Takeover process and new risks: How to notify competition authorities without endangering the undertakings?

Law & Economics workshop organised by Concurrences Review in partnership with Paul Hastings and McKinsey & Company.

Pierre Kirch

As part of the competition roundtable organized by the firm Paul Hastings in partnership with the review Concurrencesfor the past five years, we have chosen to focus on merger control after having observed, over the past few years, a veritable explosion in this area of competition law around the world. Today, 134 countries (out of 194) have merger control regimes. The lack of harmonisation and the wide variety of approaches adopted create great complexity for economic operators. In some jurisdictions, particularly in African and Central American countries, merger control is based on "soft law". Conversely, other jurisdictions have an established merger control system: this is the case in the European Union and its Member States, the United States, China and Brazil. These regimes are highly developed and very complex, which can sometimes make them difficult for economic operators to grasp.

In this panel discussion, we will discuss the acquisition process and new risks in the preparation and execution of transactions. In particular, we will talk about "gun jumping": the risk for companies of going beyond the simple anticipation of the transaction by taking control of the target before the approval of the competition authorities.

Photos © Léo-Paul Ridet

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