition Agency (Zagreb)
CCA OFFICIAL STATEMENT REGARDING THE PUBLISHING OF INFORMATION IN THE DIVESTMENT PROCEDURE OF OPTIMA SHARES BY HT* With respect to the queries of third parties, the Croatian Competition Agency (CCA) herewith informs the public that the divestment procedure involving the selling off the shares (...)

The UK Competition Authority clears a trading systems firm’s proposal to sell its fixed-income business in order to resolve competition concerns about the completed merger (ION Technology Group / Broadway Technology)
United Kingdom’s Competition Authority - CMA (London)
Trading systems firms address CMA competition concerns* The CMA has accepted a proposal from ION to sell Broadway’s fixed income business in order to resolve competition concerns about the completed merger. ION Investment Group Limited (ION) and Broadway Technology Holdings (Broadway) provide (...)

The UK Competition Authority orders reversal of completed merger between two largest suppliers of retail platform solutions to investment platforms (FNZ / GBST)
United Kingdom’s Competition Authority - CMA (London)
CMA blocks investment technology merger* The CMA has ordered FNZ to sell GBST after finding their completed merger could lead to a reduction in the quality of service and higher prices. In its final report, published today, the Competition and Markets Authority (CMA) has found that the deal (...)

The UK Competition Authority blocks completed investment technology merger after finding it would lessen competition (FNZ / GBST)
Van Bael & Bellis (Brussels)
On 5 November 2020, the UK’s Competition and Markets Authority (“CMA”) ordered the platform technology provider FNZ to sell GBST after finding that the completed merger between the two rivals would result in a substantial lessening of competition, which would lead to higher prices and a reduction (...)

The UK Competition Authority blocks an already completed merger of retail investment software firms (FNZ / GBST)
Ashurst (London)
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Ashurst (London)
On 6 November 2020, the UK Competition and Markets Authority ("CMA") ordered FNZ to sell GBST, having concluded that the acquisition raised significant competition concerns in the supply of software and services which enable retail investment platforms in the UK. WHAT YOU NEED TO KNOW - KEY (...)

The UK Competition Authority accepts sale of firm’s global total ankle replacement business as a remedy to clear the merger of medical suppliers of orthopaedic products (Stryker / Wright Medical Group)
United Kingdom’s Competition Authority - CMA (London)
Medical device supplier resolves CMA concerns* The CMA has accepted a proposal from Stryker to sell its business in the UK total ankle prostheses market to resolve competition concerns. Stryker Corporation (Stryker) and Wright Medical Group N.V. (Wright) both manufacture a range of (...)

The US FTC clears merger of medical device companies subject to divestments (Stryker / Wright Medical Group)
US Federal Trade Commission (FTC) (Washington)
FTC Requires Medical Device Companies Stryker Corp. and Wright Medical Group N.V. to Divest Assets to Preserve Competition* The Federal Trade Commission will require medical device companies Stryker Corp. and Wright Medical Group N.V. to divest all assets related to Stryker’s total ankle (...)

The Dutch Competition Authority clears acquisition of parts of a health care provider after transfer of district nursing in two towns (Careyn / Thebe)
Netherlands Authority for Consumers & Markets (The Hague)
ACM clears acquisition of parts of health care provider Careyn by Thebe after transfer of district nursing in two towns* The Netherlands Authority for Consumers and Markets (ACM) has conditionally cleared health care provider Thebe Wijkverpleging to acquire some of the activities of rival (...)

The Hong Kong Competition Authority accepts commitments from 4-party joint venture applying to jointly operate their berths at Kwai Tsing port (Hong Kong Seaport Alliance)
Hong Kong Competition Commission
Competition Commission accepts commitments from Hong Kong Seaport Alliance* The Competition Commission (“Commission”) today announced the acceptance of commitments (“Commitments”) offered under section 60 of the Competition Ordinance (“Ordinance”) by Modern Terminals Limited (“MTL”) and HPHT Limited (...)

The US FTC imposes conditions on pharmaceutical merger with competition concerns in ten generic drug markets (Mylan / Upjohn)
US Federal Trade Commission (FTC) (Washington)
FTC Imposes Conditions on Combination of Pfizer Inc.’s Upjohn and Mylan N.V.* Pharmaceutical companies Pfizer Inc. and Mylan N.V. have agreed to divest assets and abide by other conditions to settle Federal Trade Commission charges that the proposed combination of Upjohn Inc. and Mylan N.V. (...)

The Chinese State Administration for Market Regulation publishes new rules related to antitrust merger reviews
Jones Day (Beijing)
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Jones Day (Beijing)
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Jones Day (Beijing)
In Short* The Development: China’s antitrust authority, the State Administration for Market Regulation ("SAMR"), published new rules related to antitrust merger reviews—the Interim Rules on the Review of Concentrations of Undertakings ("Interim Rules"). The Result: The most significant changes (...)

The US DOJ conditionally clears a merger in markets for small container commercial waste collection and municipal solid waste disposal in over 50 local markets in 10 States (Waste Management / Advanced Disposal Services)
US Department of Justice - Antitrust Division (Washington)
Justice Department Requires Waste Management To Divest Assets In Order To Proceed With Advanced Disposal Services Acquisition* Divestiture Will Preserve Competition in Markets for Small Container Commercial Waste Collection and Municipal Solid Waste Disposal in Over 50 Local Markets in 10 (...)

The US DOJ conditionally clears a fibre-based telecom merger in Puerto Rice and the US Virgin Islands (Liberty Latin America / AT&T)
US Department of Justice - Antitrust Division (Washington)
Justice Department Requires Divestiture In Order For Liberty Latin America To Acquire AT&T’s Telecommunications Operations In Puerto Rico And The U.S. Virgin Islands* Divestiture Will Preserve Competition for Fiber-Based Telecommunications Services for Enterprise Customers in Puerto Rico (...)

The UK Competition Authority provisionally finds in Phase II investigation that the complete merger in online secondary ticketing market will reduce competition and proposes structural remedies even after accounting for COVID-19 (Viagogo / StubHub) Free
United Kingdom’s Competition Authority - CMA (London)
CMA finds competition concerns in viagogo and StubHub merger* Following an in-depth investigation, the CMA has provisionally found that the completed merger of viagogo and StubHub will reduce competition. The Competition and Markets Authority (CMA) found that viagogo and StubHub are close (...)

The New Zealand Competition Authority reaches divestment agreement with car parks operator in 4-years old merger in order to settle competition concerns (Wilson Parking)
New Zealand Commerce Commission
Wilson Parking agrees to divest car parks in settlement agreement with Commerce Commission* Wilson Parking New Zealand Limited (Wilson Parking) has agreed to divest the leases of three car parking facilities it currently operates in central Wellington, in a settlement agreement with the (...)

The UK Competition Authority provisionally finds significant competition concerns with educational supplies merger (Yorkshire Purchasing Organisation / Findel)
United Kingdom’s Competition Authority - CMA (London)
Schools could lose out in educational supplies merger* The CMA has provisionally found that YPO’s anticipated purchase of close competitor Findel could leave schools worse off. Yorkshire Purchasing Organisation (YPO) and Findel Education Limited (Findel) are 2 of the leading suppliers of (...)

The US FTC requests public comment on prosthetics manufacturer’s application to approve divestiture of assets it gained during acquisition (Otto Bock HealthCare / FIH Group Holdings)
US Federal Trade Commission (FTC) (Washington)
FTC Requests Public Comment on Otto Bock HealthCare North America, Inc.’s Application to Approve Divestiture of Assets It Gained through Acquisition of FIH Group Holdings, LLC* The Federal Trade Commission is currently accepting public comments on an application by prosthetics manufacturer Otto (...)

The US FTC approves final order imposing divestitures as a condition of a merger in the markets for gasoline and diesel fuel (Arko Holdings / Empire Petroleum Partners)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Final Order Imposing Conditions on Arko Holdings Ltd.’s Acquisition of Empire Petroleum Partners, LLC* Following a public comment period, the Federal Trade Commission has approved a final order settling charges that Arko Holdings Ltd.’s acquisition of Empire Petroleum Partners, LLC (...)

The EU General Court provides useful jurisdictional clarifications for deals involving joint ventures acting as an acquirer (Heidelberg Cement / Schwenk Zement)
Latham & Watkins (Brussels)
Jurisdictional issues in deals involving joint ventures – Review of the General Court judgment in Heidelberg Cement and Schwenk Zement (T-380/17)* The judgment provides useful jurisdictional clarifications for deals involving joint ventures (JVs) acting as an acquirer. The General Court (GC) (...)

The Finnish Competition Authority removes upon application the conditions imposed on a 19-years old merger in the market for mailing and direct marketing (Posti / Atkos Printmail)
Finnish Competition and Consumer Authority (Helsinki)
FCCA removes the conditions set for the Posti/Atkos Printmail merger on application by Posti* On 25 September 2020, the Finnish Competition and Consumer Authority (FCCA) approved the Posti Group’s (Posti) application to remove the conditions set for the Posti/Atkos Printmail merger. In 2001, (...)

The UK Competition Authority accepts a full reversal of a motorcycle insurance merger (Ardonagh / Bennetts)
United Kingdom’s Competition Authority - CMA (London)
Motorcycle insurance merger to be reversed following CMA concerns* The CMA has accepted a proposal from Ardonagh to fully unwind its recent £26 million purchase of Bennetts to resolve competition concerns. Ardonagh Group Limited (Ardonagh), which operates the Carole Nash and Swinton brands, (...)

The EU Commission approves merger in the payment services sector, subject to conditions (Worldline / Ingenico)
DG COMP (Brussels)
Mergers: Commission approves Worldline’s acquisition of Ingenico, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Ingenico by Worldline, both active in the payment services sector. The approval is conditional on full (...)

The Spanish Competition Authority clears, with remedies and monitoring, acquisition of a white cement business (ÇIMSA / CEMEX)
Spanish Competition Authority (Madrid)
The CNMC clears, with remedies, ÇIMSA’s acquisition of CEMEX’s white cement business* The merger has been cleared after intensive work during the second phase subject to a package of remedies that has been subject to a market test, both with the competitors and with the main customers of the (...)

The EU Commission conditionally clears a merger in the payment services sector (Worldline / Ingenico)
Van Bael & Bellis (Brussels)
On 30 September 2020, the European Commission (“Commission”) conditionally cleared Worldline’s acquisition of Ingenico, two French providers of payment and transaction services. The Commission raised concerns that the parties’ activities overlapped in the provision of point-of-sale (“POS”) merchant (...)

The Spanish Competition Authority clears, with remedies, a merger in the cement business (ÇIMSA / CEMEX)
Callol, Coca & Asociados (Madrid)
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Callol, Coca & Asociados (Madrid)
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Callol, Coca & Asociados (Madrid)
According to the recently published press release, after a fourteen-month investigation, the CNMC has cleared in phase II the acquisition of Cemex’ white cement divisions by Çimsa subject to conditions. The CNMC initiated a phase II in-depth review due to potential competition problems in the (...)

The French Competition Authority clears, subject to the conditions of divesting agencies and fleets, the acquisition in the sector for the rental of refrigerated and non-refrigerated industrial goods vehicles (Fraikin / Via Location)
French Competition Authority (Paris)
The Autorité de la concurrence clears, subject to the conditions of divesting agencies and fleets, the acquisition of the group Via Location by the group Fraikin* On 3 June 2020, the group Fraikin notified the Autorité of a plan to acquire full control of the company Via Location. The parties (...)

The Romanian Competition Authority approves a transaction through which two banks become shareholders in a provider of integrated cash management services already owned by third competing bank, subject to conditions (BRD / Raiffeisen / CIT One / Banca Comercială Română)
Romanian Competition Council (Bucharest)
The Competition Council Approved the Transaction Through Which BRD and Raiffeisen Enter CIT One Shareholders* The Competition Council approved the transaction through which BRD - Groupe Société Générale SA (BRD) and Raiffeisen Bank SA enter the shareholding of CIT One SRL, together with Banca (...)

The Hellenic Competition Authority examines the extension of commitments to address competition concerns in the market of fresh cow milk (Delta / Mevgal)
Hellenic Competition Authority (Athens)
Press Release - Examination of specific commitment terms proposed by "DELTA SA" and "MEVGAL SA"* Subject: Examination of specific commitment terms proposed by "DELTA SA" and "MEVGAL SA" so as to address competition concerns according to 650/2017 Decision of HCC in the market of fresh cow milk. (...)

The Finnish Market Court grants second extension for processing of financial services companies merger so the Competition Authority can finalize negotiations on conditions (Loomis / Automatia)
Finnish Competition and Consumer Authority (Helsinki)
The time limit for processing the merger of Loomis and Automatia has been extended until 14.10.2020* The Market Court has extended the processing time limit for the merger between Loomis AB and Automatia Pankkiautomaatit Oy, currently under investigation by the Finnish Competition and Consumer (...)

The French Competition Authority clears, subject to conditions, the acquisition of a public development bank (Caisse des Dépôts et Consignations / Société de Financement Local)
French Competition Authority (Paris)
The Autorité clears, subject to conditions, the acquisition of Société de Financement Local by Caisse des Dépôts et Consignations* On 24 July 2020, the Caisse des Dépôts et Consignations (CDC) notified the Autorité de la Concurrence of its plans to acquire Société de Financement Local (SFIL). The (...)

The US DoJ requires divestiture in the acquisition of a craft brew alliance (Anheuser-Busch InBev / Craft Brew Alliance)
US Department of Justice - Antitrust Division (Washington)
Justice Department Requires Divestiture In Order For Anheuser-Busch To Acquire Craft Brew Alliance* Divestiture Will Preserve Competition in the Beer Industry in the State of Hawaii The Department of Justice announced today that it is requiring Anheuser-Busch InBev SA/NV (ABI), its (...)

The US FTC announces a revamped merger retrospective program
US Federal Trade Commission (FTC) (Washington)
FTC’s Bureau of Economics to Expand Merger Retrospective Program* The Federal Trade Commission’s Bureau of Economics has announced a revamped Merger Retrospective Program, which will expand and formalize the Bureau’s retrospective research efforts that have already produced studies analyzing the (...)

The UK Competition Authority finds that a motorcycle insurance broker merger raises competition concerns (Ardonagh / Bennetts)
United Kingdom’s Competition Authority - CMA (London)
Motorcycle insurance broker merger raises competition concerns* The CMA has found that Ardonagh’s completed purchase of Bennetts could lead to higher prices, less choice and worse services for motorcyclists in the UK. Ardonagh Group Limited (Ardonagh), which operates the Carole Nash and (...)

The UK Competition Authority decides that the leading global supplier of window blinds must sell the majority of shares in acquired competitor (Hunter Douglas / 247 Home Furnishings)
United Kingdom’s Competition Authority - CMA (London)
Final decision published in window blind merger inquiry* The CMA has decided that Hunter Douglas, owner of online blinds retailer Blinds2Go, must sell the majority of its shares in 247 to protect competition and prevent higher prices. Hunter Douglas originally purchased a minority stake in (...)

The US FTC approves final order requiring animal health product suppliers to divest assets in three product markets as a condition of acquisition (Elanco Animal Health / Bayer Animal Health)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Final Order Requiring Animal Health Product Suppliers Elanco Animal Health, Inc. and Bayer Animal Health GmbH to Divest Assets in Three Product Markets as a Condition of Acquisition* Following a public comment period, the Federal Trade Commission has approved a final order (...)

The Australian Competition Authority is not opposed to a pharmaceutical merger after offered divestments overcome competition concerns (Mylan / Upjohn)
Australian Competition and Consumer Commission (Canberra)
Divestments overcome strong competition concerns with pharmaceutical merger* The ACCC will not oppose Mylan NV’s proposed merger with Pfizer’s Upjohn Inc division, after Mylan and Upjohn offered a court-enforceable undertaking to divest three off-patent branded pharmaceuticals in response to the (...)

The New Zealand Competition Authority clears a pharmaceutical merger subject to a divestment (Mylan / Upjohn)
New Zealand Commerce Commission
Commission grants clearance for Mylan and Upjohn to merge subject to a divestment* The Commerce Commission has granted clearance for Mylan N.V. and Upjohn Inc. (a wholly owned subsidiary of Pfizer Inc) to merge their global pharmaceutical businesses. The clearance is subject to a divestment of (...)

The Australian Competition Authority accepts a proposed merger between two pharmaceutical companies despite concerns of a significant reduction in competition in the supply of the products (Mylan / Upjohn)
Ashurst (Sydney)
On 10 September 2020, the Australian Competition and Consumer Commission ("ACCC") decided to not oppose Mylan NV’s ("Mylan") proposed merger with Pfizer’s Upjohn Inc division ("Upjohn"), despite concerns that competition in the supply of pharmaceutical products to treat cardiovascular conditions (...)

The Russian Competition Authority reaches an agreement with the HSE Technology Transfer Center to further simplify the terms of technology transfer in the breeding sector after negotiating with a pharma company (Bayer)
Russian Federal Antimonopoly Service (Moscow)
Bayer offered more favorable conditions for transfer of germplasm to russian breeders* Russian breeding companies that receive germplasm transferred by Bayer as part of the FAS Russia’s ruling based on the result of the Bayer&Monsanto transaction will be fully exempt from paying royalties (...)

The US FTC approves a final order imposing conditions on an acquisition between two big pharmaceutical companies (AbbVie / Allergan)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Final Order Imposing Conditions on AbbVie Inc.’s Acquisition of Allergan plc* Following a public comment period, the Federal Trade Commission has approved a final order settling charges that AbbVie’s $63 billion acquisition of Allergan would violate federal antitrust law. According (...)

The US DoJ issues modernized merger remedies manual
US Department of Justice - Antitrust Division (Washington)
Justice Department Issues Modernized Merger Remedies Manual* Merger Remedies Manual Reaffirms Antitrust Division’s Commitment to Effective Structural Relief and Reflects Renewed Focus on Enforcing Consent Decree Obligations The Department of Justice issued today the Merger Remedies Manual, (...)

The US DoJ issues a revised policy guide to merger remedies
Cleary Gottlieb Steen & Hamilton (Washington)
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Cleary Gottlieb Steen & Hamilton (Washington)
On September 3, 2020, the Antitrust Division of the DOJ issued a revised Policy Guide to Merger Remedies, following shortly after it announced a reorganization of its civil enforcement to create an Office of Decree Enforcement and Compliance. The Policy Guide to Merger Remedies largely (...)

The US DoJ releases a merger remedies manual
Sheppard Mullin (Los Angeles)
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Sheppard Mullin (Washington)
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Sheppard Mullin (Washington)
DOJ Antitrust Division Releases New Merger Remedies Manual* On September 3, 2020, the DOJ’s Antitrust Division released its Merger Remedies Manual. The manual provides important guidance on what DOJ considers to be adequate solutions to addressing competitive issues in M&A deals challenged (...)

The US DoJ issues its merger remedies manual which provides the framework the DoJ will utilise in implementing relief in mergers reviewed by its attorneys and economists
Skadden, Arps, Slate, Meagher & Flom (Washington DC)
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Skadden, Arps, Slate, Meagher & Flom (New York)
On September 3, 2020, the Department of Justice’s Antitrust Division (the DOJ) issued its new Merger Remedies Manual (the Manual), which provides the framework the DOJ will utilize going forward to implement relief in mergers reviewed by its attorneys and economists. The DOJ has updated its (...)

The US DoJ releases a merger remedies manual
Skadden, Arps, Slate, Meagher & Flom (New York)
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Skadden, Arps, Slate, Meagher & Flom (New York)
On Sept. 3, the Antitrust Division of the Department of Justice (DOJ) released the Merger Remedies Manual (the manual), which provides guidance on how the agency currently intends to approach the structure and implementation of remedies in merger cases. See Antitrust Div., U. S. Department of (...)

The French Competition Authority blocks a merger for the first time ever, due to absence of remedies capable of addressing the competition concerns identified (Soditroy / Association des Centres Distributeurs E. Leclerc / Géant Casino)
French Competition Authority (Paris)
For the first time ever, the Autorité de la concurrence blocks a merger* Soditroy and the Association des Centres Distributeurs E. Leclerc were planning to acquire joint control of a Géant Casino hypermarket in the conurbation of Troyes. This merger raised serious competition concerns relating (...)

The French Competition Authority decides to block a merger transaction against the joint takeover of a local hypermarket by undertakings of a competing retail group (Géant Casino / ACDLec)
Bird & Bird (Paris)
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Bird & Bird (Paris)
Nearly a month after issuing its new merger control guidelines, the French Competition Authority (FCA) broke new ground in merger control by issuing a blocking decision on 28 August 2020, against the joint takeover of a local hypermarket by undertakings of a competing retail group. The FCA (...)

The French Competition Authority issues its first dead-block and concludes that an acquisition of a hypermarket by two entities operating under the competing retailer raise too strong competition concerns (E.Leclerc-Géant / Casino)
Ashurst (Paris)
The French Competition Authority ("FCA") has concluded that the acquisition of the hypermarket Géant Casino, by two entities operating (directly or indirectly) under the competing retailer E. Leclerc, raised competition concerns at the local level, which could not be addressed through (...)

The Russian Competition Authority approves the conclusion of a joint venture agreement between a producer of heated tobacco and a producer of devices for their consumption (Philip Morris / KT&G)
Russian Federal Antimonopoly Service (Moscow)
The FAS Approved Trasaction In The Market Of Innovative Nicotine-containing Products* FAS approved conclusion of a joint venture agreement between Philip Morris products S.A. and Korean company KT&G Corporation The agreement concerns the joint sale of innovative nicotine-containing (...)

The French Competition Authority prohibits merger in the food retail market (Soditroy / Association des Centres Distributeurs E. Leclerc / Géant Casino)
Van Bael & Bellis (Brussels)
On 28 August 2020, following an in-depth examination that was announced on 29 October 2019, the French Competition Authority (“FCA”) blocked the acquisition of joint control by Soditroy and Association des Centres Distributeurs E.Leclerc (“ACDLec”) of a Géant Casino hypermarket located in (...)

The French Competition Authority prohibits a merger in the food retail market (Soditroy / Association des Centres Distributeurs E. Leclerc / Géant Casino)
Covington & Burling (Brussels)
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Covington & Burling (Brussels)
The French Competition Authority (“FCA”) prohibited the proposed acquisition of the hypermarket retailer Géant Casino by its competitor E.Leclerc in the French city of Troyes. It found that the transaction would create a duopoly between the two remaining hypermarkets, Carrefour and E.Leclerc, (...)

The German Competition Authority allows the leading national meat company to bring in house employment contracts it previously had externally with meat cutters through a personnel company as part of a wider change in the meat industry’s staffing due to COVID-19 (Tönnies / Lazar) Free
German Competition Authority (Bonn)
Tönnies can take over employment contracts concluded with Lazar GmbH* The Bundeskartellamt has cleared the acquisition of the assets of Lazar GmbH, Crailsheim, by Tönnies Holding, Rheda-Wiedenbrück. Tönnies is by far the leading company in the slaughter and meat industry in Germany. The Lazar (...)

The Austrian Competition Authority approves a brewery merger subject to conditions (Fohrenburg / Brau Union)
Van Bael & Bellis (Brussels)
On 27 August 2020, the Austrian Federal Competition Authority (“FCA”) announced its conditional approval of the acquisition of 63% of the shares and sole control of the brewery company Fohrenburg Beteiligungs-Aktienge- sellschaft (“Fohrenburg”) by Austria’s largest brewery, Brau Union (...)

The US FTC approves final order imposing structural remedies on 2 casino companies’ merger (Eldorado Resorts / Caesars Entertainment)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Final Order Imposing Conditions on Casino Operators Eldorado Resorts, Inc. and Caesars Entertainment Corporation* Following a public comment period, the Federal Trade Commission has approved a final order settling charges that Eldorado’s $17.3 billion agreement to acquire Caesars (...)

The Danish Competition Authority approves takeover of subsidiary and customer agreements as fulfillment of remedy required in merger of parent company in the natural gas market (OK / Ørsted Varmeservice)
Danish Competition and Consumer Authority (Copenhagen)
The Danish Competition Council has approved OK a.m.b.a.’s acquisition of natural gas customer agreements and Ørsted Varmeservice A/S* On 18 August 2020, the Danish Competition and Consumer Authority (hereinafter “DCCA”) received a complete notification of OK a.m.b.a.’s (hereinafter “OK”) (...)

The US FTC requires divestitures as condition of a merger in the markets for gasoline and diesel fuel (Arko Holdings / Empire Petroleum Partners)
US Federal Trade Commission (FTC) (Washington)
FTC Requires Divestitures as Condition of Arko Holdings Ltd.’s Acquisition of Empire Petroleum Partners, LLC* Arko Holdings Ltd. and Empire Petroleum Partners, LLC have agreed to divest retail fuel assets in local gasoline and diesel fuel markets across four states to settle Federal Trade (...)

The EU Commission approves acquisition of a payment solution provider’s account-to-account payment business by global payment card company, subject to conditions (Nets / Mastercard)
DG COMP (Brussels)
Mergers: Commission approves acquisition of Nets’ account-to-account payment business by Mastercard, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Nets’ account-to-account payment business by Mastercard. The decision is (...)

The US FTC approves final order imposing conditions on transfer of ownership between energy companies (Tri Star Energy / Hollingsworth Oil Company / C & H Properties / Ronald L. Hollingsworth)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Final Order Imposing Conditions on Tri Star Energy, LLC’s Acquisition of Certain Assets of Hollingsworth Oil Company, Inc., C & H Properties, and Ronald L. Hollingsworth* Following a public comment period, the Federal Trade Commission has approved a final order settling charges (...)

The US DoJ reaches settlement with new stricter conditions and fine for telecom company’s merger after finding violations of the original conditions (CenturyLink / Level 3 Communications)
US Department of Justice - Antitrust Division (Washington)
Justice Department Brings Enforcement Action Against Centurylink* In Significant Action, CenturyLink Agrees to Extend Term, Appoint Independent Monitor, and Reimburse Taxpayers for the Costs and Fees of the Violations The Department of Justice announced today that CenturyLink, Inc. has agreed (...)

The Romanian Competition Authority launches for public debate the commitments proposed by banks intending to become joint shareholders of a provider of integrated cash management services (Société Générale / Raiffeisen Bank / Banca Comercială Română)
Romanian Competition Council (Bucharest)
The Competition Council Launches for Public Debate the Commitments Proposed by BRD, Raiffeisen and BCR* The Competition Council launches for public debate the commitment proposals formulated by BRD - Groupe Société Générale SA (BRD), Raiffeisen Bank SA and Banca Comercială Română (BCR) in order to (...)

The Hong Kong Competition Authority opens public consultations on commitments offered by 4 container terminal operators applying to form a joint venture (Hong Kong Seaport Alliance)
Hong Kong Competition Commission
Competition Commission consults on proposed commitments from Hong Kong Seaport Alliance* The Competition Commission (“Commission”) today commenced a consultation on proposed commitments offered under section 60 of the Competition Ordinance (“Ordinance”) by the Hong Kong Seaport Alliance (...)

The Dutch Competition Authority conditionally clears acquisition of elderly care provider by rival (Vrijwaard / Omring)
Netherlands Authority for Consumers & Markets (The Hague)
ACM conditionally clears acquisition of elderly care provider Vrijwaard by rival provider Omring* The acquisition of elderly care provider Vrijwaard in the northern Dutch city of Den Helder by rival provider Omring has been conditionally cleared. One of the conditions set by the Netherlands (...)

The Israeli Competition Authority files an indictment against major film distributor and cinema company for breach of merger conditions committed under aggravating circumstances (Mooki Greidinger / Forum Film)
Israel Competition Authority (Jerusalem)
The Competition Authority has filed an indictment against Mooki Greidinger and Forum Film Ltd. for breach of merger conditions committed under aggravating circumstances* According to the Indictment, the defendants have systematically refused to supply movies to Lev Tel Aviv Cinema, a (...)

The Canadian Competition Authority conditionally clears merger of the nation’s largest distributors of pole line hardware and data communication products (WESCO International / Anixter International)
Canadian Competition Bureau (Gatineau)
Competition Bureau safeguards competition in markets essential to the delivery of electricity and internet to Canadians* Today, the Competition Bureau registered a consent agreement with the Competition Tribunal to address its concerns related to WESCO International Inc.’s $6.1B acquisition of (...)

The UK Competition Authority provisionally blocks merger between the country’s leading suppliers of retail investment platform solutions (FNZ / GBST)
United Kingdom’s Competition Authority - CMA (London)
Competition concerns in retail investment software merger* Following an in-depth investigation, the CMA has provisionally blocked the merger of FNZ and GBST. FNZ purchased GBST in November 2019. Both companies have a significant presence in the UK. They are 2 of the leading suppliers of (...)

The UK Competition Authority fines a sports manufacturer and its parent company for breach of merger-freeze order with a footwear retailer (JD Sports / Footasylum)
Van Bael & Bellis (Brussels)
On 5 August 2020, the UK’s Competition and Markets Authority (the “CMA”) fined JD Sports and its parent company Pentland Group £300,000 for failing to comply with an initial enforcement order (“IEO”) imposed with regard to JD Sports’ completed merger with footwear retailer Footasylum. The CMA found JD (...)

The Japanese FTC clears managerial integration of 2 internet companies subject to conditions (Z Holdings / LINE)
Japan Fair Trade Commission (Tokyo)
The JFTC Reviewed the proposed managerial integration of Z Holdings Corporation and LINE Corporation* Receiving notifications regarding the proposed managerial integration between Z Holdings Corporation (JCN4010401039979) (hereinafter referred to as “ZHD”; a group of combined companies held by (...)

The EU Commission clears merger of global rail transportation companies subject to conditions (Alstom / Bombardier)
DG COMP (Brussels)
Mergers: Commission clears Alstom’s acquisition of Bombardier, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the acquisition of Bombardier Transportation by Alstom. The approval is conditional on full compliance with a commitments package offered (...)

The EU Commission conditionally clears a merger between global companies active in the rail transportation and signalling following a Phase I investigation (Alstom / Bombardier)
Van Bael & Bellis (Brussels)
On 31 July 2020, the European Commission (the “Commission”) announced its conditional clearance of Alstom’s acquisition of Bombardier Transportation. Both the target, a German subsidiary of Canadian Bombardier Inc., and the French acquirer, Alstom, are global companies active in rail (...)

The French Competition Authority clears, subject to conditions, the merger of two companies in the chemical pathology sector (Dyomedea-Neolab / Biogroup)
French Competition Authority (Paris)
Chemical pathology laboratories: the Autorité clears, subject to conditions, the take-over of Dyomedea-Neolab Group by Biogroup Group* Parties to the transaction Biogroup Group is active in the chemical pathology sector, with laboratories located at over 550 sites across the country. (...)

The French Competition Authority updates its merger control guidelines
Latham & Watkins (Brussels)
,
Latham & Watkins (Paris)
New French Competition Authority Merger Control Guidelines* On 23 July 2020, the French Competition Authority (FCA or Authority) published new merger control guidelines, which replace the previous guidelines dated 4 July 2013. In the new guidelines, the Authority clarifies and completes (i) (...)

The Israel Competition Authority approves under remedies the merger of two building material companies (Çimsa / Cemex)
Israel Competition Authority (Jerusalem)
The Competition Commissioner has Approved under Remedies the International Merger between Çimsa and Cemex, for the Acquisition of a White Cement Factory in Spain* Under the remedies, Cemex’s operations in Israel will not be sold to Çimsa, and Cemex will be required to start selling white cement (...)

The French Competition Authority clears merger in the medical biology sector, subject to conditions (Laborizon / Biogroup)
French Competition Authority (Paris)
Medical biology laboratories: the Autorité clears, subject to certain conditions, the acquisition of the Laborizon group by the Biogroup group* Parties to the transaction Biogroup is active in the medical biology sector, with laboratories distributed over more than 550 sites, throughout the (...)

The Spanish Competition Authority agrees to extend for 3 years the remedies agreed as part of the pay-TV merger authorisation in 2015 (Telefónica / DTS)
Spanish Competition Authority (Madrid)
The CNMC agrees to extend for three years the remedies agreed as part of the merger authorisation between Telefónica and DTS in 2015* All the remedies are maintained for the maximum period of three years, save for the one involving the purchase of exclusive broadcast rights in Spain for (...)

The UK Competition Authority provisionally finds in Phase II investigation that customers could lose out in merger between window blind companies (Hunter Douglas / 247 Home Furnishings)
United Kingdom’s Competition Authority - CMA (London)
Customers could lose out in merger between window blind companies* The CMA has provisionally found that Hunter Douglas’ purchase of 247 Home Furnishings Ltd raises competition concerns. Hunter Douglas is a leading global supplier of blinds and other window coverings, which generated global (...)

The US FTC requires global suppliers of animal health products to divest assets in 3 product markets as a condition for merger clearance (Elanco / Bayer)
US Federal Trade Commission (FTC) (Washington)
FTC Requires Global Suppliers of Animal Health Products Elanco Animal Health, Inc. and Bayer Animal Health GmbH to Divest Assets in Three Product Markets, as a Condition of Merger* The Federal Trade Commission will require global suppliers of animal products, Elanco Animal Health, Inc. and (...)

The EU Commission clears merger of Polish integrated oil & gas companies active in many Central & Eastern European and Baltic countries, subject to conditions (Lotos / PKN Orlen)
DG COMP (Brussels)
Mergers: Commission clears Lotos’ acquisition by PKN Orlen, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the acquisition of Grupa Lotos by PKN Orlen. The approval is conditional on full compliance with a commitments package offered by PKN Orlen. (...)

The Canadian Competition Authority clears merger in animal healthcare, subject to structural conditions (Elanco / Bayer Animal Health)
Canadian Competition Bureau (Gatineau)
Competition Bureau resolves concerns related to Elanco’s acquisition of Bayer Animal Health* The Competition Bureau announced today that it has entered into a consent agreement with Elanco Animal Health Incorporated (Elanco) to address concerns related to the company’s proposed acquisition of (...)

The Italian Competition Authority authorizes a banking merger subject to divesting over 500 bank counters (Intesa Sanpaolo / UBI Banca)
Giannino SI (Monserrato)
By a decision issued on 14 July 2020, the Italian Competition Authority (ICA) has conditionally cleared the acquisition of UBI Banca (UBI) by Intesa SanPaolo (ISP) in the banking sector. Applying the dominance test in Article 6 of the Law no. 287/1990, the ICA reached the conclusion that the (...)

The Italian Competition Authority clears a voluntary all-inclusive public exchange offer between banking groups, subject to higher structural remedies than originally offered (Ubi Banca / Intesa Sanpaolo)
Italian Competition Authority (Rome)
C12287 - ICA: acquisition of Ubi Banca by Intesa Sanpaolo authorised with conditions* The Italian Competition Authority authorised with conditions the acquisition of control of Ubi Banca S.p.A. by Intesa Sanpaolo S.p.A. (hereinafter also ‘ISP’) The Authority noted that the merger transaction, (...)

The Australian Competition Authority clears animal health business merger subject to divestments (Bayer / Elanco)
Australian Competition and Consumer Commission (Canberra)
Elanco’s acquisition of Bayer’s animal health business not opposed* The ACCC will not oppose Elanco’s acquisition of Bayer AG’s animal health business, after Elanco provided a court-enforceable undertaking to divest four animal parasite treatment brands. The ACCC had concerns about the effect of (...)

The Irish Competition Authority lets a merger between laundry businesses serving healthcare providers go into effect after having found they fulfilled all required commitments (Berendsen / Kings Laundry)
Irish Competition Authority (Dublin)
Berendsen/Kings Laundry merger update* On 8 July 2019, the Competition and Consumer Protection Commission (CCPC) cleared, subject to a number of legally binding commitments, the proposed acquisition of sole control of Kings Laundry Limited (Kings Laundry) by Berendsen Ireland Limited (...)

The US FTC fines retail fuel station operator and its affiliate for failing to divest 10 retail gas stations as required by earlier order (Alimentation Couche-Tard / CrossAmerica Partners)
US Federal Trade Commission (FTC) (Washington)
Alimentation Couche-Tard Inc. and CrossAmerica Partners LP Agree to Pay $3.5 Million Civil Penalty to Settle FTC Allegations that they Violated 2018 Order* Retail fuel station and convenience store operator Alimentation Couche-Tard Inc. (“ACT”) and its former affiliate, CrossAmerica Partners LP (...)

The US FTC imposes a $3.5 million civil penalty from a retail fuel station operator and its affiliate for violation of a settlement agreement requiring the divesture of 10 retail gas stations (Alimentation Couche-Tard / CrossAmeria)
McDermott Will & Emery (Washington)
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McDermott Will & Emery (Washington)
The US Federal Trade Commission (FTC) recently extracted a $3.5 million civil penalty from two companies involved in a gas station merger. The FTC asserts the companies violated their settlement agreement with the government, which required the divestment of 10 gas stations within 120 days from (...)

The US DoJ congratulates newly merged telecom operator on closing the agreed divestiture with satellite TV company (T-Mobile / Dish / Boost)
US Department of Justice - Antitrust Division (Washington)
Justice Department Congratulates T-Mobile And Dish For Closing The Boost Divestiture* T-Mobile US Inc. (T-Mobile) and Dish Network Corporation (Dish) announced today that they closed T-Mobile’s divestiture of Boost Network (Boost) to Dish. Boost was legacy Sprint Corporation’s prepaid wireless (...)

The French Competition Authority clears the merger of two agricultural cooperatives (Coopérative Dauphinoise / Terre d’Alliances)
French Competition Authority (Paris)
The Autorité de la concurrence clears, subject to several conditions, the merger of two agricultural cooperatives, Coopérative Dauphinoise and Terre d’Alliances* Background Agricultural cooperatives Coopérative Dauphinoise and Terre d’Alliances notified the Autorité de la concurrence of their (...)

The Mexican Competition Authority sanctions pharmaceutical companies for failing to comply with the commitments to restore competition in the pharma market (Moench Coöperatif / Luis Doporto Alejandre)
Mexican Competition Authority (Mexico City)
COFECE sanctions Moench Coöperatif and Luis Doporto for failing to comply with the commitments made to totally and permanently eliminate any possible link between Nadro and Marzam, in the market for the distribution of pharmaceutical products* The commitments were accepted by the Board of (...)

The Mexican Competition Authority conditions the merger between a private investment fund in the health sector and a manufacturer of pipes on removing non-competition clauses from the merger agreement (PTM / Profluent Plastic Technologies)
Mexican Competition Authority (Mexico City)
COFECE conditions concentration between Profluent Plastic Technologies and Plastic Technology de México* In the originally planned transaction, the parties established a non-competition clause which included terms that could potentially affect the process of competition and free market access. (...)

The US FTC requests two casino operators to divest assets in two local markets as a condition of their merger (Eldorado Resorts / Caesars Entertainment)
US Federal Trade Commission (FTC) (Washington)
FTC Requires Casino Operators Eldorado Resorts, Inc. and Caesars Entertainment Corporation to Divest Assets in Two Local Markets as a Condition of Merger* The Federal Trade Commission will require casino operator Eldorado Resorts, Inc. to divest casino-related assets in the South Lake Tahoe (...)

The US FTC clears transfer of ownership over certain assets between energy companies subject to divestments (Tri Star Energy / Hollingsworth Oil Company / C & H Properties / Ronald L. Hollingsworth)
US Federal Trade Commission (FTC) (Washington)
FTC Requires Divestitures as Condition of Tri Star Energy, LLC’s Acquisition of Certain Assets of Hollingsworth Oil Company, Inc., C & H Properties, and Ronald L. Hollingsworth* Tri Star Energy, LLC and Hollingsworth Oil Company, Inc., C & H Properties, and Ronald L. Hollingsworth have (...)

The Danish Competition Authority approves an energy and fiber optic group’s acquisition of several companies from another energy group with services covering mostly separate geographic markets, subject to divestment of customers in a highly overlapping market (SEAS-NVE / Ørsted)
Danish Competition and Consumer Authority (Copenhagen)
The Danish Competition Council has approved SEAS-NVE A/S’ acquisition of several companies from Ørsted A/S subject to commitments* On 28 May 2020, the Danish Competition and Consumer Authority (hereinafter “DCCA”) received a complete notification of SEAS-NVE A/S’ (hereinafter “SEAS-NVE”) (...)

The UK Competition Authority finds competition concerns in Phase I investigation of educational supplies merger (Yorkshire Purchasing Organisation / Findel Education)
United Kingdom’s Competition Authority - CMA (London)
Competition concerns raised over educational supplies merger* The CMA has found that YPO’s anticipated acquisition of Findel raises competition concerns in the supply of resources to educational institutions in the UK. Yorkshire Purchasing Organisation (YPO) and Findel Education Limited (...)

The US FTC approves final order settling all charges that manufacturer of law enforcement equipment entered into anticompetitive agreements with seller of body-worn camera systems when they entered a merger of their businesses (Safariland / Axon / VieVu)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Final Order Settling Charges that VieVu’s Former Parent Company Safariland Entered into Anticompetitive Agreements with Body-Worn Camera Systems Seller Axon* Following a public comment period, the Federal Trade Commission has approved a final order settling charges that Safariland, (...)

The OECD holds a roundtable on conglomerate effects of mergers
OECD - Competition Division (Paris)
Conglomerate effects arise when a merger has an effect on competition, but the merging firms’ products are not in the same product market, nor are they inputs or outputs of one another. Mergers exhibiting conglomerate effects have taken on a new prominence in the digital era, as the largest (...)

The EU Commission approves acquisition of global pharma company’s animal health division by animal health company subject to divestments (Bayer / Elanco Animal Health)
DG COMP (Brussels)
Mergers: Commission approves acquisition of Bayer’s animal health division by Elanco, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Bayer AGs animal health division by Elanco Animal Health Inc. The decision is (...)

The EU Commission conditionally clears an acquisition between two global developers and suppliers of veterinary pharmaceuticals (Elanco / BAH)
Van Bael & Bellis (Brussels)
On 8 June 2020, the Commission announced its conditional clearance of Elanco’s purchase of Bayer’s animal health division (“BAH”). Both Elanco and BAH are global developers and suppliers of veterinary pharmaceuticals, and the transaction will establish the largest animal health company worldwide. (...)

The Australian Competition Authority seeks public comment on proposed divestments in an animal health business merger (Bayer / Elanco)
Australian Competition and Consumer Commission (Canberra)
Elanco proposes divestments of some animal health products in Bayer acquisition* The ACCC is seeking views on a divestment undertaking offered by Elanco in relation to its proposed acquisition of Bayer Aktiengesellschaft’s animal health business. The ACCC has preliminary competition concerns (...)

The US FTC finishes public consultation period and clears pharmaceutical merger subject to divestments in highly concentrated markets that supply biopharmaceutical companies with key inputs (Danaher / GE Biopharma)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Final Order Settling Charges that Danaher Corporation’s Acquisition of GE Biopharma Was Anticompetitive* Following a public comment period, the Federal Trade Commission has approved a final order settling charges that Danaher Corporation’s acquisition of GE Biopharma would likely (...)

The EU Commission waives all structural remedies committed to by merging pharmaceutical parties due to new significant permanent changes in market conditions during the divestiture process (Takeda / Shire)
DG COMP (Brussels)
Mergers: Commission waives the commitments made by Takeda to obtain clearance of its acquisition of Shire* The European Commission has waived, under the EU Merger Regulation, the commitments made by Takeda to obtain clearance of its acquisition of Shire. The Commission approved the (...)

The US FTC clears merger of medical device companies subject to divestment of one’s myoelectric elbows business to competitors (College Park Industries / Össur Hf)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Final Order Imposing Conditions on Össur Hf’s Acquisition of College Park Industries, Inc.* Following a public comment period, the Federal Trade Commission has approved a final order settling charges that Össur Hf’s proposed acquisition of College Park Industries, Inc. would violate (...)

The Danish Competition Authority conditionally clears an acquisition in the natural gas sector subject to the divestment of 107,000 consumers (SEAS-NVE / Ørsted)
Bird & Bird (Copenhagen)
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Bird & Bird (Copenhagen)
On 28 May 2020, the Danish Competition and Consumer Authority (DCCA) received a complete notification of SEAS-NVE A/S’ (SEAS-NVE) acquisition of control of several subsidiaries of Ørsted A/S. Based on an overall assessment, the DCCA assessed that the merger would give rise to unilateral effects (...)

The French Competition Authority clears merger in food retail sector in La Réunion after in-depth investigation, subject to conditions (Vindémia / Groupe Bernard Hayot)
French Competition Authority (Paris)
Food retail sector in La Réunion: the Autorité de la concurrence clears the acquisition of Vindémia by Groupe Bernard Hayot, subject to conditions* On 24 January 2020, Groupe Bernard Hayot (GBH) notified the Autorité de la concurrence of its acquisition of sole control of Vindémia Group, which (...)

The Dutch Competition Authority conditionally allows a joint venture of the nation’s largest public-transport company and of the transport network company to create a travel app together (Dutch Railways NS / Pon)
Netherlands Authority for Consumers & Markets (The Hague)
Mobility service provider Pon en Dutch Railways NS are conditionally allowed to create travel app together* Dutch Railways NS and Pon are allowed to create a new company, which will operate an app that allows consumers to plan, book and pay for their trips, combining different modes of (...)

The Chinese State Administration for Market Regulation clears an acquisition in auto parts sector subject to conditions (ZF / WABCO)
King & Wood Mallesons (Beijing)
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King & Wood Mallesons (Beijing)
On 15 May 2020, the State Administration for Market Regulation (“SAMR”) in China conditionally approved ZF Friedrichshafen AG (“ZF”)’s acquisition of WABCO Holdings, Inc. (“WABCO”, ZF and WABCO collectively as the “Parties”) following a 180-day extended Phase 2 review. It is noteworthy that the SAMR is (...)

The US DoJ files proposed final judgment with US District Court for the Northern District of Ohio requiring divestiture following historic arbitration win (Novelis / Aleris Corporation)
US Department of Justice - Antitrust Division (Washington)
Justice Department Requires Divestiture Following Historic Arbitration Win* Divestiture Will Preserve Competition for Aluminum Automotive Body Sheet in North America The Department of Justice announced today that it has filed a proposed final judgment with the U.S. District Court for the (...)

The UK Competition Authority blocks sports-fashion merger finding that even with COVID-19 significantly impacting the relevant sector there would still be negative effects on the competition if the merger proceeded (JD Sports / Footasylum) Free
United Kingdom’s Competition Authority - CMA (London)
CMA blocks sports-fashion merger* The CMA has blocked JD Sports’ purchase of close competitor Footasylum after finding it would leave shoppers worse off. Following an in-depth Phase 2 investigation, the Competition and Markets Authority (CMA) has concluded that this transaction would lead to a (...)

The US FTC clears merger of 2 Big Pharma companies after they agreed to divest 3 drugs businesses (AbbVie / Allergan)
US Federal Trade Commission (FTC) (Washington)
FTC Imposes Conditions on AbbVie Inc.’s Acquisition of Allergan plc* Agency requires companies to divest three drugs Pharmaceutical companies AbbVie Inc. and Allergan plc have agreed to divest assets to settle Federal Trade Commission charges that AbbVie’s proposed $63 billion acquisition of (...)

The Kenyan Competition Authority approves a merger, subject to conditions, between two telecommunications companies (Airtel / Telkom)
Mosoti & Company advocates (Kenya)
Kenya’s Competition Tribunal: Airtel/Telkom merger generates first decision* On 4th May 2020, the Kenyan Competition Tribunal made its first decision after considering the application for review of the Airtel-Telkom merger where they contested 7 out of 8 the conditions imposed. The competition (...)

The US DoJ moves to block acquisition of a major dairy farmer’s fluid milk processing plants to another out of bankruptcy in Illinois, Wisconsin, and New England, but approves a third dairy farmer buying plants in in the South and Midwest (Dairy Farmers of America / Dean Foods) (Dean Foods / Prairie Farms)
US Department of Justice - Antitrust Division (Washington)
Justice Department Requires Divestitures as Dean Foods Sells Fluid Milk Processing Plants to DFA out of Bankruptcy* Department Also Closes Investigation into Acquisition of Other Dean Plants by Prairie Farms The Department of Justice announced today the conclusion of its investigation into (...)

The UK Competition Authority clarifies its general approach to assessing mergers and its specific approach to assessing "failing firm" claims during the COVID-19 pandemic Free
United Kingdom’s Competition Authority - CMA (London)
COVID-19: CMA approach to merger assessments* The CMA has today provided more detail on its general approach to assessing mergers during the Coronavirus (COVID-19) pandemic. Following its statement about working practices issued on 18 March, the Competition and Markets Authority (CMA) has set (...)

The EU Commission clears merger of generic Big Pharma company with a competitor’s generic division, subject to divestment of business for certain generic medicines (Mylan / Upjohn)
DG COMP (Brussels)
Mergers: Commission approves the merger of Mylan and Pfizer’s Upjohn division, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed merger between the global pharmaceutical company Mylan and Upjohn, a business division of Pfizer, which (...)

The EU Commission conditionally clears an acquisition between a pharmaceutical company and an off-patent medicines producer and distributor (Milan / Upjohn)
Van Bael & Bellis (Brussels)
On 22 April 2020, the Commission conditionally cleared Dutch pharmaceutical company Mylan’s acquisition of Upjohn, a division of Pfizer. Upjohn, which is based in China, produces and distributes off-patent branded and generic medicines. Mylan is also active in the production and distribution of (...)

The UK Competition Appeal Tribunal rejects an appeal against the Competition Authority’s merger decision in the cleaning chemicals sector (Ecolab / Holchem)
Baker Botts (London)
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Baker Botts (Brussels)
On 21 April 2020, the Competition Appeals Tribunal (the “CAT”) handed down its judgment (the “Judgment”) rejecting the appeal of Ecolab Inc. (“Ecolab”), a global company incorporated in the US, against the CMA’s merger decision on Ecolab’s acquisition of The Holchem Group Ltd (“Holchem”), a UK-based (...)

The US FTC approves final order settling charges that merger of polyurethane foam producers was anticompetitive (FXI Holdings / Innocor)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Final Order Settling Charges that Merger of Polyurethane Foam Producers Was Anticompetitive* Following a public comment period, the Federal Trade Commission has approved a final order settling charges that the merger of polyurethane foam producers FXI Holdings, Inc. and Innocor, (...)

The Finnish Competition Authority clears merger of steel structure suppliers, subject to divesting a production plant in the market that would have restrictive effects on competition (Donges Teräs Oy / Ruukki Building Systems Oy)
Finnish Competition and Consumer Authority (Helsinki)
FCCA approved Donges Teräs Oy’s acquisition of Ruukki Building Systems Ltd, subject to conditions* On 17 April 2020, the Finnish Competition and Consumer Authority (FCCA) conditionally approved the merger in which Donges Teräs Oy will acquire Ruukki Building Systems Oy. The competition problems (...)

The US FTC proposes new order settling all charges that manufacturer of law enforcement equipment entered into anticompetitive agreements with seller of body-worn camera systems when they entered a merger of their businesses (Safariland / Axon / VieVu)
US Federal Trade Commission (FTC) (Washington)
VieVu’s Former Parent Company Safariland Agrees to Settle Charges That It Entered into Anticompetitive Agreements with Body-Worn Camera Systems Seller Axon* Settlement is part of a larger case challenging Axon’s consummated acquisition of former competitor VieVu Safariland, LLC, which (...)

The Peruvian Competition Authority clears merger of electric generation undertakings, subject to supplying energy through competitive and transparent tenders or competitive bids (China Three Gorges Corporation / Luz del Sur and Inland Energy)
Peruvian Competition Authority - INDECOPI (Lima)
Indecopi authorizes the acquisition of Luz del Sur, as long as the Company supplies energy through competitive and transparent tenders or competitive bids that protect competition and consumer´s interest* The Commission for the Defense of Free Competition of Indecopi (CLC) decided to approve (...)

The US FTC clears merger of 2 veterinary service providers subject to divestments in 3 geographic markets (Compassion First / National Veterinary Associates)
US Federal Trade Commission (FTC) (Washington)
FTC Approves Final Order Imposing Conditions on Veterinary Service Providers Compassion First and National Veterinary Associates* Following a public comment period, the Federal Trade Commission has approved a final order settling charges that Compassion First’s proposed $5 billion acquisition (...)

The UK Competition Authority states that a private hospital merger will be cleared if it can address local competition concerns, and recognizes the difficulty faced by merging parties due to the COVID-19 pandemic (Circle Health / BMI Healthcare) Free
United Kingdom’s Competition Authority - CMA (London)
Private hospital merger to be approved if local concerns addressed* The CMA has found that the completed merger between Circle and BMI does not raise UK-wide competition concerns but could reduce competition in 2 local areas. Both Circle and BMI provide elective care to NHS and privately (...)

The UK Competition Authority recognizes that merging construction companies might be heavily affected by COVID-19 pandemic, but still requires them to address competition concerns before clearing the merger (Kingspan / Building Solutions) Free
United Kingdom’s Competition Authority - CMA (London)
Construction products merger raises competition concerns* The CMA has found that Kingspan’s anticipated purchase of Building Solutions raises competition concerns in the supply of specialist insulation panels. Kingspan is the leading provider in the UK of standard foam sandwich panels, which (...)

The US FTC clears merger of prosthetic limbs manufacturers, subject to divestment of myoelectric elbow business (Össur Hf / College Park Industries)
US Federal Trade Commission (FTC) (Washington)
FTC Imposes Conditions on Össur Hf’s Acquisition of College Park Industries, Inc.* Conditions to remedy competition loss in the U.S. market for myoelectric elbows Össur Hf and College Park Industries, Inc., both makers of prosthetic limbs, have agreed to divest College Park’s myoelectric elbow (...)

The EU Commission approves an acquisition subject to conditions in the airlines services market (Lufthansa / Gategroup)
De Berti Jacchia Franchini Forlani (Brussels)
In-flight catering services. The Commission approves a new merger* On 3 April 2020 the Commission has approved, under the EU Merger Regulation, the proposed acquisition of the European business of Lufthansa Service Group (“LSG”) by Gategroup, notified on 14 February 2020, subject to the latter (...)

The EU Commission conditionally clears an acquisition of a Swiss company providing catering, retail and other airline services (Lufthansa / Gategroup)
Van Bael & Bellis (Brussels)
On 3 April 2020, the European Commission (the “Commission”) approved Gategroup’s acquisition of the Lufthansa Service Group’s European business (“LSG EU”). Gategroup is a Swiss company that provides catering, retail and other airline services globally. German-based LSG EU is active in train and (...)

The US District Court for the District of Columbia enters final judgment in merger of third and fourth largest telecommunications providers and allows proposed structural remedies to proceed (T-Mobile / Spring)
US Department of Justice - Antitrust Division (Washington)
Court Enters Final Judgment in T-Mobile/Sprint Transaction: Order Allows Divestitures to Proceed* Today, a federal district court in Washington, D.C., concluded that the Antitrust Division’s resolution of its challenge to the merger between T-Mobile and Sprint was in the public interest and (...)

The US DoJ challenges a merger which highlights key considerations for antitrust reviews of aerospace and defence industry transactions (United Technologies / Raytheon)
McDermott Will & Emery (Washington)
The DOJ Antitrust Division’s recent challenge to the United Technologies/Raytheon merger highlights a few key considerations for antitrust reviews of aerospace and defense industry transactions. The case is a useful illustration of important principles applicable to this unique industry. IN (...)

The US DoJ requires divestitures in merger of two national defence contractors in order to address vertical and horizontal antitrust concerns (United Technologies Corporation / Raytheon)
US Department of Justice - Antitrust Division (Washington)
Justice Department Requires Divestitures in Merger Between UTC and Raytheon to Address Vertical and Horizontal Antitrust Concerns* Divestitures Will Preserve Competition in the United States for Military Airborne Radios, Military GPS Systems, and Reconnaissance Satellite Components The (...)

The US FTC clears a global biopharmaceutical merger subject to a number of divestments in highly concentrated product markets for ten products that companies use to manufacture biopharmaceutical drugs (Danaher Corporation / GE Biopharma)
US Federal Trade Commission (FTC) (Washington)
FTC Imposes Conditions on Danaher Corporation’s Acquisition of GE Biopharma* Merger likely to reduce competition in highly concentrated markets that supply biopharmaceutical companies with key inputs Danaher Corporation has agreed to divest assets to settle Federal Trade Commission charges (...)

The Hungarian Competition Authority reopens a previously approved acquisition between two telecommunication players on the basis that the parties submitted false and misleading data during the notification and approval procedure (Invitel / GVH)
Bird & Bird (Budapest)
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Bird & Bird (Budapest)
The Hungarian Competition Authority (GVH) finally approved the acquisition of Invitel by DIGI, both significant players on the Hungarian telecoms market. However, with with a complex remedies package as published on 18 March 2020 (Vj/42/2018). As we already reported, the approval of the merger (...)

The UK Competition Authority approves media company’s acquisition of almost 50 radio stations, subject to requirement that local radio stations have access to advertising representation (Bauer Media Group)
United Kingdom’s Competition Authority - CMA (London)
Final decision published in radio merger inquiry* The CMA will ensure local radio stations have access to advertising representation following an in-depth investigation into Bauer’s purchase of almost 50 stations. The Competition and Markets Authority (CMA) has investigated Bauer Media’s (...)

The US DoJ wins historic arbitration of a merger dispute forcing the merging parties to fully divest their entire aluminium auto body sheet operations in North America (Novelis / Aleris Corporation)
US Department of Justice - Antitrust Division (Washington)
Justice Department Wins Historic Arbitration of a Merger Dispute* Novelis Inc. Must Divest Assets to Consummate Transaction with Aleris Corporation The Department of Justice prevailed in a first-of-a-kind arbitration, which will resolve a civil antitrust lawsuit challenging Novelis’s proposed (...)

The French Competition Authority clears a merger subject to a structural remedy in the bakery market in La Réunion (Pain Frotté /Kin Siong / Lam Tow / Yong Wai Man)
French Competition Authority (Paris)
The Autorité de la concurrence clears, subject to conditions, the takeover, in La Réunion, of the bakery group Pain Frotté by the groups Kin Siong, Lam Tow and Yong Wai Man* The Pain Frotté group operates artisanal bakeries in La Réunion under the trade names “L’Ambassadeur”, “Délicatesses Casta” (...)

The German Competition Authority clears a merger between cinema chains subject to divestitures (CinemaxX / Cinestar)
German Competition Authority (Bonn)
Vue Group (CinemaxX) can acquire Cinestar cinemas subject to conditions* Bonn, 2. March 2020: The Bundeskartellamt has today cleared the merger between the cinema chains CinemaxX and Cinestar subject to the condition that the cinema operators divest cinemas at six different locations to other (...)

The French Competition Authority publishes its contribution to the debate on competition policy and digital challenges with a section dedicated to the redefinition of its merger control tools in the digital economy
Bird & Bird (Paris)
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Bird & Bird (Paris)
Since 2017, the French Competition Authority (FCA) has been working on the simplification and modernisation of merger control in France, which resulted in particular in: (i) several public consultations on new guidelines aiming at replacing the current ones in the course of 2020; (ii) a new (...)

The US District Court for the Southern District of New York clears merger between top third and fourth wireless communications providers with the judge using as main criteria testimony of "reasonable corporate executives" over conflicting economic testimonies which were deemed too static for the dynamic nature of the market at hand (State AGs / T-Mobile / Sprint)
Weil, Gotshal & Manges (New York)
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Weil, Gotshal & Manges (Washington)
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Weil, Gotshal & Manges (Washington)
T-Mobile’s Marathon to Acquire Sprint: Five Takeaways from the T-Mobile/Sprint Antitrust Litigation After almost two years of scrutiny by state and federal regulators and an ensuing court battle, T-Mobile US, Inc. (“T-Mobile”) is moving forward with its acquisition of Sprint Corporation (...)

The South African Competition Authority recommends approving the acquisition subject to a number of conditions (PepsiCo / Pioneer)
Nortons (Sandton)
South Africa: PepsiCo acquisition of Pioneer recommended for approval, at a price!* On 11 February 2020, the South African Competition Commission (SACC) recommended that PepsiCo’s acquisition of Pioneer Foods, be approved, subject to a number of conditions. Despite there being no material (...)

The Belgian Competition Authority approves a request from a major cinema complex operator, to lift one of the merger commitments previously imposed (Kinepolis)
Bird & Bird (Brussels)
On 11 February 2020, the Belgian Competition Authority (BCA) approved a request from the Kinepolis group, a major cinema complex operator, to lift one of the merger commitments which had been imposed on the group in the 90s. Since the creation of the Kinepolis group in 1997 following the (...)

The Polish Competition Authority conditionally approves a merger in the cable television and internet access market (Multimedia / Vectra)
Bird & Bird (Warsaw)
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Bird & Bird (Warsaw)
In August 2018, Vectra notified UOKiK about its planned acquisition of Multimedia Polska (Multimedia), a competing provider of cable television and Internet access. Following its initial assessment of the planned transaction, UOKiK initiated the second stage of its proceedings in September (...)

The Pakistan Competition Authority approves an acquisition between two application-based ride-sharing service companies despite extremely high market concentration levels and efficiencies failing to outweigh the adverse effects of lessening of competition (Careem / Uber Technologies)
McGill University - Department of Law (Montreal)
The Competition Commission of Pakistan (hereinafter “CCP” or “the Commission”) through its order dated 31 January 2020 (“the Order”) approved the acquisition of Careem by Uber Technologies, Inc., transforming the duopolistic market of application-based ridesharing services into a monopolistic market. (...)

The EU Commission clears a merger subject to remedies in the pharmaceutical sector (AbbVie / Allergan)
DG COMP (Brussels)
Mergers: Commission approves AbbVie’s acquisition of Allergan, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Allergan by AbbVie. The approval is conditional on the divestment of a product under development by Allergan to (...)

The German Competition Authority conducts parallel investigation into potential for cartelization and merger review proceedings resulting in a conditional approval of the joint venture (Telekom / EWE)
Van Bael & Bellis (Brussels)
Telekom and EWE, two of Germany’s largest telecommunications companies, sought to form a joint venture (JV) to expand the fire-optic broadband network in north-western Germany. On 21 March 2019, the German Federal Cartel Office (FCO) launched two sets of parallel proceedings: an investigation (...)

The Dutch Competition Authority confirms the commitment to dissolve the joint venture by two port towing undertakings (Port Towage Amsterdam)
Bird & Bird (The Hague)
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Bird & Bird (The Hague)
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Bird & Bird (The Hague)
PORT TOWING JOINT VENTURE DISSOLVED AFTER INVESTIGATION BY THE DUTCH COMPETITION AUTHORITY: FULL-FUNCTIONALITY QUESTIONED* Background On 20 December 2019, the Dutch Authority for Consumers & Markets (ACM) published a decision in which the commitment to dissolve the joint venture Port (...)

The Canadian Commissioner of Competition files an application with the Competition Tribunal challenging the acquisition by an undertaking of a primary grain elevator (P&H / Virden Elevator / Louis Dreyfus)
Davies Ward Phillips & Vineberg (Toronto)
HE KNOWS WHEN YOU’VE BEEN NAUGHTY: CANADA’S COMPETITION COMMISSIONER DELIVERS LUMPS OF COAL TO MERGING PARTIES* In his own version of the pre-holiday rush, the Canadian Commissioner of Competition challenged one merger transaction just before the Christmas holidays and entered into a consent (...)

The EU Commission clears a merger subject to remedies in the biotechnologies market (Danaher / GE Healthcare Life Sciences’ Biopharma Business)
DG COMP (Brussels)
Mergers: Commission approves Danaher’s acquisition of GE Healthcare Life Sciences’ Biopharma Business, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of General Electric’s Healthcare Life Sciences Biopharma Business by Danaher (...)

The French Competition Authority clears a merger subject to remedies in the hearing aids sector (Audilab / Demant)
French Competition Authority (Paris)
Sale of hearing aids: the Autorité de la concurrence clears the acquisition of Audilab by the Demant group, subject to conditions.* Background After an in-depth examination of the hearing aids sector in its 2016 sector-wide inquiry and having made several recommendations aiming to ensure its (...)

The Brazilian Competition Authority’s Tribunal discusses the possibility of increasing the legal limits for fines in gun jumping cases (IBM / Red Hat)
Vinicius Marques de Carvalho Advogados (VMCA) (Sao Paulo)
IBM Red Hat case triggers discussion on gun jumping fine* CADE’s Tribunal debates changing the limits for fines, which would be currently outdated for high-value transactions. In the context of an Administrative Proceeding to Investigate a Merger (APAC, in its Portuguese acronym), CADE’s (...)

The OECD holds a roundtable on merger control in dynamic markets
OECD - Competition Division (Paris)
The modern competition dynamics observed in rapidly-evolving sectors, such as high-technology, consumer services and online retail, is challenging the role of competition authorities in merger control, where enforcement decisions fundamentally depend on an effects-based analysis of the likely (...)

The German Competition Authority clears the plans of telecommunications companies to jointly expand and operate fiber-optic networks (Telekom Deutschland / EWE)
Bird & Bird (Dusseldorf)
The German Federal Cartel Office (“FCO”) has cleared the plans of Telekom Deutschland GmbH and EWE AG to jointly expand and operate fiber-optic networks in parts of North West Germany. This is a landmark decision by the FCO in relation to the expansion of fiber optic networks in Germany, (...)

The EU Commission clears a merger, subject to remedies, in the markets for batteries and portable battery chargers (Varta / Energizer)
DG COMP (Brussels)
Mergers: Commission approves Varta AG’s acquisition of Energizer’s divestment business, subject to conditions* The European Commission has approved, under the EU Merger Regulation, Varta AG as a suitable purchaser of assets divested by Energizer in order to acquire Spectrum Brands’ batteries and (...)

The French Competition Authority conditionally clears a merger in the construction industry (Point P Travaux Publics / Frans Bonhomme)
French Competition Authority (Paris)
Green light, subject to conditions, to the acquisition of Point P Travaux Publics by Frans Bonhomme* On 18 October 2019, Frans Bonhomme notified the Autorité de la concurrence of its plan to acquire control of one of its competitors, Distribution de Matériaux pour les Travaux Publics (...)

The Italian Competition Authority clears a merger subject to remedies in the natural gas distribution market (AcegasApsAmga / Ascopiave)
Italian Competition Authority (Rome)
Antitrust: The acquisition of control of the business units of AcegasApsAmga S.p.A. by Ascopiave S.p.A. authorized with conditions* On 19 November 2019, the Italian Antitrust Authority authorized, with remedies, the acquisition of control of the business units of AcegasApsAmga S.p.A. by (...)

The Italian Competition Authority conditionally clears a merger in the market for distribution of natural gas (Rami Distribuzioni)
Giannino SI (Monserrato)
With a II-Phase conditional clearance decision, the Italian Competition Authority (ICA) has closed the review of the merger notified in the Rami Distribuzioni case. The ICA had concerns that the merger might negatively affect competition in the market for the distribution of natural gas. (...)

The EU Commission clears a merger subject to remedies in the market of telecommunications and TV broadcasting (Telia / Bonnier Broadcasting)
DG COMP (Brussels)
Mergers: Commission clears Telia’s acquisition of Bonnier Broadcasting, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Bonnier Broadcasting by Telia. The approval is conditional on full compliance with a commitments (...)

The EU Commission clears subject to behavioural commitments a merger in the telecommunications sector (Telia / Bonnier Broadcasting)
Van Bael & Bellis (Brussels)
On 12 November 2019, the European Commission (“Commission”) conditionally cleared Telia Company’s acquisition of Bonnier Broadcasting Company after a Phase II investigation. Telia is a Swedish telecommunications company that provides fixed and mobile telecommunications, broadband and television (...)

The French State Council upholds the decision of the French Competition Authority regarding the fine handed down to a merged company for non-compliance with its remedies (Darty / Fnac)
French Competition Authority (Paris)
The Conseil d’Etat confirms the decision regarding the fine handed down to Fnac Darty for non-compliance with its commitments* In a judgment dated 7 November 2019, the Conseil d’Etat confirmed the whole of the decision 18-D-16 by which the Autorité fined Fnac Darty €20 million for failing the (...)

The US FTC confirms the acquisition of a rival lessens competition in the market for microprocessor-driven prosthetic knees (Otto Bock / Freedom)
Cadwalader Wickersham & Taft (New York)
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Cadwalader Wickersham & Taft (Charlotte)
BUYER BEWARE: FTC ORDERS UNWINDING OF A CONSUMMATED TRANSACTION* What happened? On November 6, 2019, the Federal Trade Commission (“FTC”) voted 5-0 to uphold Administrative Law Judge D. Michael Chappell’s initial decision that Otto Bock HealthCare GmbH’s (“Otto Bock”) acquisition of rival Freedom (...)

The French Competition Authority decides to not renew remedies previously imposed to clear a merger in the telecommunications sector (SFR / Altice)
French Competition Authority (Paris)
Acquisition of SFR by Altice: the Autorité de la concurrence will not renew the commitments and maintains certain injunctions* Given changes to the markets, the Autorité de la concurrence will not renew the commitments made by Altice upon acquiring SFR. However, the injunctions with penalty (...)

The Spanish Competition and Markets Authority fines company for for a merger commitment breach (Telefonica)
Gómez-Acebo & Pombo (Brussels)
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Gómez-Acebo & Pombo (Brussels)
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Gómez-Acebo & Pombo (Brussels)
The CNMC has fined Telefonica 1.5 million for breaching one of the commitments attached to its acquisition of DTS. The merger was cleared in 2015 by the CNMC on the condition that Telefonica fulfilled a number of commitments in the pay TV market. This included, among others, making (...)

The UK Competition Authority orders a divesture and blocks a merger in the cleaning chemicals sector (Ecolab / Holchem)
Van Bael & Bellis (Brussels)
On 8 October 2019, the UK’s Competition and Markets Authority (“CMA”) ordered Ecolab to divest Holchem, effectively blocking the merger of two of the largest cleaning chemicals suppliers in the UK. Ecolab bought Holchem in November 2018. The CMA launched a merger inquiry in February 2019, which (...)

The EU Commission clears a merger, subject to remedies, in the production of aluminium automotive body sheets market (Novelis / Aleris)
DG COMP (Brussels)
Mergers: Commission clears Novelis’ acquisition of Aleris, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the acquisition of Aleris by Novelis. The decision is conditional on the divestiture of Aleris’ aluminium automotive body sheets business in (...)

The French Competition Authority clears a merger, subject to pre-acquisition divestitures in the food and non-food wholesale and semi-wholesale sector (Cayenne supermarket / Super NKT)
French Competition Authority (Paris)
Acquisition of Cayenne supermarket Super NKT* The Autorité de la concurrence cleared the acquisition, subject to conditions, of the company NDIS and its subsidiary NG Kon Tia by SAFO (Huyghues-Despointes Group), which will be conditional on a divestiture prior to the acquisition of the (...)

The Czech Competition Authority clears a merger of three competitors in the retail and online stores with furniture and home accessories (XLCEE / Kika / Lambda)
Bird & Bird (Prague)
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Bird & Bird (Prague)
The Office for the Protection of Competition allows a merger of three competitors – XLCEE-Holding Gmbh and companies Kika Nábytek, s.r.o. (Kika CZ) and Lambda Properties Czechia, s.r.o. (Lambda CZ), provided that structural obligations set out in order to maintain the effective competition are (...)

The Dutch Ministry of Economic Affairs and Climate grants a licence, overruling the Competition Authority’s decision, for overriding public interests including the continuity and affordability of high quality in the postal services sector (PostNL / Sandd)
Bird & Bird (The Hague)
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Bird & Bird (Amsterdam)
In February of this year, PostNL announced its intention to acquire rival operator Sandd. In view of the rapidly declining postal volumes, the two operators consider the combination of their nationwide postal networks necessary to ensure continuity and affordability of postal services. On (...)

The UK Competition Authority fines a company for breaching merger control rules in the mobile point-of-sale devices sector (Paypal / iZettle)
Van Bael & Bellis (Brussels)
On 24 September 2019, the UK’s Competition and Markets Authority (“CMA”) fined Paypal £ 250,000 for breaching its freezing order that halted integration of the parties during its review of Paypal’s completed acquisition of the Swedish start-up iZettle. Despite having approved the deal in June 2019, (...)

The UK Competition Authority imposes its largest fine for a single breach of an interim enforcement order in a merger (Paypal / iZettle)
Herbert Smith Freehills (London)
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Herbert Smith Freehills (London)
On 24 September 2019 the UK Competition and Markets Authority (CMA) imposed its largest ever fine for a single breach of an interim enforcement order (IEO) on Paypal, in the context of its acquisition of iZettle. IEOs are now routinely imposed in almost all completed mergers investigated by (...)

The EU Commission clears a merger subject to remedies in the market for the supply of electricity (E.ON / Innogy)
DG COMP (Brussels)
Mergers: Commission clears E.ON’s acquisition of Innogy, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the acquisition by E.ON of Innogy’s distribution and consumer solutions business as well as certain of its electricity generation assets. The (...)

The French Competition Authority opens a public consultation in order to revise its merger guidelines
French Competition Authority (Paris)
The Autorité de la concurrence opens a public consultation in order to revise its merger guidelines* Since autumn 2017, the Autorité has been involved in an important modernisation and simplification of merger control by easing the constraints on companies (see press release dated 25 April (...)

The French Competition Authority publishes a public consultation to gather feedback on its draft revised merger control guidelines
Bird & Bird (Paris)
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Bird & Bird (Paris)
The French Competition Authority (FCA) has recently launched a public consultation to gather feedback on its draft revised merger control guidelines. The new guidelines aim at replacing the current merger control guidelines which were adopted back in 2013. The adoption of these new guidelines - (...)

The French Competition Authority closes the ex officio proceedings to verify the compliance of remedies concerning a merger in the telecom sector (Altice France / SFR)
French Competition Authority (Paris)
Telecoms* The Autorité closes the ex officio proceedings it had started to ensure compliance with the commitments concerning the sale of Completel’s DSL network made by Altice France when it acquired SFR. The Autorité considers that there is no evidence to characterise Altice France’s actions (...)

The French Competition Authority clears, subject to remedies, the creation of a TV platform by three television channels (Salto)
French Competition Authority (Paris)
Pay Television Sector* The Autorité de la concurrence clears, subject to conditions, the creation of the Salto platform by TF1, France Télévisions and Métropole Télévision (M6) Background Following a referral decision by the European Commission, TF1, France Télévisions and Métropole Télévision (...)

The French Competition Authority clears, subject to remedies, a merger between two agricultural cooperatives (D’Aucy / Triskalia)
French Competition Authority (Paris)
Agricultural cooperatives* The Autorité de la concurrence clears, subject to several conditions, the merger of agricultural cooperatives D’Aucy and Triskalia Background Agricultural and agrifood cooperative groups D’Aucy and Triskalia notified the Autorité de la concurrence of their planned (...)

The French Competition Authority clears a merger subject to remedies in the car publication market (Mondadori / Reworld Media)
French Competition Authority (Paris)
Magazines* The Autorité de la concurrence clears, subject to conditions, the acquisition of Mondadori France (Biba, Grazia, Modes & Travaux) by Reworld Media (Marie France, Maison & Travaux, Auto Moto) Background Press group Reworld Media notified the Autorité of its planned (...)

The EU Commission clears a merger subject to remedies in the telecommunication market (Vodafone / Liberty Global)
DG COMP (Brussels)
Mergers: Commission clears Vodafone’s acquisition of Liberty Global’s cable business in Czechia, Germany, Hungary and Romania, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition by Vodafone of Liberty Global’s cable business in (...)

The EU Commission conditionally clears a merger in the cable network market in four countries (Vodafone / Liberty Global)
Van Bael & Bellis (Brussels)
On 18 July 2019, the European Commission (“Commission”) conditionally approved Vodafone’s acquisition of Liberty Global’s cable network business in four countries (Czechia, Germany, Hungary and Romania). In order to address competition concerns identified mainly in Germany regarding the ability of (...)

The EU Commission clears the acquisition, subject to remedies, of a cable business company (Vodafone / Liberty Global)
Bird & Bird (Dusseldorf)
On 18 July 2019, the European Commission (“EC”) cleared the acquisition of Liberty Global’s cable business by Vodafone in Germany, Czechia, Hungary and Romania subject to remedies. The concerns of the EC mainly related to the German market. In particular, the EC was worried that the transaction (...)

The Italian Competition Authority conditionally approves a banking merger upon a divestiture remedy (BPER / Unipol Banca)
Giannino SI (Monserrato)
In the BPER/Unipol Banca case the Italian Competition Authority (ICA) has conditionally authorized the acquisition of Unipol Banca Spa (UP) by BPER Banca Spa (BPER) . The ICA took the view that the proposed merger might restrain competition in many banking markets in the region of Sardinia (...)

The EU Commission clears a merger subject to remedies in the pharmaceutical market (GlaxoSmithKline / Pfizer Consumer Health Business)
DG COMP (Brussels)
Mergers: Commission approves GlaxoSmithKline’s acquisition of Pfizer’s Consumer Health Business, subject to conditions* Commission has approved, under the EU Merger Regulation, the acquisition of Pfizer’s Consumer Health Business by GlaxoSmithKline. The decision is conditional upon the global (...)

The Irish Competition Authority clears, subject to a divestment remedy, an acquisition between two companies in the rental and maintenance of flat linen to customers in the healthcare and hospitality sectors (Elis / Kings Laundry)
Trinity College Dublin
Introduction 1. On 8 July 2019 the Competition and Consumer Protection Commission (CCPC), Ireland’s competition agency, cleared the acquisition by Berendsen Ireland Limited (Berendsen), ultimately controlled by Elis S. A. (Elis), of Kings Laundry Limited (Kings Laundry), subject to a divestment (...)

The EU Commission clears a merger subject to remedies in the air transport of passengers market (Flybe / Connect Airways)
DG COMP (Brussels)
Mergers: Commission approves the acquisition of Flybe by Connect Airways, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the acquisition of UK regional air carrier Flybe by Connect Airways, a consortium by Virgin Atlantic, Stobart Aviation and (...)

The Danish Competition Authority clears a merger subject to remedies in the market of retail provision of TV services via fibre optic infrastructure (SE / Eniig)
Danish Competition and Consumer Authority (Copenhagen)
The Danish Competition Council has approved the merger between SE a.m.b.a and Eniig a.m.b.a. subject to remedies* On 21 December 2018 the Danish Competition and Consumer Authority (hereinafter “DCCA”) received a complete notification of the merger between SE a.m.b.a. (hereinafter “SE”) and Eniig (...)

The EU Commission clears a merger subject to remedies in the markets of night vision devices and handheld video data links (L3 Technologies / Harris Corporation)
DG COMP (Brussels)
Mergers: Commission approves acquisition of L3 Technologies by Harris Corporation, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of L3 Technologies by Harris Corporation, both aerospace and defence companies based in the (...)

The Spanish Competition Authority investigates a possible infringement of merger commitments in the telecom sector (Telefónica)
Gómez-Acebo & Pombo (Brussels)
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Gómez-Acebo & Pombo (Brussels)
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Gómez-Acebo & Pombo (Brussels)
In 2015, the CNMC approved the acquisition of DTS by Telefónica, subject to a series of commitments relating to the pay television market. Telefónica undertook, inter alia, to make available 100% of its premium channels to third-party operators under conditions which would allow them to (...)

The French Competition Authority clears a merger in the cardboard sector following remedies accepted by EU Commission (International Paper Company / DS Smith)
French Competition Authority (Paris)
Cardboard sector* In part of commitments that are conditions for the European Commission’s approval of the acquisition of Europac by DS Smith, the Autorité de la concurrence gives clearance to International Paper Company to acquirethe two Normandy plants of DS Smith Packaging Normandie On 14 (...)

The Austrian Competition Authority conditionally clears a merger in the hardware and software sector (Carl Zeiss/GOM)
Van Bael & Bellis (Brussels)
On 13 June 2019, the Austrian Federal Competition Authority cleared the acquisition of GOM, a supplier of hardware and software for automated 3D-coordinate metrology, by Carl Zeiss, a technology company in the optical and optoelectronic industry. The clearance is subject to commitments. Among (...)

The UK Competition Authority clears the takeover of a mobile payments company after conducting an in-depth Phase 2 probe (PayPal / iZettle)
CRA International (London)
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CRA International (London)
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CRA International (Boston)
Acquisitions of Potential Rivals in Digital/Tech: Valuation Analysis as Key Economic Tool - PayPal/iZettle Antitrust authorities everywhere are increasingly concerned with so-called “killer acquisitions” – cases where an established incumbent buys up a small rival which might have the potential (...)

The UK Competition Authority clears an acquisition of a Swedish fintech company after completing an in-depth phase II review (PayPal / iZettle)
Freshfields Bruckhaus Deringer (London)
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Freshfields Bruckhaus Deringer (London)
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Freshfields Bruckhaus Deringer (London)
The Competition and Markets Authority (CMA) has provisionally cleared PayPal’s $2.2 billion acquisition of Swedish fintech company iZettle after completing an in-depth, Phase 2 review. The CMA’s decision comes amidst mounting pressure on antitrust authorities to scrutinise deals involving digital (...)

The Czech Competition Authority clears a merger subject to remedies in the bread market (Agrofert / Ub Holding)
Czech Competition Authority (Brno)
AGROFERT IS ALLOWED TO TAKE OVER UNITED BAKERIES, BUT IT HAS TO SELL OFF SEVERAL FACILITIES* On 23 May 2019, the Office for the Protection of Competition issued a decision approving AGROFERT a.s. to take sole control over UB HOLDING a.s. and its subsidiary UNITED BAKERIES a.s., subject to a (...)

The Czech Competition Authority approves a merger, subject to structural commitments, in the wholesale market of bread products (Agrofert / United Bakeries)
Bird & Bird (Prague)
On 23 May 2019, the Czech Office for the Protection of Competition (“UOHS”) issued a decision approving AGROFERT a.s. ("AGROFERT") to take sole control over UB HOLDING a.s. and its subsidiary UNITED BAKERIES a.s., subject to a number of structural commitments which were accepted by the party to (...)

The Italian Competition Authority clears a merger subject to remedies in the retail pay-TV market (Sky / R2)
Italian Competition Authority (Rome)
ICA: authorisation with measures of the Sky/R2 merger (branch of Mediaset Premium)* On 20 May 2019, the Italian Competition Authority (AGCM) has concluded its investigation regarding the acquisition of certain assets of the digital terrestrial pay-TV owned by Mediaset Premium S.p.A. by Sky (...)

The Italian Competition Authority conditionally clears a merger in the market for retail Pay-TV services (Sky / R2)
Bird & Bird (Rome)
On 20th May 2019, the Italian Competition Authority (the "AGCM") cleared the merger between Sky Italia S.r.l.’s ("SKY") and R2 S.r.l. ("R2"), a company formerly owned by Mediaset Premium S.p.A. ("MP") and providing technical and administrative platform services for broadcasting by means of (...)

The Polish Competition Authority conditionally clears merger between two cinema operators (Multikino / Cinema 3D)
Polish Competition Authority (Warsaw)
CONDITIONAL CONSENT: MULTIKINO - CINEMA 3D* UOKiK gave consent to Multikino taking over Cinema 3D. The transaction may take place provided that the cinema of the acquired company will be sold in Galeria Morena in Gdańsk. The parties to the transaction are cinema operators. Multikino runs 32 (...)

The Polish Competition Authority conditionally clears a merger between multiplex cinema operators (Multikino / Cinema 3D)
White & Case (Warsaw)
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DG COMP (Brussels)
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White & Case (Warsaw)
THE POLISH PRESIDENT OF THE OFFICE OF COMPETITION AND CONSUMER PROTECTION CONDITIONALLY CLEARED A MERGER BETWEEN MULTIPLEX CINEMA OPERATORS* Background On 11 July 2018, the President of the Office of Competition and Consumer Protection (the “OCCP”) initiated merger clearance proceedings (...)

The Polish Competition Authority conditionally clears a merger in the fuel retail market (BP Europe / ARGE)
White & Case (Warsaw)
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DG COMP (Brussels)
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White & Case (Warsaw)
Background On 29 June 2018, the OCCP initiated the merger proceedings concerning acquisition of ARGE Nieruchomości sp. z o.o. (“ARGE RE”) and ARGE Paliwa sp. z o.o. (“ARGE”)’s assets from BP Europa (“BP”). More specifically, the proposed transaction considered the acquisition of several real estates (...)

The Belgian Competition Authority clears a merger subject to remedies in the TV channels platforms market (De Vijver Media / Telenet)
Belgian Competition Authority (Brussels)
The Competition College of the BCA has approved conditionally the acquisition of sole control of De Vijver Media by Telenet* the Competition College of the Belgian Competition Authority (BCA) has approved conditionally on 13 May 2019 the acquisition of sole control by Telenet Group BVBA (...)

The Belgian Competition Authority conditionally approves an acquisition of sole control in the media market (De Vijver Media / Telenet)
Bird & Bird (Brussels)
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Bird & Bird (Brussels)
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Bird & Bird (Brussels)
On 13 May 2019 the Belgian Competition Authority ("BCA") conditionally approved Telenet’s acquisition of sole control over De Vijver Media, after a referral by the European Commission ("EC"). The deal was originally notified to the EC on 4 October 2018. The EC already investigated Telenet’s (...)

The Czech Competition Authority clears a merger subject to remedies in the distribution market of non-original spare parts for light vehicles (LKQ / Heptus 292)
Czech Competition Authority (Brno)
THE OFFICE APPROVED THE MERGER OF LKQ AND HEPTUS 292 ON THE DISTRIBUTION MARKET OF NON-ORIGINAL SPARE PARTS, SUBJECT TO COMMITMENTS* On 10 May 2019, the Office for the Protection of Competition issued a decision authorizing LKQ German Holdings GmbH to take sole control over the company heptus (...)

The French Competition Authority clears a merger, subject to remedies, in the public passenger transport markets (RATP Dev / Keolis)
French Competition Authority (Paris)
Future connection Gare de l’Est - Paris-Charles de Gaulle Airport* The Autorité de la concurrence clears, subject to conditions, the creation by RATP Dev and Keolis of a joint undertaking for the operation of CDG Express On 29 November 2018, the companies RATP Dev and Keolis notified the (...)

The Ukrainian Competition Authority imposes a fine of EUR 1.8 million for ’gun jumping’ in a merger in the heavy industry sector, and does not clear the transaction due to economic sanctions on the seller’s beneficiary (TAS / Dniprometyz)
Redcliffe Partners (Kyiv)
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Redcliffe Partners (Kyiv)
The facts of the case On 8 November 2017, Devisal Limited, a Cyprus subsidiary of the financial/industrial group TAS (the "TAS Group"), filed a merger filing requesting the Antimonopoly Committee of Ukraine (the "AMC") to approve the acquisition of a controlling stake in the Private Joint (...)

The Spanish Competition Commission clears a merger in the healthcare industry subject to extensive remedies (Quirón Group / Santa Cristina Clinic)
Spanish Competition Authority (Madrid)
The CNMC approves the Quirón Group’s acquisition, with a complete package of commitments, of the Santa Cristina Clinic in Albacete*The merger is approved following intense work in the second phase and a complete package of commitments, which was subjected to successive market tests with its (...)

The Indian Competition Commission clears a merger, subject to remedies, in the electricity market (Larsen & Toubro/Schneider Electric)
Shardul Amarchand Mangaldas (New Delhi)
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Shardul Amarchand Mangaldas (New Delhi)
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Shardul Amarchand Mangaldas (New Delhi)
The CCI cleared the proposed acquisition of the electrical and automation business of Larsen & Toubro (L&T) by Schneider Electric and MacRitchie Investments (the Acquirers) on foot of a package of behavioural remedies proposed by the Acquirers. After a lengthy investigation, the CCI (...)

The EU Commission approves a company as a suitable purchaser of several steel plants (Liberty House Group / ArcelorMittal)
DG COMP (Brussels)
Mergers: Commission approves Liberty House Group purchase of ArcelorMittal’s divestment businesses* The European Commission has approved, under the EU Merger Regulation, Liberty House Group as a suitable purchaser of several ArcelorMittal steel plants, sold under commitments made by (...)

The EU Commission conditionally approves a merger to structural remedies in the refrigeration compressor business (Nidec / Embraco)
Van Bael & Bellis (Brussels)
On 12 April 2019, the Commission conditionally approved the acquisition by Nidec of Embraco, Whirlpool’s refrigeration compressor business. Both Nidec and Embraco are leading global producers of refrigeration compressors. These are electro-mechanical devices used to lower the temperature of an (...)

The EU Commission clears a merger, subject to remedies, in the market of speed refrigeration compressors (Nidec / Embraco)
DG COMP (Brussels)
Mergers: Commission approves Nidec’s acquisition of Embraco, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition by Nidec of Embraco, Whirlpool’s refrigeration compressor business. The approval is conditional on compliance with (...)

The Spanish Competition Authority authorizes the acquisition of a private hospital subject to behavioural commitments on the quality of the healthcare services (Clínica Santa Cristina)
Ramón y Cajal (Madrid)
Introduction On 12 April 2019 the Spanish Competition Authority (“CNMC”) authorized after a second phase review the acquisition of a private hospital located in the Spanish province of Albacete (Clínica Santa Cristina) by Quirón Group (the “Merger”), which is ultimately controlled by the global (...)

The Ankara 9th Administrative Court orders a stay of execution on a port acquisition after the Competition Authority’s conditional clearance with behavioural remedies (Kumport)
ELIG Gürkaynak Attorneys-at-Law (Istanbul)
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ELIG Gürkaynak Attorneys-at-Law (Istanbul)
Background Limar Liman ve Gemi İşletmeleri A.Ş. (“Limar”), which is controlled by Arkas Holding A.Ş. (“Arkas”) notified to the Turkish Competition Authority (the “Authority”) its acquisition of the sole control over Mardaş Marmara Deniz İşletmeciliği A.Ş. (“Mardaş” or the “Target”) operating the Ambarlı (...)

The EU Commission clears a merger subject to remedies in the market of distribution of agricultural machinery (Agro / Konekesko Baltic)
DG COMP (Brussels)
Mergers: Commission approves Danish Agro’s acquisition of Konekesko’s Baltic and Finnish agrimachinery businesses, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the acquisition by Danish Agro of Konekesko’s agricultural machinery distribution (...)

The Belgian Competition Authority accepts partially a request to lift the remedies imposed to clear a merger in the cinema theatres market (Kinepolis)
Belgian Competition Authority (Brussels)
The Belgian Competition Authority has partially accepted the request of Kinepolis to lift the conditions imposed in 1997 and modified in 2010, as from 25 March 2019* On 31 March 2017 Kinepolis has filed a request to lift the conditions imposed by the Competition Council in 1997 in respect of (...)

The EU Commission conditionally approves a merger in the agrimachinery businesses in the Baltic countries (Danish agro / Konekesko)
Bird & Bird (Helsinki)
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Bird & Bird (Helsinki)
The recent decision of the European Commission (“EC”) regarding Danish Agro’s acquisition of Konekesko’s agrimachinery businesses in Finland, Estonia, Latvia and Lithuania provides for an interesting opportunity to compare the approach of the Finnish Competition and Consumer Authority (“FCCA”) and (...)

The EU Commission clears a merger subject to remedies in the markets of insurance broking services (JLT / MMC)
DG COMP (Brussels)
Mergers: Commission approves acquisition of Jardine Lloyd Thompson by Marsh & McLennan Companies, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the acquisition of Jardine Lloyd Thompson (“JLT”) by Marsh & McLennan Companies (“MMC”). The (...)

The EU Commission conditionally approves a merger in the market for aircraft slat systems (Spirit / Asco)
Van Bael & Bellis (Brussels)
On 20 March 2019, the Commission conditionally approved the acquisition of Asco by Spirit. The Commission was concerned that the deal would reduce competition in the market for aircraft slat systems. These parts allow the wing of an aircraft to operate at a higher ‘angle of attack’, which (...)

The UK Competition Authority fines a company for failure to comply with initial enforcement order (JLA / Washstation)
Van Bael & Bellis (Brussels)
On 8 March 2019, the UK’s Competition and Markets Authority (“CMA”) fined JLA £120,000 for failure to comply with an initial enforcement order (“IEO”). Under UK competition law, the CMA may impose an IEO on merging parties to prevent them from taking pre-emptive action which might prejudice the (...)

The French Competition Authority clears a merger, subject to remedies, in the markets of wine and spirits (Marie Brizard / COFEPP)
French Competition Authority (Paris)
Wine and spirits* The Autorité de la concurrence clears - subject to conditions - the acquisition of the group Marie Brizard On 3 January 2019, the Compagnie Financière Européenne de Prises de Participation (“Cofepp”) notified the Autorité de la concurrence its intention to acquire sole control of (...)

The Polish Competition Authority conditionally approves a merger between liquid carbon dioxide producers to structural and behavioural remedies (Air Products and Chemicals / ACP Europe / Eurocylinder)
Taylor Wessing (Warsaw)
On 25 February 2019, the acquisition of ACP Europe S.A. and Eurocylinder NV (subsidiaries of L’Acide Carbonique Pur) by Air Products and Chemicals, Inc. (“APC”) was conditionally approved by the Polish Competition Authority (“PCA”) (decision DKK-51/2019). The proposed foreign-to-foreign transaction (...)

The Polish Competition Authority clears a merger in the chemical sector imposing a combination of structural and behavioural remedies (Air Products and Chemicals / ACP Europe / Eurocylinder)
Greenberg Traurig Grzesiak (Warsaw)
On February 25, 2019 the President of the Polish Office of Competition and Consumer Protection (“OCCP”) issued a conditional decision (“Decision”) clearing the concentration consisting in the acquisition by Air Products and Chemicals Inc. (“Air Products”) of ACP Europe S.A. and Eurocylinder NV (...)

The EU Commission alleges a telecommunication company has breached its remedies following the clearance of its merger (Telefonica Deutschland)
DG COMP (Brussels)
Mergers: Commission alleges Telefónica breached commitments given to secure clearance of E-Plus acquisition* The European Commission has sent a Statement of Objections to Telefónica Deutschland alleging the company breached commitments it offered to secure the Commission’s approval under the EU (...)

The EU Commission issues first ever statement of objections for breaching a merger commitment in the telecommunication sector (Telefónica Deutschland)
Van Bael & Bellis (Brussels)
On 22 February 2019, the European Commission (“Commission”) sent a Statement of Objections to Telefónica Deutschland alleging that it breached a commitment offered in order to secure the Commission’s approval of its acquisition of E-Plus (see VBB on Competition Law, Volume 2014, No. 7). In (...)

The EU Commission sends statement of objections to a company for alleged infringement of merger commitments (Telefónica Deutschland)
Gómez-Acebo & Pombo (Brussels)
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Gómez-Acebo & Pombo (Brussels)
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Gómez-Acebo & Pombo (Brussels)
On 22 February 2019, the Commission addressed an SoO to Telefónica Deutschland (“Telefónica”) detailing its concerns that the company may have breached one of the commitments linked to the Commission’s clearance of its acquisition of E-Plus in 2014. In particular, back then, Telefónica committed to (...)

The UK Competition Authority issues provisional findings in the potential merger between online retailers of delivered goods (Sainsbury / Asda)
Bird & Bird (London)
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Bird & Bird (London)
Sainsbury’s and Asda are the second and third largest grocery retailers in the UK respectively, and represent two of the four largest online retailers of delivered goods in the UK. Their networks include supermarkets, convenience stores and petrol filling stations. Both parties also retail (...)

The EU Commission clears a merger subject to remedies in the aquaculture sector (Amerra and Mubadala / Andromeda / Nireus and Selonda)
DG COMP (Brussels)
Mergers: Commission approves the acquisition of joint control of Andromeda, Nireus and Selonda by Amerra and Mubadala, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over Andromeda, Nireus and Selonda, all active in (...)

The EU Commission lifts commitments adopted in a merger case based on exceptional circumstances review (Air France / KLM)
Van Bael & Bellis (Brussels)
In a recently published decision of 6 February 2019, the European Commission waived a commitment imposed during its merger review of Air France’s acquisition of KLM in 2004. By way of background, during the 2004 review of its acquisition of KLM, Air France offered commitments to address (...)

The EU Commission clears a merger subject to remedies in the flexible packaging for medical use and for food products sectors (Amcor / Bemis)
DG COMP (Brussels)
Mergers: Commission approves merger between Amcor and Bemis, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the merger between Amcor and Bemis. Both companies manufacture flexible packaging products worldwide. The approval is conditional on the (...)

The French Competition Authority re-examines and eases merger remedies made by a leading pay TV provider (Canal+ International)
French Competition Authority (Paris)
Pay TV in French overseas departments and regions* The Autorité de la concurrence has re-examined the commitments made by Canal+ International as part of the take-over of Mediaserv (now Canal+ Telecom) in 2014. Certain obligations have been maintained to preserve the competitive dynamic. (...)

The Mexican Competition Authority clears a merger in the entertainment industry subject to structural remedies (Disney / Fox)
Mexican Competition Authority (Mexico City)
Clarification on Disney/Fox transaction* Mexico City, February 6, 2019.- In August 2018, the Walt Disney Company (Disney) and Twenty-First Century Fox (Fox) notified, both the Federal Economic Competition Commission (COFECE or Commission) and the Federal Institute for Telecommunications (...)

The EU Commission prohibits a merger in the railway signalling systems market and very high-speed trains sector (Siemens / Alstom)
DG COMP (Brussels)
Mergers: Commission prohibits Siemens’ proposed acquisition of Alstom* The European Commission has prohibited Siemens’ proposed acquisition of Alstom under the EU Merger Regulation. The merger would have harmed competition in markets for railway signalling systems and very high-speed trains. The (...)

The EU Commission prohibits a merger in the rolled copper products market (Wieland / Aurubis / Schwermetall)
DG COMP (Brussels)
Mergers: Commission prohibits Wieland’s proposed acquisition of Aurubis Rolled Products and Schwermetall* The European Commission has prohibited, under the EU Merger Regulation, Wieland’s proposed acquisition of Aurubis Rolled Products and Aurubis’ stake in Schwermetall. It had serious concerns (...)

The EU Commission prohibits a merger in the market for railway signalling and very high-speed trains (Siemens / Alstom)
Van Bael & Bellis (Brussels)
On 6 February 2019, the European Commission (“Commission”) prohibited Siemens’ proposed acquisition of Alstom under the EU Merger Regulation. The deal would have combined Siemens’ and Alstom’s transport equipment and service activities in a new company fully controlled by Siemens. According to the (...)

The EU Commission prohibits a merger between rolled copper products producers (Wieland / Aurubis / Schwermetall)
Van Bael & Bellis (Brussels)
On 6 February 2019, the European Commission (“Commission”) prohibited Wieland’s proposed acquisition of Aurubis. Both companies are producers of rolled copper products, a key input for many industries, including for parts used in electric cars, trains and electronic devices. The Commission’s (...)

The Irish Competition Authority clears a merger subject to remedies in the waste sector (Panda / Knockharley Landfill)
Irish Competition Authority (Dublin)
CCPC requires commitments from Panda to secure approval for acquisition of Knockharley Landfill* The Competition and Consumer Protection Commission (CCPC) has cleared, subject to binding commitments, the proposed acquisition of Knockharley Landfill Limited (Knockharley), by Pandagreen Limited (...)

The French Competition Authority clears a merger by approving in advance remedies in the market of fabrication and marketing of baking aids (Alsa / Dr. Oetker)
French Competition Authority (Paris)
Confection and marketing of baking aids* The Autorité de la concurrence clears the acquisition of Alsa by Dr. Oetker (Ancel) by approving a commitment which addresses in advance competition issues (“fix-it-first” commitment), by granting a credible market player a license for the Ancel brand On (...)

The US FTC conditionally approves a merger in the office supply market subject to behavioural remedies (Staples / Essendant)
McDermott Will & Emery (Washington)
THE LATEST: FTC Allows Problematic Vertical Merger to Proceed with a Behavioural Remedy* On January 28, the US Federal Trade Commission (FTC) announced that it had accepted a proposed settlement with office supply distributors Staples and Essendant in connection with Staples’ proposed $482.7 (...)

The US FTC approves a merger in the office products market subject to behavioural remedies (Staples / Essendant)
Constantine Cannon (New York)
FTC Approval of Staples-Essendant Merger Exposes Fault Lines on Merger Enforcement* The U.S. Federal Trade Commission’s (“FTC”) recent approval of Staples, Inc.’s acquisition of office supply wholesaler Essendant, Inc.—on a party-line three-to-two vote—reveals the agency’s divergent political views (...)

The UK Competition Authority imposes structural remedies concerning a merger in the washroom suppliers market (Rentokil Initial / Cannon Hygiene)
United Kingdom’s Competition Authority - CMA (London)
CMA orders sale of customer contracts in washroom suppliers’ merger* Rentokil Initial must sell several large supply contracts to satisfy CMA concerns over its merger with Cannon Hygiene. The decision by the Competition and Markets Authority (CMA) comes after an in-depth Phase 2 investigation (...)

The Finnish Competition Authority clears a merger subject to remedies in the market for outsourced internal logistics services (Suomen Transval Group / Posti Group)
Finnish Competition and Consumer Authority (Helsinki)
The FCCA approves Posti’s acquisition of Transval, subject to conditions* Finnish Competition and Consumer Authority (FCCA) has approved, subject to conditions, the acquisition of Suomen Transval Group Oy by Posti Group Oyj. A condition for the approval of the acquisition was that Posti (...)

The French Competition Authority clears the creation of a joint undertaking subject to remedies in VAT refund services markets (Global Blue / Planet Payment)
French Competition Authority (Paris)
The Autorité de la concurrence clears, subject to conditions, the creation of the Cash Paris Tax Refund company by Global Blue and Planet Payment* A transaction referred by the European Commission On 21 August 2018, the European Commission referred to the Autorité de la concurrence the review (...)

The Dutch Competition Authority clears a merger subject to remedies in the pharmaceutical sector (Apotex / Aurobindo)
Netherlands Authority for Consumers & Markets (The Hague)
ACM clears merger between pharmaceutical companies Aurobindo and Apotex* The Netherlands Authority for Consumers and Markets (ACM) has cleared the acquisition of pharmaceutical company Apotex by rival company Aurobindo. The clearance was granted after the companies had proposed to sell (...)

The UK Competition Authority issues its Merger remedies guidance
United Kingdom’s Competition Authority - CMA (London)
Guidance on merger remedies in Phase 1 and Phase 2 investigations.* This guidance is intended for merger parties and their advisers. It seeks to provide a single source of guidance on remedies for Phase 1 and Phase 2 merger investigations. This guidance applies to any Phase 1 merger (...)

The EU Commission clears a merger subject to remedies in the market of batteries (Spectrum Brand / Energizer)
DG COMP (Brussels)
Mergers: Commission approves acquisition of Spectrum Brands’ batteries and portable lighting business by Energizer, subject to conditions* The European Commission has approved under the EU Merger Regulation the acquisition of Spectrum Brands’ batteries and portable lighting business by (...)

The EU Commission clears a merger subject to remedies in the data security solutions market (Gemalto / Thales)
DG COMP (Brussels)
Mergers: Commission approves acquisition of Gemalto by Thales, subject to conditions* The European Commission has approved under the EU Merger Regulation the proposed acquisition of Gemalto by Thales. The approval is conditional on the divestment of Thales’ general purpose hardware security (...)

The EU Commission clears a merger subject to remedies in the ceilings manufacturing market (Armstrong / Knauf)
DG COMP (Brussels)
Mergers: Commission approves acquisition of Armstrong’s ceilings business outside the Americas by Knauf, subject to conditions* The European Commission has conditionally approved under the EU Merger Regulation the acquisition of Armstrong World Industries’ ceilings business outside the Americas (...)

The EU Commission clears a merger subject to remedies in the market for the manufacture and supply of wood pulp (Fibria / Suzano)
DG COMP (Brussels)
Mergers: Commission approves acquisition of Fibria by Suzano, subject to conditions* The European Commission has approved under the EU Merger Regulation the acquisition of Fibria by Suzano, both active in the production and supply of wood pulp from eucalyptus trees. The decision is conditional (...)

The Italian Competition Authority conditionally clears a merger in the optical sector (Luxottica / Barberini)
Giannino SI (Monserrato)
Closing a Second Phase investigation in the Luxottica/Barberini case, the Italian Competition Authority (ICA) has conditionally cleared a merger between two major players in the optical industry. After an in-depth review of the transaction, the ICA took the view that the notified merger may (...)

The EU Commission clears a merger subject to remedies in the markets for corrugated case materials, sheets and cases (Europac / DS Smith)
DG COMP (Brussels)
Mergers: Commission approves acquisition of Europac by DS Smith, subject to conditions* The European Commission has approved under the EU Merger Regulation the acquisition of Europac by DS Smith, both manufacturers of paper and packaging products. The decision is conditional on the divestment (...)

The EU Commission conditionally clears the creation of six joint ventures for mobility services (Daimler / BMW)
Van Bael & Bellis (Brussels)
On 7 November 2018, the European Commission conditionally approved the creation of six mobility services joint ventures by Daimler and BMW. While the joint ventures will combine Daimler and BMW’s mobility services in ride hailing services, parking services, charging services and other on-demand (...)

The EU Commission clears the creation of six joint ventures in the automobile sector, subject to remedies (Daimler / BMW)
DG COMP (Brussels)
Mergers: Commission clears the creation of six joint ventures by Daimler and BMW, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the creation of six joint ventures by Daimler and BMW, subject to conditions. Daimler and BMW, both active in car (...)

The EU Commission clears a merger, subject to remedies, in the markets of production and distribution of films for release in movie theatrers and distribution of content for home entertainment and licensing of films and other TV content (Fox / Disney)
DG COMP (Brussels)
Mergers: Commission approves Disney’s acquisition of parts of Fox, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of parts of Fox by Disney, both US based global media companies. The decision is conditional on full (...)

The Danish Competition Council approves a merger between two private insurance companies based on the commitments submitted by one of them (Tryg / Alka)
Danish Competition and Consumer Authority (Copenhagen)
The Danish Competition Council has approved the merger between Tryg Forsikring A/S and Forsikrings-Aktieselskabet Alka subject to commitments* On 19 March 2018 the Danish Competition and Consumer Authority (hereinafter “DCCA”) received a complete notification of Tryg Forsikring A/S’ (hereinafter (...)

The Czech Competition Authority clears a merger subject to remedies in the soft drink market (Pepsico / KMV)
Czech Competition Authority (Brno)
KMV is allowed to take control over part of Pepsi business, subject to commitments* The Office for the Protection of Competition issued on 30 October 2018 a decision approving the concentration between soft drinks producers, subject to fulfilment of several structural commitments. The (...)

The EU Commission clears a merger subject to remedies in the market of dietetic pet food sold by veterinarians (Mars Petcare / AniCura)
DG COMP (Brussels)
Mergers: Commission approves Mars’ acquisition of AniCura, subject to conditions* The European Commission has approved, under the EU Merger Regulation, the acquisition of AniCura, a veterinary clinic chain, by Mars, a supplier of pet food, including dietetic pet food. The approval is (...)

The Mexican Competition Authority accepts commitments by pharmaceutical companies to restore competition in the pharma market (Moench Coöperatif / Luis Doporto Alejandre)
Ritch Mueller (Mexico City)
Through a decision issued by the plenary session of Cofece on August 13, 2015 on case file CNT-074-2015 (the ’Decision’), the Mexican antitrust authority decided to unconditionally clear the acquisition, by Dutch fund Moench Coöperatif of a major pharmaceutical distributor in Mexico, Marzam. The (...)

The UK Competition Authority imposes structural remedies to clear a merger in the market of the supply of managed laundry services (JLA / Washstation)
United Kingdom’s Competition Authority - CMA (London)
University laundry merger broken up by CMA* The CMA has decided that JLA must sell Washstation to preserve competition in the supply of managed laundry services to higher education providers. The decision by the Competition and Markets Authority (CMA) comes following an in-depth investigation (...)

The US DoJ conditionally approves a merger in the healthcare industry, subject to structural remedies (CVS / Aetna)
International Center for Law & Economics (Portland)
The DOJ’s approval of the CVS/Aetna Merger and vertical innovation by incumbents* Last week, the DOJ cleared the merger of CVS Health and Aetna (conditional on Aetna’s divesting its Medicare Part D business), a merger that, as I previously noted at a House Judiciary hearing, “presents a creative (...)

The US DoJ clears a merger between two vertically linked businesses due to sufficient competition in their respective markets subject to divestment of their horizontally overlapping business in the healthcare sector (CVS / Aetna)
Economists Incorporated (San Francisco)
Department of Justice Clears Merger of CVS and Aetna* The Department of Justice (DOJ) recently cleared the merger of CVS Health Corporation (CVS) and Aetna Inc. (Aetna), only requiring divestiture of Aetna’s horizontally overlapping Medicare Part D prescription drug plan business. Aetna is (...)

The US District Court for the Eastern District of Virginia orders to a defendant in private antitrust litigation to divest a manufacturing plant following a competitor’s merger challenge (Steves & Sons / Jeld-Wen)
Jones Day (Houston)
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Jones Day (Washington DC)
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Jones Day (Washington DC)
A federal district court has ordered a defendant in private antitrust litigation to divest a manufacturing plant following a competitor’s merger challenge. Although the decision is certain to be appealed, it may embolden customers or competitors wishing to challenge a transaction and create new (...)

The US District Court of Delaware spotlights the importance of antitrust risk-shifting provisions in merger agreements in the pharmaceutical sector (Akorn / Fresenius)
Baker Botts (Washington)
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Baker Botts (Brussels)
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Baker Botts (Washington)
As counsel involved in negotiating mergers, acquisitions, or other transactions know, provisions that allocate antitrust risk between buyer and seller, or between joint venture (JV) partners, are a common feature of merger and JV agreements. Such provisions are increasingly important in today’s (...)

The Portuguese Competition Authority clears a merger subject to remedies in the liquefied petroleum gas market (Repsol / Rubis)
Portuguese Competition Authority (Lisbon)
AdC clears the acquisition of Repsol’s LPG business in Madeira and Azores by Rubis, subject to conditions* The Portuguese Competition Authority (AdC) has accepted the divesture commitments brought forth by Rubis II Distribuição Portugal, and hence has approved Rubis’ acquisition of the existing (...)

The Irish Competition Authority clears a merger subject to remedies in the media sector (Reach / Northern / Shell Network)
Irish Competition Authority (Dublin)
CCPC clears media merger subject to confidentiality commitments* Following an extensive two-phase investigation, the Competition and Consumer Protection Commission (CCPC) has cleared, subject to binding commitments, the acquisition by Reach Plc (Reach) (formerly Trinity Mirror Plc) of Northern (...)

The French Competition Authority clears a merger subject to remedies in the retailing of gardening products market (Jardiland / InVivo)
French Competition Authority (Paris)
Retailing of gardening products* The Autorité de la concurrence clears the acquisition of Jardiland group by InVivo group (Gamm Vert, Delbard) subject to divestiture of 11 stores Parties to the transaction On 29 June 2018, InVivo Retail group, a subsidiary of InVivo cooperative union, which (...)

The French Competition Authority clears a merger subject to remedies in the food retail distribution sector (Bernard Hayot / Géant Casino)
French Competition Authority (Paris)
Distribution in Martinique* The Autorité de la concurrence clears, subject to conditions, the acquisition by Bernard Hayot Group of a Géant Casino hypermarket in Martinique On 20 June 2018, Bernard Hayot Group (‘BHG’) notified the Autorité de la concurrence of its planned acquisition of a Géant (...)

The Irish Competition Authority clears a merger subject to remedies in the healthcare sector (SISK Healthcare / Uniphar Public)
Irish Competition Authority (Dublin)
CCPC obtains commitments from Uniphar to secure approval for proposed acquisition of SISK Healthcare* Following an extensive investigation, the Competition and Consumer Protection Commission (CCPC) has today cleared the proposed acquisition of sole control of SISK Healthcare by Uniphar Public (...)

The EU Commission clears a merger subject to remedies in the fresh produce distribution market (Total Produce / Dole)
DG COMP (Brussels)
Mergers: Commission approves Total Produce’s acquisition of Dole, subject to conditions* The European Commission has approved under the EU Merger Regulation the acquisition by Total Produce of joint control over Dole. Both companies supply bagged salads, bananas and other fresh fruit and (...)

The French Competition Authority fines a retailer and distributor of electronic products for failing to comply with its merger remedies (Fnac / Darty)
French Competition Authority (Paris)
Fnac’s acquisition of Darty* The Autorité de la concurrence fines Fnac Darty Group €20 million for failing to divest itself of three stores, which was the pre-condition for clearance of the transaction. The Autorité also orders Fnac Darty to divest itself of two stores in lieu of those that it (...)

The French Competition Authority fines a retailer for failing to comply with its divestment commitments (Fnac / Darty)
McDermott Will & Emery (Paris)
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McDermott Will & Emery (Brussels)
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McDermott Will & Emery (Brussels)
On 27 July 2018 the French Competition Authority (FCA) imposed a EUR 20 million fine on Fnac Darty for failing to comply with its divestment commitments following Fnac’s acquisition of the Darty group. This is the first time the FCA has imposed a fine on a company for failing to comply with a (...)

The French Ministry of Economy clears “Phase III” review and imposes commitment to maintain employment (Cofigeo / Agripole)
Van Bael & Bellis (Brussels)
On 19 July 2018, the French Ministry of Economy (“Ministry”) announced a revised clearance of Cofigeo’s acquisition of the ready meals business of Agripole. This is the first time in the history of French merger control that the Ministry has reviewed a transaction on public interest grounds under (...)

The French Economic and Finance minister authorises a merger in the food sector, after using his power of re-examination for the first time (Cofigéo / Agripole)
McDermott Will & Emery (Brussels)
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McDermott Will & Emery (Paris)
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McDermott Will & Emery (Brussels)
Article L. 430-7-1, II of the French Commercial Code provides that the French Minister of Economy and Finance has the power to re-examine a merger within 25 working days after receiving the French Competition Authority (FCA) decision, for reasons of public interest other than safeguarding (...)

The Competition and Consumer Commission of Singapore announces a proposed infringement decision for substantial lessening of competition in the market of ride-hailing platform services (Grab / Uber)
King & Wood Mallesons (Melbourne)
1 STAR RATING: SINGAPORE REGULATOR FLAGS UNWINDING OF GRAB/UBER MERGER* On 5 July 2018, the Competition and Consumer Commission of Singapore (CCCS) announced that it had issued a proposed infringement decision against Grab Inc (Grab) and Uber Technologies, Inc (Uber) in relation to the sale of (...)

The EU Commission clears a merger, subject to remedies, in the titanium dioxide pigment market (Tronox / Cristal)
DG COMP (Brussels)
Mergers: Commission approves Tronox’s acquisition of Cristal, subject to conditions* The European Commission has approved under the EU Merger Regulation the acquisition of Cristal by Tronox, both major suppliers of titanium dioxide pigment. The approval is conditional on full compliance with (...)

The South African Competition Tribunal penalises a conditionally approved merger for failing to comply with its monitoring obligations (RTT Group)
Nortons (Sandton)
SOUTH AFRICA COMPETITION TRIBUNAL: MERGING PARTIES PENALISED FOR FAILURE TO COMPLY WITH PUBLIC INTEREST CONDITIONS* On 29 June 2018, the South African Competition Tribunal (Tribunal) penalised the RTO Group R75 000 for failing to comply with the Tribunal’s conditional merger approval in respect (...)

The EU Commission clears a merger subject to remedies in the manufacturing of pool equipment products market (Zodiac / Fluidra)
DG COMP (Brussels)
MERGERS: COMMISSION CLEARS ZODIAC AND FLUIDRA POOL EQUIPMENT JOINT VENTURE, SUBJECT TO CONDITIONS* The European Commission has approved under the EU Merger Regulation the proposed creation of a joint venture between the swimming pool equipment businesses of Zodiac and Fluidra. The approval is (...)

The Indian Competition Authority conditionally clears a merger in the agrochemicals and seeds industry (Bayer / Monsanto)
Shardul Amarchand Mangaldas (New Delhi)
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Shardul Amarchand Mangaldas (New Delhi)
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Shardul Amarchand Mangaldas (New Delhi)
In an order dated 14 June 2018, the Competition Commission of India (CCI) approved Bayer AG’s (Bayer) acquisition of Monsanto Company (Monsanto) (together, the Parties) subject to certain modifications. Shardul Amarchand Mangaldas & Co. represented Monsanto and assisted in seeking the CCI’s (...)

The French Competition Authority clears a merger, subject to remedies, in the market for the production and sale of ready meals (Financière Cofigeo / Agripole group)
French Competition Authority (Paris)
Acquisition of William Saurin* The Autorité de la concurrence clears the acquisition Financière Cofigeo of certain securities and assets of the ready meals arm of Agripole group (William Saurin, Panzani, Garbit) subject to two targeted divestments designed to maintain competition in the sector. (...)

The Indian Competition Authority approves acquisition of global agricultural company by global pharmaceutical company subject to permanent divestments and 7-year FRAND licensing of genetically modified and non-GM agricultural products (Bayer / Monsanto)
Vaish Associates Advocates (New Delhi)
CCI approves the acquisition of Monsanto by Bayer AG subject to structural modifications* The CCI by its order dated June 14, 2018 has approved the proposed acquisition of Monsanto Company (Monsanto) by Bayer Aktiengesellschaft (Bayer). The CCI approved the proposed combination, subject to the (...)

The US District Court for the District of Columbia rejects the DOJ’s challenge to a vertical merger in the entertainment sector (AT&T / Time Warner)
Fried Frank Harris Shriver & Jacobson (New York)
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Fried Frank Harris Shriver & Jacobson (New York)
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Fried Frank Harris Shriver & Jacobson (Washington)
This article has been nominated for the 2019 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. Court rejects DOJ challenge to AT&T / Time Warner vertical merger* In a much anticipated decision, Judge Richard Leon on June 12, 2018, rejected the (...)

The US District Court for the District of Columbia rejects the DoJ’s challenge to a vertical merger between an entertainment company and a distribution company (AT&T / Time Warner)
Jones Day (Washington DC)
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Jones Day (Washington DC)
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Jones Day (Houston)
This article has been nominated for the 2019 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. Court Rejects DOJ Antitrust Challenge to AT&T/Time Warner* After eighteen months of investigation and litigation, a federal district court has rejected the (...)

The OECD holds a roundtable on considering non-price effects in merger control
OECD - Competition Division (Paris)
1. Introduction 1. When firms compete, they make a range of decisions about the characteristics of their products. Consumers make purchasing decisions based on at least some of these characteristics, which determine the value they obtain from the product. Price is one such characteristic, but (...)

The US FTC conditionally approves a vertical merger in the defence industry subject to behavioural remedies (Northrop Grumman / Orbital ATK)
McDermott Will & Emery (Washington)
Aerospace & Defense Series: Behavioral Remedies Remain a Viable Solution for Vertical Mergers in the Defense Industry* Summary The recent FTC decision in the Northrop Grumman / Orbital ATK matter has shed light on the agency’s vertical merger enforcement policy and outlined a path to (...)

The EU Commission clears for the second time a merger subject to remedies on the market for the wholesale of premium Pay TV film channels (Ziggo / Liberty Global)
DG COMP (Brussels)
Mergers: Commission confirms approval of acquisition of Dutch cable TV operator Ziggo by Liberty Global, subject to conditions* The European Commission has reapproved with conditions, under the EU Merger Regulation, the acquisition of Ziggo by Liberty Global. The merger was first approved in (...)

The EU General Court orders Commission to re-examine a request to review merger commitment (Lufthansa)
Van Bael & Bellis (Brussels)
On 16 May 2018, the General Court (“GC”) ruled that the European Commission had failed to properly examine a request by Lufthansa to review a merger commitment given by Lufthansa in order to secure EU merger clearance of its acquisition of Swiss Airlines. In order to allay competition concerns (...)

The EU General Court finds that the Commission must re-assess companies request to waive their pricing commitments (Lufthansa)
Gómez-Acebo & Pombo (Brussels)
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Gómez-Acebo & Pombo (Brussels)
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Gómez-Acebo & Pombo (Brussels)
In 2005, the European Commission cleared the planned acquisition of Swiss by Lufthansa subject to a a number of commitments, which included conditions on fares with regard to the Zurich-Stockholm and Zurich-Warsaw routes. On 4 November 2013, Lufthansa and Swiss submitted a request for a (...)

The EU General Court annuls the Commission’s rejection of an airline’s request for a waiver of pricing commitments, ordering that they be reviewed (Lufthansa)
McDermott Will & Emery (Brussels)
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McDermott Will & Emery (Paris)
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McDermott Will & Emery (Brussels)
Deutsche Lufthansa AG is a joint founder member of Star Alliance, the largest global airline alliance. In addition to the Star Alliance Agreement, Lufthansa concluded with Scandinavian Airlines System (SAS) a bilateral alliance agreement, a marketing and sales agreement, and a bilateral joint (...)

The Turkish Competition Authority approves the acquisition of control over a chemical company based on commitments submitted to the EU Commission (Bayer / Monsanto)
ELIG Gürkaynak Attorneys-at-Law (Istanbul)
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ELIG Gürkaynak Attorneys-at-Law (Istanbul)
The Turkish Competition Board (“ Board ”) granted conditional approval to the acquisition of sole control over Monsanto Company (“ Monsanto ”) by Bayer Aktiengesellschaft (“ Bayer ”), by way of taking into account the commitments submitted before the European Commission (“ Commission ”). This case (...)

The Irish Competition Authority obtains remedies in order to clear a merger in the wholesale and retail market (4 Aces / BWG)
Irish Competition Authority (Dublin)
CCPC COMMITMENTS FROM BWG TO SECURE APPROVAL FOR PROPOSED ACQUISITION OF 4 ACES WHOLESALE* Following an extensive investigation, the Competition and Consumer Protection Commission (CCPC) has today cleared the proposed acquisition of 4 Aces Wholesale Limited (“4 Aces”) by BWG Foods Unlimited (...)

The EU Commission clears a merger subject to remedies in the steel wheels manufacturing market (Mefro Wheels / Accuride)
DG COMP (Brussels)
MERGERS: COMMISSION APPROVES ACQUISITION OF MEFRO WHEELS BY ACCURIDE, SUBJECT TO CONDITIONS* The European Commission has approved, under the EU Merger Regulation, the acquisition of steel wheels manufacturer Mefro Wheels by its competitor Accuride. The decision is conditional on the divestment (...)

The EU Commission clears a merger subject to remedies on the seeds, pesticides and digital agriculture market (Bayer’s Crop Science / BASF)
DG COMP (Brussels)
MERGERS: COMMISSION CLEARS ACQUISITION OF PARTS OF BAYER’S CROP SCIENCE BUSINESS BY BASF, SUBJECT TO CONDITIONS* The European Commission has conditionally approved under the EU Merger Regulation the acquisition of parts of Bayer’s Crop Science business by BASF. This transaction is related to the (...)

The US FTC conditionally clears a merger subject to divestitures in the pharmaceutical market (Amneal / Impax)
Weil, Gotshal & Manges (Washington)
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Weil, Gotshal & Manges (Washington)
FTC Applies its Merger Remedy Best Practices and Announces a New Divestiture Principle in Recent Pharmaceutical Enforcement Action* On April 27, 2018, the Federal Trade Commission (“FTC”) announced a proposed consent agreement with Amneal Pharmaceuticals LLC (“Amneal”) and Impax Laboratories, Inc. (...)

The EU Commission fines a multinational cable and telecommunications company €124.5 million for breaching EU Merger Regulation by implementing its acquisition before the approval by the Commission (Altice / PT Portugal)
Freshfields Bruckhaus Deringer (London)
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Freshfields Bruckhaus Deringer (Brussels)
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Freshfields Bruckhaus Deringer (Brussels)
The European Commission (Commission) announced today its decision to fine multinational cable and telecoms company Altice €124.5 million for breaching the EU Merger Regulation by implementing its 2015 acquisition of a telecommunications operator, PT Portugal, before notification to, or approval (...)

The Romanian Competition Authority clears a merger subject to remedies in the pharmaceutical sector (A&D Pharma / Glebi)
Romanian Competition Council (Bucharest)
THE COMPETITION COUNCIL AUTHORIZED WITH CONDITIONS THE TAKING OVER OF A&D PHARMA HOLDINGS NV BY GLEBI HOLDINGS PLC* The Competition Council authorised with conditions the transaction by which Glebi Holdings PLC takes over A&D Pharma Holdings NV. Glebi Holdings PLC is part of Penta (...)

The EU Commission considers potential harm to innovation as part of its merger assessments, particularly in R&D driven sectors such as pharmaceuticals and technology (Bayer / Monsanto)
Shearman & Sterling (London)
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Reed Smith (Brussels)
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Shearman & Sterling (London)
The European Commission has routinely considered potential harm to innovation as part of its merger assessments, particularly in R&D driven sectors such as pharmaceuticals and technology. In recent years, however, the Commission’s traditional innovation concerns have developed into broader, (...)

The EU Commission clears a merger, subject to remedies, in the seeds, pesticides and digital agriculture sector (Bayer / Monsanto)
DG COMP (Brussels)
Mergers: Commission clears Bayer’s acquisition of Monsanto, subject to conditions* The European Commission has approved under the EU Merger Regulation the acquisition of Monsanto by Bayer. The merger is conditional on the divestiture of an extensive remedy package, which addresses the parties’ (...)

The German Competition Authority clears a merger subject to remedies in the rail sector (CIT Rail / VTG Rail Assets)
German Competition Authority (Bonn)
Rail wagon leasing companies may merge subject to condition precedent* The Bundeskartellamt has cleared the acquisition of CIT Rail Holdings (Europe) S.A.S. by VTG Rail Assets GmbH subject to a condition precedent. The companies may only implement the merger once they have sold a substantial (...)

The Competition Authority of Botswana conditionally approves a merger with public interest conditions in the fast food restaurant market (Bradleymore’s Holdings)
Primerio (Washington)
COMPETITION AUTHORITY APPROVES KFC FRANCHISE M&A WITH PUBLIC-INTEREST CONDITIONS* On 7 February 2018 the Competition Authority of Botswana (“The Competition Authority”) approved, with conditions, the acquisition by Bradleymore’s Holdings (Pty) Ltd (“Bradleymore’s”), which is incorporated in (...)

The EU Commission clears a merger subject to remedies in the global media market and rejects a referral request by the Polish Competition Authority (Discovery / Scripps)
DG COMP (Brussels)
Mergers: Commission approves Discovery’s acquisition of Scripps, subject to conditions; rejects referral request by Polish competition authority* The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Scripps by Discovery, both US based global media (...)

The Spanish National Markets and Competition Commission clears the merger of the three card payment systems operating in Spain (Servired / Sistema)
Callol, Coca & Asociados (Madrid)
The NMCC has approved, subject to commitments, the merger of the three card payment service companies operating in Spain: Servired, Sistema 4B and Euro 6000, of which practically all banking entities present in Spain were shareholders. As a result of the operation, the Spanish card payment (...)

The Belgian Competition Authority clears a merger subject to remedies in the market of garages for maintenance and repairs of trucks (Kant / Volvo)
Belgian Competition Authority (Brussels)
THE COMPETITION COLLEGE OF THE BCA AUTHORISES CONDITIONALLY THE ACQUISITION OF GARAGES OF THE GROUP KANT BY VOLVO GROUP BELGIUM* The Competition College of the Belgian Competition Authority (BCA) has authorised on 31 January 2018 the acquisition of garages of Kant NV by Volvo Group Belgium NV. (...)

The South African Competition Authority publishes its recommendations for approving conditionally a merger in the market of petroleum (Sinopec / Chevron)
Primerio (Washington)
MERGER CONTROL: PUBLIC INTEREST & SINOPEC/CHEVRON* WHEN THE STICK IS GREATER THAN THE CARROT While China Petroleum & Chemical Corporation (Sinopec), and global commodities trader and miner Glencore are the front runners in a bid to buy Chevron’s South African Business (Chevron SA), it (...)

The US FTC challenges a merger in what it defines as markets for the retail sale of gasoline and the retail sale of diesel, and requires divestitures in 10 local geographic markets (Alimentation Couche-Tard / Holiday)
McDermott Will & Emery (Washington)
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McDermott Will & Emery (Brussels)
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McDermott Will & Emery (Düsseldorf)
THE LATEST: FTC CHALLENGES RETAIL FUEL STATION AND CONVENIENCE STORE TRANSACTION— REQUIRES TEN LOCALIZED DIVESTITURES IN WISCONSIN AND MINNESOTA* WHAT HAPPENED: Alimentation Couche-Tard Inc. (ACT) and its subsidiaries (including Circle K Stores, Inc.) are engaged in the retail sale of gasoline (...)

The French Competition Authority clears a merger subject to remedies in the sector of collection and recovery of non-hazardous office waste (La Poste / Suez)
French Competition Authority (Paris)
Collection and recovery of non-hazardous office waste sector* In an unprecedented move, the Autorité de la concurrence closes a litigation procedure, and on the same day, clears a merger involving the same activity. The Autorité obtained commitments from La Poste regarding the promotion, (...)

The EU Commission clears a merger subject to remedies in the markets for passenger air travel (Lufthansa / Air Berlin)
DG COMP (Brussels)
Mergers: Commission approves acquisition by Lufthansa of Air Berlin subsidiary LGW, subject to conditions* The European Commission has approved under the EU Merger Regulation Lufthansa’s proposed acquisition of certain Air Berlin assets, through the entity Luftfahrtgesellschaft Walter GmbH (...)

The French Competition Authority clears a merger subject to remedies in the home decoration and gardening retail market (Bricorama / ITM Équipement de la Maison)
French Competition Authority (Paris)
The Autorité de la concurrence has cleared, subject to several conditions, the acquisition of the Bricorama group by ITM Équipement de la Maison (Bricomarché, Brico Cash)* Parties to the transaction On 18 October 2017, ITM Équipement de la Maison, a subsidiary of ITM Entreprises, which notably (...)

The Finnish Competition Authority clears a merger subject to remedies on the retail and purchasing markets of the grocery sector (SOK / Stockmann Delicatessen)
Finnish Competition and Consumer Authority (Helsinki)
FCCA approves the acquisition between SOK and Stockmann Delicatessen subject to conditions* Today, the Finnish Competition and Consumer Authority (FCCA) approved the acquisition of Stockmann Group’s Delicatessen business by Suomen Osuuskauppojen Keskuskunta, SOK (The Central Finnish Cooperative (...)

The French Competition Authority clears a merger subject to remedies in the agricultural cooperatives sector (CAM / Terrena)
French Competition Authority (Paris)
The Autorité de la concurrence clears, subject to commitments, the merger of Coopérative agricole des Agriculteurs de la Mayenne (CAM) with Terrena* Parties to the operation On 30 October 2017, the parties notified the Autorité de la concurrence of their intention to merge through a merger by (...)

The UK Competition Authority clears a merger subject to remedies in the cinema sector (Odeon / Vue)
United Kingdom’s Competition Authority - CMA (London)
CMA ACCEPTS MANCHESTER CINEMAS SALE* In December, the Competition and Markets Authority (CMA) announced that AMC (UK) Acquisition Ltd’s (AMC’s) purchase of Odeon and UCI Cinemas Holdings Ltd (Odeon) would face an in-depth investigation, unless AMC could address concerns over the merger’s effect (...)

The Finnish Competition Authority clears a merger subject to remedies in the hotel accommodation market (Scandic / Restel)
Finnish Competition and Consumer Authority (Helsinki)
The FCCA approves Scandic’s acquisition of Restel, with conditions* Today, the FCCA has approved the acquisition of Restel Hotellit Oy by Scandic Hotels Oy, with conditions. As a condition for the approval of the sale, the FCCA obliged Scandic to sell one hotel in Pori, Lahti and Kuopio to its (...)

The Russian Competition Authority clears the creation of a joint undertaking subject to remedies in the taxi market (Yandex / Uber)
Russian Federal Antimonopoly Service (Moscow)
FAS cleared merger between Yandex.Taxi and Uber, subject to conditions* On November 24, 2017 FAS agreed on the application of the Yandex N.V., Uber International C.V. for conclusion of an agreement on the creation of joint enterprise, subject to conditions. The results of analysis of the (...)

The Russian Competition Authority requires several remedies before clearing a merger in the agrotechnology market (Bayer / Monsanto)
Russian Federal Antimonopoly Service (Moscow)
FAS Russia applies access and behavioral remedies in the Bayer/Monsanto merger* The Federal Antimonopoly Service of Russia (FAS Russia) has concluded a review of the merger between “Bayer AG” (Germany) and “Monsanto Company” (USA) filed according to paragraphs 8 and 9 of section 1 of article 28 of (...)

The US FTC files an administrative complaint challenging a proposed acquisition in the market for third-party paid referral services for senior living facilities and enters into a consent decree (Red Venture / Bankrate)
Shearman & Sterling (Washington)
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Shearman & Sterling (Washington)
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Shearman & Sterling (Washington)
This article has been nominated for the 2018 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. On November 3, 2017, the Federal Trade Commission filed a complaint challenging Red Ventures’ proposed acquisition of Bankrate. The FTC alleged that the deal (...)

The Hellenic Competition Authority clears an acquisition of joint control over a dairy milk company subject to commitments (Delta Foods / Mevgal)
Prentoulis Gerakini Law Partnership (Athens)
Under its decision No. 650/2017 the Hellenic Competition Commission (HCC) approved the acquisition of joint control of Mevgal SA by Delta Food SA and members of the Hatzakou family. Delta Food S.A., member of the Vivartia Group of companies, produces and distributes dairy products such as, (...)

The US FTC conditionally clears the transaction between two neurosurgical companies (Integra / Johnson & Johnson)
United Kingdom’s Competition Authority - CMA (London)
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McDermott Will & Emery (Washington)
What Happened: On February 14, 2017, Integra agreed to purchase Johnson & Johnson’s Codman neurosurgery business (excluding Codman’s neurovascular and drug deliver businesses) for $1.045 billion. Seven months later, on September 25, 2017, the Federal Trade Commission (FTC) agreed to clear the (...)

The EU Commission sends three separate statements of objections to companies alleging procedural breaches of the EU Merger Regulation (Merck / Sigma-Aldric ; GE / LM Wind ; Canon / Toshiba Medical Systems)
Van Bael & Bellis (Brussels)
On 6 July 2017, the European Commission sent three separate statements of objections (“SO”) to companies alleging procedural breaches of the EU Merger Regulation. Provision of misleading information The first SO concerns the Merck/Sigma-Aldrich transaction, which was conditionally cleared by (...)

The EU Commission clears a merger, subject to remedies, in the vending services market (Pelican Rouge / Selecta)
DG COMP (Brussels)
MERGERS: COMMISSION APPROVES ACQUISITION OF PELICAN ROUGE BY SELECTA, SUBJECT TO CONDITION* The European Commission has cleared under the EU Merger Regulation the proposed acquisition of vending services provider Pelican Rouge of the Netherlands by Selecta of Switzerland. The clearance is (...)

The French Competition Authority adopts an innovative merger decision in the healthcare institution sector (Elsan / MPP)
Total (Paris)
The French Competition Authority (FCA) has adopted an innovative merger decision in the health care institution sector, assessing not only the effects of the operation on medical services (diagnostic and treatments), but also the effects on non-medical ancillary services. An innovative merge (...)

The EU Commission clears a merger subject to remedies on the markets for debt collection and debt purchasing (Intrum Justitia / Nordic Capital)
DG COMP (Brussels)
MERGERS: COMMISSION APPROVES ACQUISITION OF INTRUM JUSTITIA BY NORDIC CAPITAL, SUBJECT TO CONDITIONS* The European Commission has approved under the EU Merger Regulation the acquisition of Intrum Justitia by Nordic Capital. The decision is conditional on the divestment of the companies’ (...)

The Belgian Competition Authority clears a merger subject to remedies on the telecommunication market (Coditel / Telenet)
Belgian Competition Authority (Brussels)
THE BCA HAS APPROVED CONDITIONALLY THE ACQUISITION OF CODITEL BY TELENET* The Competition College of the Belgian Competition Authority (BCA) has approved conditionally on 12 June 2017 the acquisition of Coditel Brabant SPRL and her subsidiary Coditel SARL (hereafter ‘Coditel’) by Telenet Group (...)

The EU Commission clears the acquisition of a pharmaceutical company by a global conglomerate subject to commitment that clinical development of innovative insomnia drugs will not be adversely affected by the merger (Johnson & Johnson / Actelion)
DG COMP (Brussels)
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Spanish Ministry of Economy, Industry and Competitiveness (Madrid)
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DG COMP (Brussels)
J&J/Actelion - falling asleep fast and deeply while staying fully awake on innovation * In a nutshell: The Commission found competitive concerns due to the combination of two development programmes for insomnia drugs, currently in Phase II of clinical trials. These pipeline drugs are based (...)

The EU Commission clears a merger subject to remedies in the telecommunication market (Telecom Italia / Vivendi)
DG COMP (Brussels)
MERGERS: COMMISSION APPROVES VIVENDI’S ACQUISITION OF TELECOM ITALIA, SUBJECT TO CONDITIONS* The European Commission has approved the acquisition of de facto control over Telecom Italia by Vivendi. The decision is conditional on the divestment of Telecom Italia’s stake in Persidera. Telecom (...)

The German FCO publishes merger remedies guidelines
Heinz & Zagrosek (Köln)
Bundeskartellamt publishes merger remedies guidelines* On May 30, 2017, the Bundeskartellamt (Federal Cartel Office, "FCO“) has published guidelines on remedies in German merger control, also available in an English translation. The very detailed guidelines (87 pages) provide a comprehensive (...)

The EU Commission conditionally approves an acquisition of de facto sole control over a national incumbent telecommunications company, subject to remedies (Vivendi / Telecom Italia)
DG COMP (Brussels)
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DG COMP (Brussels)
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DG COMP (Brussels)
Vivendi/Telecom Italia - jurisdictional and substantive assessment of minority shareholdings* In a nutshell: The Vivendi/Telecom Italia case raised interesting issues related to minority shareholdings. In relation to jurisdiction, the transaction consisted of the acquisition of (de facto) (...)

The EU Commission alleges a telecommunication company has breached EU rules by implementing its merger before notification or approval (Alice / PT Portugal)
DG COMP (Brussels)
Mergers: Commission alleges Altice breached EU rules by early implementation of PT Portugal acquisition* The European Commission has sent a Statement of Objections alleging that multinational telecommunications company Altice (the Netherlands), breached the EU Merger Regulation by implementing (...)

The EU Commission sends a statement of objections to a company to investigate whether a merger was implemented prior to the Commission’s clearance (Alice / PT Portugal)
Shearman & Sterling (London)
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Reed Smith (Brussels)
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Shearman & Sterling (London)
When a transaction meets the thresholds of the EU Merger Regulation, companies must notify and obtain clearance from the European Commission before implementing the transaction. This means that until clearance is obtained, companies should continue to operate independently (including (...)

The EU Commission sends a statement of objections alleging that multinational telecommunications company breached the EU Merger regulation by implementing its acquisition before notification or approval by the Commission (Altice / PT Portugal)
Herbert Smith Freehills (Brussels)
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Herbert Smith Freehills (London)
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Herbert Smith Freehills (Paris)
On 18 May 2017, the European Commission imposed a record fine of €110 million on Facebook for providing incorrect/misleading information to the Commission during its review of Facebook’s acquisition of WhatsApp under the EU merger regulation (EUMR). On the same day, the Commission issued a (...)

The EU Commission clears a merger, subject to remedies, in the market of semiconductor devices (Brocade / Broadcom)
DG COMP (Brussels)
MERGERS: COMMISSION CLEARS ACQUISITION OF BROCADE BY BROADCOM, SUBJECT TO CONDITIONS* The European Commission has cleared under the EU Merger Regulation the proposed acquisition of networking products supplier Brocade (US) by semiconductor manufacturer Broadcom (US/Singapore), subject to (...)

The German Competition Authority publishes merger remedies guidance
Jones Day (Frankfurt)
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Jones Day (Brussels)
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Jones Day (Dusseldorf)
The German Federal Cartel Office (Bundeskartellamt or "FCO") has published guidance on the requirements placed on remedies in merger control and their implementation. Remedies are an important instrument in merger control practice. They can enable the clearance of a merger under conditions and (...)

The Chinese MOFCOM requires divestitures and behavioural commitments to approve a merger in the market of agrochemical products, material science products and speciality products (Dow / DuPont)
University of Melbourne
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University of Melbourne
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Hogan Lovells (Beijing)
On 29 April 2017, the MOFCOM approved the merger between Dow and DuPont, subject to structural and behavioural conditions. The merger notification was submitted on 21 March 2016, which was accepted as complete on 6 May 2016. The review went into an extended phase 2, and the parties withdrew (...)

The US FTC reaches a consent agreement with merging parties to preserve innovation in the switchbox industry (Emerson / Pentair)
McDermott Will & Emery (Washington)
The FTC’s recent consent agreement addressing concerns regarding Emerson Electric Co.’s (Emerson) acquisition of Pentair Plc (Pentair) demonstrates a continued focus on whether transactions will reduce the incentive for merging parties to develop new, innovative products in the future. This is (...)

The EU Commission clears a merger subject to remedies in the identity and security solutions market (Morpho / Advent International)
DG COMP (Brussels)
MERGERS: COMMISSION CLEARS ACQUISITION OF SMART CARD MAKER MORPHO BY ADVENT INTERNATIONAL, SUBJECT TO CONDITIONS* The European Commission has cleared under the EU Merger Regulation the proposed acquisition of identity and security solutions provider Morpho, based in France, by Advent (...)

The UK Competition Authority clears a merger subject to remedies in the market of payment systems (MasterCard / VocaLink)
United Kingdom’s Competition Authority - CMA (London)
CMA accepts Mastercard/VocaLink undertakings* The CMA has today accepted undertakings offered by Mastercard to address competition concerns arising from its purchase of VocaLink. On 18 January 2017, the Competition and Markets Authority (CMA) announced it would look in detail at whether the (...)

The EU Commission clears a merger subject to remedies on the pesticides and plant growth regulators market (ChemChina / Syngenta)
DG COMP (Brussels)
MERGERS: COMMISSION CLEARS CHEMCHINA ACQUISITION OF SYNGENTA, SUBJECT TO CONDITIONS* The European Commission has approved under the EU Merger Regulation the proposed acquisition of Syngenta (based in Switzerland) by ChemChina. The approval is conditional on the divestiture of significant parts (...)

The EU Commission approves the acquisition of leading global R&D crop protection company by a leading global generic crop protection company, subject to remedies (ChemChina / Syngenta)
DG COMP (Brussels)
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DG COMP (Brussels)
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DG COMP (Brussels)
ChemChina/Syngenta: when growth is no longer organic* In a nutshell: This case concerned the acquisition of Syngenta by ChemChina, which already controlled Adama, the largest supplier of generic crop protection products. Adama is the largest generic company in this industry worldwide and in (...)

The EU Commission prohibits acquisition of largest national cement producer by the largest national cement importers, due to insufficient divestment to fully eliminate competition concerns (HeidelbergCement / Schwenk / Cemex Hungary / Cemex Croatia)
Freshfields Bruckhaus Deringer (Brussels)
HeidelbergCement/Schwenk/Cemex Hungary/Cemex Croatia - Cement travelling across borders* In a nutshell: The acquisition of Cemex Croatia would have seen DDC transform from an expanding importer in Croatia into the largest Croatian incumbent, and customers could have no longer benefitted from (...)

The EU Commission blocks attempted merger between Europe’s two largest stock exchange operators, due to their inability to offer remedies that would prevent the creation of a de facto monopoly in the markets for fixed income clearing (Deutsche Börse / London Stock Exchange)
King’s College (London)
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DG COMP (Brussels)
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DG COMP (Brussels)
DB/LSE - Assessing financial infrastructure markets: Network effects, service portfolios and viability of remedies* In a nutshell: The Commission prohibited the merger between the two largest European financial infrastructure groups, Deutsche Börse and London Stock Exchange, in March 2017. This (...)

The EU Commission clears a merger, subject to remedies, on the chemicals market (FMC / Dupont)
DG COMP (Brussels)
MERGERS: COMMISSION CLEARS BOTH FMC’S ACQUISITION OF PARTS OF DUPONT’S CROP PROTECTION BUSINESS AND DUPONT’S ACQUISITION OF FMC’S HEALTH AND NUTRITION BUSINESS* The European Commission has conditionally approved, under the EU Merger Regulation, FMC’s proposed acquisition of parts of DuPont’s crop (...)

The EU Commission clears merger between two global chemical companies, subject to remedies to ensure price and innovation competition in the markets for pesticides, petrochemicals (Dow / DuPont)
DG COMP (Brussels)
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Skadden, Arps, Slate, Meagher & Flom (Brussels)
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DG COMP (Brussels)
Dow/DuPont: protecting product and innovation competition * In a nutshell: The main concerns arising in the Dow/DuPont merger related to crop protection, on both product and innovation competition. Innovation is of key importance to this industry and the merging parties were two of only five (...)

The US Supreme Court of Delaware affirms termination of merger agreement due to the inability of a party to deliver a necessary tax opinion (Energy Transfer / Williams)
White & Case (New York)
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White & Case (New York)
Resolving a dispute surrounding one of the largest M&A deals of 2015, the Delaware Supreme Court affirmed the Delaware Chancery Court’s decision allowing Energy Transfer Equity, L.P. to terminate its proposed acquisition of The Williams Companies, Inc. due to the inability of Energy (...)

The US FTC clears an acquisition between two companies in the energy sector after they agreed to remedy an overlap for the natural gas pipeline (Enbridge / Spectra)
McDermott Will & Emery (Washington)
The Federal Trade Commission (FTC) recently granted US antitrust clearance for Enbridge’s acquisition of Spectra after the parties agreed to behavioral commitments to remedy an overlap for natural gas pipeline transportation from the wellhead in three markets off the coast of Louisiana (Green (...)

The German Competition Authority clears a merger in the sanitary wholesale market (Wilhelm Gienger / Cordes & Graefe)
German Competition Authority (Bonn)
BUNDESKARTELLAMT CLEARS MERGER BETWEEN SANITARY WHOLESALERS* The Bundeskartellamt has cleared the acquisition of the business operations of Wilhelm Gienger GmbH, Stuttgart, by Cordes & Graefe KG, Bremen, after the companies changed their original plans in response to concerns expressed by (...)

The French Competition Authority fines companies for breaching commitments on fibre optic rollout (Altice / SFR)
Van Bael & Bellis (Brussels)
On 9 March 2017, the French Competition Authority (“FCA”) fined Altice and SFR Group € 40 million for violating commitments entered into with the FCA at the conclusion of its review of the Altice/SFR merger in October 2014. By way of background, the commitments required Altice/ SFR to honour an (...)

The UK Competition and Markets Authority is consulting on proposed changes to the UK merger regime to reduce the burden of investigations into mergers where the parties operate in small markets
Jones Day (London)
UK merger control process The UK operates a two-stage merger control regime. Before starting a formal merger investigation, the CMA will conduct pre-notification discussions with the parties, which typically last one to two months. Upon conclusion of these discussions, the CMA opens a formal (...)

The EU Commission clears a merger, subject to remedies, in the threat detection equipment business market (Morpho Detection / Smiths Group)
DG COMP (Brussels)
MERGERS: COMMISSION CLEARS ACQUISITION OF MORPHO DETECTION BY SMITHS, SUBJECT TO CONDITIONS* The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Morpho Detection, the threat detection equipment business of Safran of France, by Smiths of the UK. The (...)

The EU Commission clears an acquisition between two leading global manufacturers of threat detection equipment, subject to remedies (Smiths / Morpho Detection)
DG COMP (Brussels)
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DG COMP (Brussels)
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University of Tokyo
SMITHS GROUP / MORPHO DETECTION: MAINTAINING SECURITY THROUGH INNOVATION * In a nutshell: Smiths’ acquisition of Morpho Detection brought together two leading suppliers of the equipment used to detect explosives and narcotics. This equipment is omnipresent at security checks in airports and is (...)

The US FTC challenges a merger using a monopolisation theory to allege that the merger would eliminate nascent competition in the therapeutic adrenocorticotropic hormones (Questcor Pharmaceuticals / Mallinckrodt)
McDermott Will & Emery (Washington)
The Federal Trade Commission (FTC) challenged a consummated transaction using a monopolization theory to allege that the acquisition would eliminate “nascent” competition for therapeutic adrenocorticotropic hormones (ACTH) in the United States. WHAT HAPPENED: Questcor Pharmaceuticals, Inc.’s (...)

The Indian Competition Authority fines merging parties for failure to disclose global acquisition of the healthcase antisepsis business (Schulke / ASP Division of Ethicon)
Vaish Associates Advocates (New Delhi)
CCI penalizes Schulke and Mayr GmBH (Schulke) for delayed filing in relation to the acquisition of Healthcare Antisepsis Solutions (HAS) business of Johnson & Johnson Private Limited (JJPL)* CCI, by its order dated January 13, 2017 has imposed a penalty of INR 25,00,000 on Schulke on (...)

The US FTC publishes its merger remedies report and signals tougher enforcement for designing and implementing remedies
Skadden, Arps, Slate, Meagher & Flom (Washington DC)
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Jones Day (Houston)
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Jones Day (Washington DC)
The Federal Trade Commission staff have completed a new study evaluating its process for designing and implementing merger remedies and the success of the remedies it has imposed in the past. Its report—"The FTC’s Merger Remedies 2006-2012: A Report of the Bureaus of Competition and (...)