The UK Competition and Markets Authority issues Guidance on requests for internal documents in merger investigations

Competition authorities around the world typically place considerable weight on parties' internal documents when assessing the potential effects of a merger. Such documents, many of which can pre-date the companies' decision to enter into a transaction, are often regarded as conveying the merging parties' 'real' views about the market(s) concerned and the competitive dynamics within them. That is why it is always important for companies to be mindful of how they draft documents, not only when a potential transaction is contemplated but also when preparing market-related documents such as business plans and strategy papers. On 15 January 2019, the Competition and Markets Authority (CMA) issued 'Guidance on requests for internal documents in merger investigations' (Guidance). The

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Jacquelyn F. MacLennan, Marc Israel, The UK Competition and Markets Authority issues Guidance on requests for internal documents in merger investigations, 15 janvier 2019, Bulletin e-Competitions February 2019, Art. N° 89218

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