Search results - Concurrences

1 Nov 2020 R

Pierre Régibeau (DG COMP): Chief Economist – Priorities and cases in times of upheaval

Pierre Régibeau, Cristina Caffarra • N° 4-2020

A conversation with Cristina Caffarra, Head of European Competition, Charles River Associates, London/Brussels. The big “Zeitgeist” discussion when you started off as chief economist was—and continues to be—about antitrust enforcement falling short in its ability to deal with digital platforms in (...)

1 Nov 2020 R

The failing firm defence in the age of COVID-19

Nicholas Levy, Daniel P. Culley, Richard Pepper, Alexis R. B. Lazda, Edward Dean • N° 4-2020

As COVID-19 continues to cause economic upheaval, undermine established business models, and jeopardise the long-term viability of important sectors of the economy, an increasing number of transactions may involve firms in severe financial difficulty. This may in turn increase the number of (...)

1 Sep 2020 R

Failing firm defence – a tool in crisis?

Didier Théophile, Anne Faber • N° 3-2020

The failing firm defence, although a well-established principle of EU and numerous national merger control rules worldwide, is only very rarely successful because of the strict interpretation and high evidentiary burden imposed by competition authorities. The current Covid-19 crisis has plunged (...)

4 Aug 2020 B

The UK Competition Authority clears a Big tech’s 16% investment in an online food delivery company after finding that it will not substantially lessen competition (Amazon / Deliveroo)

UK Competition Authority • August 2020

CMA clears Amazon’s 16% investment in Deliveroo* Following an in-depth investigation, the CMA has today cleared Amazon’s 16% investment in Deliveroo after finding that it will not substantially lessen competition. The Competition and Markets Authority (CMA) completed an initial ‘Phase 1’ (...)

4 Aug 2020 B

The UK Competition Authority clears at phase II an acquisition of a minority shareholding and certain rights in a food delivery company in its first application of “failing firm” defence (Amazon / Deliveroo)

Oliver Latham, Uğur Akgün • August 2020

On 4 August 2020 the CMA cleared Amazon’s proposed minority investment in Deliveroo. Having previously been concerned that the investment could damage competition by discouraging Amazon from re-entering restaurant food delivery in the UK and altering its competitive incentives in respect of (...)

16 Jul 2020 B

The Austrian Competition Authority publishes position paper on the macroeconomic effects of "shutdown mergers" in the context of the COVID-19 crisis

Austrian Competition Authority • July 2020

AFCA publishes position paper on the Macroeconomic Effects of Mergers in the Context of the COVID-19 Crisis - "Shutdown Mergers"* The position paper aims to facilitate notifications of Shutdown Mergers. The COVID-19 pandemic and the restrictions put in place to deal with it have triggered a (...)

29 Jun 2020 C

Security of Supply Chains: How to address it in Covid-19 and beyond?

Paul Csiszar, Andrea Collart, Pascal Belmin, Luc Gyselen

Webinar of the "#NewAntitrust" Webinar Series organised by Concurrences, in partnership with Arnold & Porter and Avisa Partners, with Paul Csiszar (Director, Markets and cases IV: Basic industries, Manufacturing and Agriculture, DG COMP), Pascal Belmin (Head of EU regulatory affairs, (...)

11 Jun 2020 C

Webinar #8: Failing Firm Defense: A U.S. Point of View

Melissa Hill, Dov Rothman, Katharine O’Connor

Webinar of the "#NewAntitrust" Webinar Series organized by Concurrences with Melissa Hill (Deputy Assistant Director, Mergers 4, FTC), Katharine O’Connor (Partner, McDermott Will & Emery), and Dov Rothman (Managing Principal, Analysis (...)

25 May 2020 B

The OECD issues note on competition issues relating to merger control in the time of COVID-19

OECD • May 2020

One of the many consequences of the COVID-19 crisis is the risk that many firms will find themselves in financial distress and forced to exit the market or merge. This note focuses on competition issues relating to merger control. It serves as background material and raises issues for (...)

15 May 2020 C

WEBINAR #6 Industrial Policy and Competition Policy in the post-Covid context

Emmanuel Combe, Philippe Aghion, Frédéric Jenny, Antoine Winckler

Industrial policy Webinar of the "#NewAntitrust" Series organised by Concurrences with Philippe Aghion (Professor, Collège de France - London School of Economics), Emmanuel Combe (Vice President, Autorité de la concurrence - Professor, Paris I Panthéon-Sorbonne - SKEMA Business School), Frédéric (...)

6 May 2020 C

WEBINAR #5 Failing firm defence: A new era for mergers?

Axel Gutermuth, Paul Csiszar, Antoine Chapsal, Jonas Koponen

Failing Firm Defence Webinar of the "#NewAntitrust Webinar Series" organised by Concurrences with Paul Csiszár (Director of Basic industries, Manufacturing and Agriculture DG COMP), Antoine Chapsal (Partner, Analysis Group), Axel Gutermuth (Partner, Arnold & Porter) and Jonas Koponen (...)

1 May 2020 R

Competition law and health crisis

Frédéric Jenny, Christian Ahlborn, Jeremy Bacharach, Christoph Barth, Christian Bovet, Marcel Boyer, Jacques Buhart, Maria Pilar Canedo Arrillaga, Michèle Carpagnano, Daniel Crane, Aymeric de Moncuit, Valentine Delaloye, Jacques Derenne, David-Julien dos Santos Goncalves, David Gabathuler, Mark Griffiths, Leigh Hancher, David Henry, Pierre Horna, David Kupka, Siún O’Keeffe, Christian Ritz, Giulio Cesare Rizza, Matthias Schlau, Mario Siragusa, Anastasia Usova, Faustine Viala, Masako Wakui • N° 2-2020

The unexpected shock provoked by the Covid-19 crisis and the measures taken to limit the spread of the pandemic have affected the functioning of many markets. Throughout the world, competition authorities which, in the last decade, had been enforcing their laws in the context of steady economic (...)

23 Apr 2020 B

Mergers & COVID-19: The impact on EU and national merger control

Neil Cuninghame, Denis Fosselard, Peter Armitage, Nigel Parr, Christopher Eberhardt • Mergers & Covid-19

While some businesses may choose to delay transactions in light of Covid-19, many transactions will clearly continue and some of these will need to be completed with some urgency, in particular in cases of financial distress. Merger control regimes are still in operation, although there have (...)

22 Apr 2020 B

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

UK Competition Authority • April 2020

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 (...)

22 Apr 2020 B

The UK Competition Authority warns that it will not relax its substantive or evidentiary standards for merger investigations during the COVID-19 pandemic

Omar Shah, Joanna Christoforou, Savas Manoussakis • April 2020

New guidance from the UK Competition and Markets Authority warns that it will not relax its substantive or evidentiary standards for merger investigations during the coronavirus (COVID-19) pandemic. Statutory deadlines will not be altered, although aspects of investigations may be subject to (...)

22 Apr 2020 B

The UK Competition Authority publishes guidance on its approach to merger control during the COVID-19 pandemic

Kristien Geeurickx, Stephen Wisking, Veronica Roberts • April 2020

The Competition and Markets Authority (CMA) has published guidance on its approach to merger control during the COVID-19 pandemic. The guidance deals with procedural issues as well as substantive assessment, and makes it clear that on the whole the CMA’s approach remains one of ‘business as (...)

22 Apr 2020 B

The UK Competition Authority issues guidance summarising the impact of COVID-19 on its merger review

Porter Elliott • April 2020

Since its Amazon/Deliveroo decision on 17 April 2020, the CMA has issued guidance in relation to its assessment of mergers during the COVID-19 pandemic, covering, inter alia, information-gathering, the timing of investigations, the conduct of meetings and hearings, as well as how it will (...)

22 Apr 2020 B

The UK Competition Authority publishes its guidance on merger assessments during COVID-19 pandemic

Miranda Cole, Jérôme de Ponsay • April 2020

On 22 April 2020, the UK Competition and Market Authority (“CMA”) published its guidance on ‘Merger assessments during the Coronavirus (COVID-19) pandemic’ (“the guidance”). Prior to the publication of the guidance, there was some speculation about whether the CMA would be more willing to accept (...)

20 Apr 2020 B

The Ecuadorian Competition Authority publishes new merger review procedure due to COVID-19 crisis

Andres Rubio Puente • April 2020

COVID-19: New, fast-track merger review procedure introduced in Ecuador Historically, crises have been catalysts of legal and political change. On occasion of the COVID-19 emergency, this week (April 20th, 2020) the Ecuadorian competition agency (‘Superintendencia de Control del Poder de (...)

17 Apr 2020 B

The UK Competition Authority announces its provisional clearance of a proposed acquisition of a stake in a food delivery company in its first application of “failing firm” defence during the COVID-19 pandemic (Amazon / Deliveroo)

Veronica Roberts, Daniel Vowden, Ruth Allen, Kristien Geeurickx • April 2020

On 17 April 2020 the CMA announced its provisional clearance of Amazon’s proposed acquisition of a stake in Deliveroo. The transaction was referred for an in-depth Phase 2 investigation in December 2019, in light of concerns about the impact on competition for the supply of online restaurant (...)

17 Apr 2020 B

The UK Competition Authority provisionally clears acquisition of an online food delivery business by a global online shopping company to prevent it from bankruptcy likely to happen due to economic effects of the COVID-19 outbreak (Amazon / Deliveroo)

UK Competition Authority • April 2020

CMA provisionally clears Amazon’s investment in Deliveroo* In light of a deterioration in Deliveroo’s financial position as a result of coronavirus (COVID-19), the CMA has provisionally cleared Amazon’s investment in Deliveroo. After completing an initial, Phase 1, investigation, the Competition (...)

17 Apr 2020 B

The UK Competition Authority uses the failing firm defence in a merger between a service provider and a food delivery supplier during the COVID-19 pandemic (Amazon / Deliveroo)

Alexi Dimitriou, Neil Cuninghame, Christopher Eberhardt • April 2020

While some businesses may choose to delay transactions in light of Covid-19, many transactions will continue, in particular if the target is in financial distress. In such scenarios, the "failing firm defence" may be an available option for obtaining merger control clearance for transactions (...)

17 Apr 2020 B

The UK Competition Authority provisionally clears an acquisition between an online food delivery business by a global online shopping company (Amazon / Deliveroo)

Peter Willis, Patricia Wing • April 2020

The CMA has provisionally cleared Amazon and Deliveroo merger On 17 April 2020, the Competition and Markets Authority ("CMA") provisionally cleared the anticipated acquisition by Amazon of certain rights and a minority shareholding in Deliveroo. The CMA’s initial analysis of the merger (...)

7 Apr 2020 B

The EU Commission announces that, amid the current COVID-19 crisis, it stands ready to deal with cases where firms can show very compelling reasons to proceed with a merger notification without delay

Amaryllis Müller, Alastair Chapman, Sarah Jensen • April 2020

Although many competition authorities are making considerable efforts to ensure “business as usual” during the COVID-19 crisis, the pandemic is inevitably having a material impact on merger control reviews around the globe. In addition to the obvious timing implications, deals are now being, and (...)

26 Mar 2020 R

Incompatible aid: The Court of Justice of the European Union annuls the judgment of the General Court confirming the incompatibility of several aid measures implemented by the Greek State in favour of a company in difficulty (Larko)

Alain Ronzano • N° 2-2020

On 26 March 2020, the Court of Justice of the European Union delivered a judgment in case C-244/18 (Larko Geniki Metalleftiki kai Metallourgiki AE v. European Commission).. It will be recalled that in a judgment rendered on February 1, 2018 In Case T-412/14 (Larko Geniki Metalleftiki kai (...)

26 Mar 2020 B

The EU Court of Justice annuls the General Court’s decision which ruled that the Greek authorities should have known about the State aid public loan when there was no proof that they were aware of it (Larko)

Phedon Nicolaides • March 2020

Advantage Must be Proven, Not Assumed* Introduction When a company gets into financial trouble, public subsidies may provide a temporary respite but hardly ever a permanent solution if the company does not undertake painful restructuring. More than 10 years ago, Larko, a Greek mining (...)

18 Mar 2020 B

The Brazilian Competition Authority implements measures in line with WHO recommendations against the spread of the COVID-19

Lauro Celidonio Gomes dos Reis Neto, Renata Fonseca Zuccolo Giannella, Amadeu Ribeiro, Marcio Soares, Michelle Marques Machado • March 2020

The Brazilian antitrust authority has implemented measures in line with WHO recommendations against the spread of the COVID-19, and activities are being carried out without major impacts, although deadlines in conduct cases are now suspended and delays in certain matters cannot be altogether (...)

24 Sep 2019 R

Economic continuity: The General Court of the European Union confirms the finding of economic continuity between two entities, taking into account in particular the very wide scope of assets transferred (Fortischem)

Bruno Stromsky • N° 1-2020 • pp. 132-135

The Fortischem judgment concerns an attempt by Slovakia to rescue a private chemical production company (NCHZ), which was facing bankruptcy proceedings and which the State considered strategic. It is of two main interests: on the one hand, it clearly shows how the manipulation of the bankruptcy (...)

13 Sep 2019 B

The Portuguese Competition Authority clears a merger in the hospital market in applying the failing firm defence (HSGL / HPA Group)

Portuguese Competition Authority • September 2019

The AdC adopts a clearance decision on the Grupo HPA Saúde / Hospital São Gonçalo de Lagos merger* The AdC (Autoridade da Concorrência – Portuguese Competition Authority) has adopted a clearance decision on the merger concerning the acquisition of sole control of Hospital São Gonçalo de Lagos (...)

1 Sep 2019 R

Agripole/Cofigeo merger – what if we discussed the substance?

Aulne Abeille, Sara Darley-Reygner • N° 3-2019

The analysis of the acquisition of Agripole by Cofigeo, subsequent to an in-depth examination, enabled the French competition authority (FCA) to detail its methodology on issues frequently arising in mergers involving consumer goods manufacturers. The FCA focused on the structuring role of (...)

17 May 2019 B

The French Competition Authority clears a merger in the metalworking market (Ascoval / British Steel)

French Competition Authority • May 2019

Metalworking industry* The Autorité de la concurrence clears the takeover of the Ascoval company by the British Steel group. After the decision of the Strasbourg General court of first instance of 2 May 2019, which validated the takeover of the steel plant Ascoval by the British Steel group, (...)

5 Apr 2019 R

Recovery: The French Administrative Supreme Court clarifies the litigation regarding illegal State aid granted to an undertaking in judicial liquidation (CELF)

Francesco Martucci • N° 3-2019 • pp. 146-148

In a judgment dated 5 April 2019, the Conseil d’État ruled out the recognition of the absolute impossibility of recovering State aid illegally paid to a company placed in compulsory liquidation. In the present case, the company Mandataires Judiciaires Associés, acting in its capacity as liquidator (...)

28 Jan 2019 R

Franchise: The Limoges Court of Appeal considers that the intuitu personae clause stipulated to the sole benefit of the franchisor in the insolvency proceedings does not preclude the transfer of the franchise agreement to a new party (Pata Manosque / La Pataterie développement)

Dominique Ferré • N° 2-2019 • p. 93

The delicate question of the transfer of a franchise agreement to a transferee in the context of collective proceedings concerning a franchisor is the subject of a decision handed down by the Limoges Court of Appeal on 28 January 2019. Such a question is acutely relevant in the context of (...)

13 Dec 2018 R

Defective statement of the reasons: The General Court of the European Union annuls for defective statement of the reasons a decision of the European Commission concluding that the creditors committee’s decision to carry on the beneficiary’s business did not constitute a State aid (AlzChem)

Dimitris Vallindas, Jacques Derenne • N° 1-2019 • pp. 155-157

By judgment of 13 December 2018, the Court of First Instance allowed the action for annulment brought by AlzChem AG (T-284/15) against Commission Decision (EU) 2015/1826 (the ’contested decision’). The contested decision found that the granting of strategic company status to NCHZ had protected it (...)

28 Jun 2018 R

Selective nature of a scheme: The Court of Justice of the European Union annuls a judgement of the General Court and a decision of the Commission concerning the selective nature of a possibility to carry forward past losses, because the reference framework used to carry out the analysis of selectivity was too narrow and too much focused on the legislative technique used by the Member State (Dirk Andres)

Bruno Stromsky • N° 3-2018 • pp. 154-155

The Dirk Andres v. Commission judgment is one of four judgments delivered on 28 June 2018 on the same Commission decision, which considered the possibility offered by Germany to companies in difficulty to carry forward losses as selective and constituting State aid. These four judgments are (...)

6 Mar 2018 R

State aid: The Court of Justice of the European Union censors the General Court and considers that the risks arising from commitments entered into by a Member State in a first bank bail out must not be taken into account when assessing the economic rationality of the measures of the second bail out in the light of the market economy operator principle (FIH)

Alain Ronzano • N° 2-2018

On 6 March 2018, the Court of Justice of the European Union delivered a judgment in Case C-579/16 (European Commission v. FIH Holding A/S, FIH Erhvervsbank A/S)..   Suivant the conclusions by Advocate General Maciej Szpunar in this case, the Court of Justice of the European Union has therefore (...)

1 Feb 2018 R

Inability to pay the fines imposed by the European Commission in cartel proceedings: How to navigate the maze?

Guillaume Fabre, Olivier Billard • N° 1-2018 • pp. 232-240

When a firm that took part in a cartel faces the risk that the Commission imposes a fine that is disproportionate as compared to its ability to pay and that could lead it to exit from the market, it may explore various procedural options to request that its economic and financial situation be (...)

17 Jan 2018 R

Failure to recover: The Court of justice of the European Union finds that Greece has failed to fulfill its obligations by failing to recover the aid granted to a company in difficulty whose bankruptcy proceedings have been suspended by Greek authorities (Commission/Greece)

Raphaël Vuitton • N° 2-2018 • pp. 124-126

While this case serves to illustrate the classical case-law according to which the difficulties experienced by an undertaking do not affect the obligation to recover aid from it, it highlights once again the slowness with which the Commission can establish the failure to comply with this (...)

5 Jul 2017 B

The Italian Competition Authority unconditionally approves a rescue banking merger (Venetian Banks)

Michele Giannino • July 2017

In the Venetian Banks case, the Italian Competition Authority (ICA) gave an unconditional go-ahead to a rescue banking merger. By this merger operation, a major Italian bank, Intesa Sanpaolo (ISP) would take over the banking activities of two regional ailing banks, Banca Popolare di Vicenza (...)

21 Jun 2017 B

The US District Court rejects a failing firm defence and blocks the merger of nuclear waste disposal companies (EnergySolutions / Waste Control Specialists)

Mary Strimel • June 2017

Federal judge blocks merger of nuclear waste disposal companies rejecting "failing firm" defense* On June 21, 2017, US District Judge Sue L. Robinson blocked EnergySolutions, Inc.’s proposed acquisition of Waste Control Specialists LLC (WCS), applying a strict standard for the “failing firm” (...)

8 Nov 2016 C

Restructuring undertakings in difficulty and competition — Merger & State Aid

Edouard Sarrazin, Laurence Idot, Simon Genevaz

Lunchtalk organized by Concurrences Review in partnership with DLA Piper.

21 Oct 2015 B

The Irish Competition and Consumer Protection Commission approves a merger following the parties’ submission of a failing division argument (Baxter / Fannin)

Conor Talbot • October 2015

Introduction The Irish Competition and Consumer Protection Commission (CCPC) has approved a merger under the Irish Competition Act 2002 (as amended) following the parties’ submission of a failing division argument. The transaction saw Baxter Healthcare Limited (Baxter) seeking to acquire sole (...)

21 Oct 2015 B

The Irish Competition Authority clears the first otherwise anticompetitive merger using the failing firm defence (Baxter / Fannin)

Paul Gorecki • October 2015

Introduction 1 On 21 October 2015 the Competition and Consumer Protection Commission (CCPC), Ireland’s competition agency, cleared the acquisition by Baxter Healthcare Limited (Baxter) of Fannin Compounding Limited (Fannin), a business division of Fannin Limited which was, in turn, a subsidiary (...)

21 Jan 2015 B

The Danish Competition Authority requests criminal indictment for withholding in a merger assessment (Metro Cash & Carry)

Michael Klöcker • January 2015

METRO Cash & Carry risks fine in Danish merger case* The Danish Competition and Consumer Authority (DCCA) has reported METRO Cash & Carry (METRO) to the State Prosecutor for Serious Economic and International Crime for failing to submit relevant information regarding a notified merger. (...)

28 Nov 2014 B

The Competition Commission of Singapore clears an acquisition in the airline sector in a landmark decision (Singapore Airline / Tiger Airways)

Daren Shiau, Kenneth Lim • November 2014

On 28 November 2014, the CCS announced that it had cleared the notification for decision in relation to the acquisition of Tiger Airways Holdings Limited (“Tigerair”) by Singapore Airlines Limited (“SIA”) (collectively, the “Parties”) on the grounds of a failing firm defence argument. After (...)

4 Sep 2014 R

Maritime transport : The Court of Justice of the European Union upholds the judgment of the General Court partially annulling the Commission’s decision in relation to the privatisation of the shipping company operating regular services to Corsica from mainland France (SNCM / Corsica Ferries)

Jacques Derenne, Jessica Walch-Barton • N° 4-2014 • pp. 183-184

The judgment delivered by the Court of Justice on 4 September 2014 marks the epilogue of a long dispute which we had already commented on when the Court of First Instance delivered its decision at first instance (J. Derenne, Concurrences n° 4-2012). It should be recalled that, by judgment of 11 (...)

1 Sep 2014 B

The German Competition Authority clears a merger by applying the failing firm defence on the daily newspapers market (Westfälische Nachrichten / Münstersche Zeitung)

German Competition Authority • September 2014

Regional daily Westfälische Nachrichten can take over Münstersche Zeitung* The Bundeskartellamt has cleared plans by the Münster-based publishing house Aschendorff Verlag (which publishes Westfälische Nachrichten) to acquire the regional daily Münstersche Zeitung. The daily is sold by the (...)

15 Aug 2014 B

The UK Competition and Markets Authority refuses to apply the failing firm defence to clear a merger in phase II (Alliance / IBA)

Matthew O’Regan • August 2014

United Kingdom Merger Control: Recent Developments in the Failing Firm Defence* On 15 August 2014, the Competition and Markets Authority (“CMA”) approved Alliance Medical Group’s completed acquisition of IBA Molecular’s radioactive medical tracer business. Although IBA’s business was loss-making, (...)

31 Jul 2014 R

Undertakings in difficulty : The European Commission adopts new guidelines on rescue and restructuring aid

Bruno Stromsky • N° 4-2014 • pp. 179-180

The previous Commission Communication on rescue and restructuring aid dated from 2004, and had been extended twice. It struck a balance between the need to support ailing companies that can restructure and become viable again and the need to limit the significant distortions of competition (...)

24 Jul 2014 B

Financial services and competition law: An overview of EU and national case law

Alastair Chapman, Alison Jones, David Aitman • Financial services

1. Financial crisis We are writing this foreword during a period of virtually unprecedented economic disarray. At the time of drafting, a deal has just been hammered out to protect Greece from default on its sovereign debt, but uncertainty still remains as to whether other Eurozone countries - (...)

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