Mergers & Covid-19

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

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 been some changes, in particular to encourage parties to delay notifications. This note considers how merger control processes can best be navigated in times of crisis, for example, where the urgent completion of a transaction may be required, or the target is otherwise in significant financial difficulty.

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Ashurst (London)
Royaume-Uni 18 contributions 6010 visites
Ashurst (Brussels)
Belgique 45 contributions 45287 visites
Ashurst (Sydney)
Australie 8 contributions 2678 visites
Ashurst (London)
Royaume-Uni 33 contributions 16239 visites
Ashurst (London)
Royaume-Uni 12 contributions 3619 visites

Mergers

 The UK Competition Authority publishes its final remittal report deciding to block a completed acquisition by sports-inspired casual footwear and apparel retailer of its rival (JD Sports / Footasylum) Free
Van Bael & Bellis (London)
16 contributions 3239 visits
On 5 November 2021, the UK’s Competition and Markets Authority (“CMA”) published its final remittal report into the completed acquisition by sports-inspired casual footwear and apparel retailer JD Sports (“JD”) of rival Footasylum, deciding (once again) to block the transaction. This is the latest (...)

The UK Competition Authority orders a sneaker and apparel retailer to sell one of its companies to preserve competition (JD Sports / Footasylum)
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
CMA requires JD Sports to sell Footasylum* The CMA has instructed JD Sports to sell Footasylum after its in-depth investigation identified competition concerns. The Competition and Markets Authority (CMA) has found that the takeover could lead to a substantial reduction in competition and a (...)

The Australian Competition Authority finds that the proposed coordination of Japanese and Australian flights between two airlines is not in the public interest (Qantas / Japan Airlines)
Australian Competition and Consumer Commission (Canberra)
Australia 358 contributions 75916 visits
ACCC finds Qantas and Japan Airlines alliance not in the public interest* The ACCC has denied authorisation for Qantas (ASX:QAN) and Japan Airlines to coordinate flights between Australia and Japan under the terms of a joint business agreement. The ACCC found that the agreement would likely (...)

The UK Competition Authority reassesses a merger in the activewear sector and provisionally finds that it raises competition concerns (JD Sports / Footasylum)
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
Competition concerns remain over JD Sports merger* The CMA has provisionally found JD Sports’ takeover of Footasylum could lead to a worse deal for shoppers, after reassessing the merger. Following the CMA’s final decision to block the merger between JD Sports and Footasylum in May 2020, JD (...)

The Dutch Competition Authority confirms an increase in the number of mergers that require further investigation due to potential effect on competition Free
Netherlands Authority for Consumers & Markets- ACM (The Hague)
Netherlands 198 contributions 32415 visits
ACM sees more and more mergers with anticompetitive risks* The Netherlands Authority for Consumers and Markets (ACM) has seen an increase in the number of mergers that require further investigation because of possible risks for the mergers having negative consequences. At the moment, ACM is (...)

The UK, German and Australian Competition Authorities agree on a joint statement on merger control
German Competition Authority (Bonn)
Germany 427 contributions 107854 visits
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Australian Competition and Consumer Commission (Canberra)
Australia 358 contributions 75916 visits
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UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
Competition Agencies from Germany, the UK and Australia agree on Joint Merger Statement* Today, the Bundeskartellamt, the UK’s Competition and Markets Authority (CMA) and the Australian Competition and Consumer Commission (ACCC) have agreed on a joint statement on merger control. The joint (...)

The Australian, German and UK Competition Authorities release a joint statement on merger control enforcement
Australian Competition and Consumer Commission (Canberra)
Australia 358 contributions 75916 visits
Landmark joint statement on merger control enforcement from ACCC, UK’s CMA and Germany’s Bundeskartellamt* The ACCC, the UK’s Competition and Markets Authority and Germany’s Bundeskartellamt have today issued a joint statement highlighting the importance of rigorous and effective merger (...)

The Australian Competition Authority re-authorises the cooperation between two airline companies for an additional five years (Qantas / American Airlines)
Australian Competition and Consumer Commission (Canberra)
Australia 358 contributions 75916 visits
ACCC re-authorises Qantas-American Airlines alliance* The ACCC has re-authorised the alliance between Qantas Airways Limited (ASX: QAN) and American Airlines Inc for a further five years. The alliance enables Qantas (and Jetstar) to cooperate with American Airlines on Trans-Pacific routes (...)

The Canadian Competition Authority announces a decrease to $93 million of the pre-merger notification thresholds for 2021 Free
Journal of Parliamentary and Political Law (Ottawa)
45 contributions 19352 visits
In what could be an extraordinary (if not unique?) move, Canada’s Competition Bureau (‘Bureau’) has announced that the pre-merger notification transaction size threshold for acquiring an undertaking in 2021 will decrease by $3 million from the 2020 level of $96 million to $93 million. The Bureau (...)

The UK Competition Authority orders the divestment of a merging party’s international arm in the secondary ticketing market (Viagogo / StubHub)
Van Bael & Bellis (London)
16 contributions 3239 visits
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Van Bael & Bellis (London)
8 contributions 1510 visits
On 2 February 2021, the UK Competition and Markets Authority (“CMA”) published its final report following a Phase 2 investigation of the completed acquisition by the ticket reseller viagogo of competitor StubHub (previously part of eBay Inc.). The $4.1 billion (£3.1 billion) transaction was (...)

The US FTC revises thresholds for Hart-Scott-Rodino Act and Corporate Interlock Statute
Baker Botts (Washington)
États-Unis 7 contributions 1204 visites
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Baker Botts (Washington)
États-Unis 10 contributions 5156 visites
On February 1, 2021, the Federal Trade Commission announced new jurisdictional thresholds for the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) and Section 8 of the Clayton Act (“Corporate Interlock Statute”). The FTC is required to adjust the thresholds annually, based on (...)

The UK Competition Authority requires national ticket exchange and resale company to sell secondary ticketing platform’s international business to address competition concerns (Viagogo / StubHub)
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
CMA requires viagogo to sell StubHub’s international business* The CMA is requiring viagogo to sell all of StubHub’s business outside North America after its in-depth investigation identified competition concerns. The Competition and Markets Authority (CMA) has concluded that the merger between (...)

The Italian Competition Authority applies a COVID-19 related provision to clear a merger in the postal sector (Poste Italiane / Nexive) Free
Van Bael & Bellis (Brussels)
Belgium 20 contributions 3267 visits
On 22 December 2020, the Italian Competition Authority (“ICA”) cleared the incumbent postal firm Poste Italiane’s (“PI”) acquisition of the sole control over its main rival Nexive Group (“Nexive”). The ICA did not apply the usual merger control rules in this case, but rather cleared the transaction (...)

The French Government rejects an American industrial conglomerate’s acquisition of a national optronic technologies firm (Photonis / Teledyne) Free
Delcade Avocats & Solicitors (Paris)
France 9 contributions 4862 visites
French veto to the acquisition of Photonis par Teledyne* Applying legislative and regulatory measures to control foreign investments in France, the French Government has banned the American Teledyne from buying French Photonis. 1. France established a scheme for controlling investments made (...)

The French Government extends COVID-19 interim rules on foreign investments and rejects an American industrial conglomerate’s acquisition of national optronic technologies firm (Photonis / Teledyne) Free
Skadden, Arps, Slate, Meagher & Flom (Paris)
France 2 contributions 348 visites
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Skadden, Arps, Slate, Meagher & Flom (Paris)
France 2 contributions 348 visites
France Extends COVID-19 Interim Rules on Foreign Investments and Vetoes Teledyne’s Acquisition of Photonis* On December 18, 2020, French Minister for the Economy (MoE) Bruno Lemaire announced that the COVID-19 interim rules on foreign investment control (interim rules) — which were issued on (...)

The UK Competition Authority looks to appeal a Competition Appeal Tribunal judgment stating the lack of information regarding the impact of the COVID-19 pandemic in sportswear retailer case (JD Sports / Footasylum) Free
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
CMA looks to appeal CAT judgment in JD Sports case* After careful consideration, the CMA has today applied for permission to appeal the CAT’s recent judgment in the JD Sports/Footasylum case. Last month, the Competition Appeal Tribunal (CAT) supported the Competition and Markets Authority’s (...)

The UK Competition Appeal Tribunal supports the Competition Authority’s approach to estimating the merger effects on consumers but finds that it did not gather enough information about the impact of the COVID-19 pandemic on the merger (JD Sports / Footasylum)
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
CMA considers next steps in JD Sports/Footasylum merger* The CMA is considering its next steps following today’s Competition Appeal Tribunal judgment in the JD Sports/Footasylum case. JD Sports had appealed the Competition and Market Authority’s (CMA) final decision to block its takeover of (...)

The UK Competition Appeal Tribunal dismisses the Competition Authority’s decision and authorizes the acquisition of a company in the sports retailing sector in light of the COVID-19 pandemic (JD Sports / Footasylum)
Van Bael & Bellis (Brussels)
Belgium 28 contributions 7347 visits
On 13 November 2020, the UK Competition Appeal Tribunal (“CAT”) upheld an appeal brought by JD Sports against the Competition and Markets Authority’s (“CMA”) decision to prohibit its already completed acquisition of rival retailer Footasylum. On 6 May 2020, the CMA had blocked the merger between the (...)

The UK Competition Appeal Tribunal upholds the appeal brought by a company for a merger in the sports retail sector in light of the COVID-19 pandemic (JD Sports / Footasylum)
Ashurst (London)
United Kingdom 21 contributions 4101 visits
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Ashurst (London)
Royaume-Uni 4 contributions 571 visites
On 13 November 2020, the UK Competition Appeal Tribunal ("CAT") published its judgment in relation to the merger of JD Sports and Footasylum. The merger was prohibited by the UK Competition and Markets Authority ("CMA") in May, but JD Sports appealed. The CAT partially upheld the appeal and the (...)

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
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
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 Polish Competition Authority clears the first merger under rules for protecting companies of strategic national importance during COVID-19 (H&F Corporate Investors VIII / The Center for Electronic Settlements Polish ePayments) Free
Polish Competition Authority (Warsaw)
Poland 106 contributions 19011 visits
Investment control - first decision of the President of UOKIK* H&F Fund from the Cayman Islands granted consent to take over the Center for Electronic Settlements Polish ePayments S.A. The transaction does not pose a threat to security, order or public health. This is the first decision of (...)

The EFTA Surveillance Authority renews decision requiring disclosure of net short positions of 0.1% and above during the COVID-19 pandemic Free
EFTA Surveillance Authority (Brussels)
Belgium 129 contributions 26202 visits
ESA renews decision requiring disclosure of net short positions of 0.1% and above* The EFTA Surveillance Authority (ESA) has renewed its decision to temporarily require holders of net short positions in shares traded on a regulated market of the EEA EFTA States to notify the relevant national (...)

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)
Germany 427 contributions 107854 visits
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 Finnish Market Court extends the time limit for an in-depth investigation of a merger between 2 healthcare companies due to the COVID-19 pandemic (Mehiläinen / Pihlajalinna) Free
Finnish Competition and Consumer Authority (Helsinki)
Finlande 72 contributions 12002 visites
The time limit for processing the merger of Mehiläinen and Pihlajalinna has been extended until 29 September 2020* The Market Court has extended the processing time limit for the merger of Mehiläinen and Pihlajalinna, which is being investigated by the Finnish Competition and Consumer Agency (...)

The Finnish Market Court extends due to COVID-19 the time limit for in-depth investigation of a merger between 2 financial services companies (Loomis / Automatia) Free
Finnish Competition and Consumer Authority (Helsinki)
Finlande 72 contributions 12002 visites
The time limit for processing the merger of Loomis and Automatia has been extended until 23 September 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 (...)

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) Free
CRA International (London)
United Kingdom 11 contributions 9511 visits
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CRA International (London)
Royaume-Uni 2 contributions 941 visites
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 (...)

The Austrian Competition Authority publishes position paper on the macroeconomic effects of "shutdown mergers" in the context of the COVID-19 crisis Free
Austrian Competition Authority (Vienna)
Austria 44 contributions 5035 visits
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 (...)

The UK Competition Authority revises its original findings of failing firm defence due to COVID-19 after firm’s improved performance and instead provisionally clears acquisition of 16% of the firm’s stock based on SLC test findings (Amazon / Deliveroo) Free
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
CMA revises provisional findings in Amazon/Deliveroo case* The CMA has provisionally cleared Amazon’s 16% investment in Deliveroo, on the basis that it is not likely to result in a substantial lessening of competition. In its initial provisional findings, published in April, the Competition (...)

The UK Government introduces measures allowing it to intervene in merger transactions to mitigate the effects of public health emergencies following the COVID-19 pandemic Free
Cleary Gottlieb Steen & Hamilton (London)
Royaume-Uni 8 contributions 2719 visites
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Cleary Gottlieb Steen & Hamilton (London)
Royaume-Uni 10 contributions 2896 visites
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Macfarlanes (Brussels)
Belgique 15 contributions 15732 visites
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On 22 June 2020, the UK Government introduced new measures allowing it to intervene in merger transactions “to maintain in the United Kingdom the capability to combat, and to mitigate the effects of, public health emergencies." The Government will be able to intervene on these grounds in any (...)

The UK Competition Authority finds that a merger in the online secondary ticketing market raises competition concerns even after accounting for the COVID-19 difficulties (StubHub / viagogo) Free
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
Merger of viagogo and StubHub raises competition concerns* viagogo’s purchase of StubHub raises competition concerns in the online secondary ticketing market in the UK, a CMA investigation has found. The Competition and Markets Authority (CMA) is concerned that the loss of competition brought (...)

The Australian Competition Authority continues its investigation into a 19.9% stake airline acquisition and highlights the increased concerns that smaller airlines face due to COVID-19 (Qantas / Alliance Airlines) Free
Australian Competition and Consumer Commission (Canberra)
Australia 358 contributions 75916 visits
Investigation into Qantas’s stake in Alliance Airlines continues* The ACCC is continuing to investigate Qantas Airways’ (Qantas) (ASX:QAN) acquisition of a 19.9 per cent stake in Alliance Aviation (Alliance) (ASX:AQZ) during these uncertain times in the aviation industry. Qantas acquired a 19.9 (...)

The German Parliament mitigates the consequences of COVID-19 by adopting a bill and temporarily amending national competition law to extend merger control review periods and suspend interest payments for antitrust fines Free
Morgan, Lewis, & Bockius (Brussels)
Belgique 9 contributions 3610 visites
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Buntscheck (Munich)
3 contributions 1014 visites
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Linklaters (Brussels)
Belgique 2 contributions 665 visites
Two key amendments to the German competition law entered into effect on May 29, 2020, temporarily extending merger control review periods and temporarily suspending interest payments for antitrust fines, further to a bill adopted by the German Parliament to mitigate the consequences of the (...)

The EU Commission opens in-depth investigation into a proposed merger between 2 leading airlines operating routes between Canada and Europe while recognizing the target markets are significantly impacted by the COVID-19 outbreak (Transat / Air Canada) Free
European Commission - DG COMP (Brussels)
Belgium 1262 contributions 2606635 visits
Mergers: Commission opens in-depth investigation into proposed acquisition of Transat by Air Canada* The European Commission has opened an in-depth investigation to assess the proposed acquisition of Transat by Air Canada, under the EU Merger Regulation. The Commission is concerned that the (...)

The German Government tightens the national foreign direct investment screening regime to better protect security-relevant businesses in the health sector from non-EEA take-overs in light of the COVID-19 pandemic Free
Morgan Lewis (Washington)
États-Unis 2 contributions 870 visites
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Morgan Lewis (Frankfurt)
Allemagne 4 contributions 1427 visites
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Morgan Lewis (Frankfurt)
Allemagne 7 contributions 2780 visites
A recent amendment to Germany’s foreign direct investment ordinance adds new businesses to the existing catalogue of critical infrastructures—in particular, in the health sector—that will be subject to foreign direct investment screening going forward. Germany is taking several legislative (...)

The German Government tightens foreign direct investment control in light of the COVID-19 pandemic following the guidance from the EU Commission on possible increased risk of attempts to acquire healthcare capacities Free
Steptoe & Johnson (Brussels)
Belgium 9 contributions 2599 visits
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Jones Day (Frankfurt)
Allemagne 13 contributions 3377 visites
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DLA Piper (London)
Royaume-Uni 28 contributions 11192 visites
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On May 20, 2020, the German Federal government adopted the 15th amendment to the Foreign Trade and Payments Ordinance (AWV). The changes to the AWV will be effective shortly, after publication in the Federal Gazette. Prompted by the COVID-19 pandemic, the amendment expands the scope of (...)

The Spanish Competition Authority clears merger of travel agencies (Barceló / Globalia) Free
Spanish Competition Authority (CNMC) (Madrid)
Spain 120 contributions 26917 visits
The CNMC authorises Barceló to purchase Globalia’s travel agency business* The CNMC has authorised, in the first phase, Barceló to acquire exclusive control of Globalia’s travel agency business. We do not anticipate this operation to have any adverse effects on competition in the markets affected (...)

The UK Competition Authority blocks a sports-fashion merger finding that even with the COVID-19 pandemic significantly impacting the sector, there would still be negative effects on competition if the merger proceeded (JD Sports / Footasylum) Free
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
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 UK Competition Authority blocks a sports-fashion retailer acquisition finding that even with the COVID-19 pandemic significantly impacting the relevant sector, the transaction would lead to a substantial lessening of competition nationally (JD Sports / Footasylum) Free
Van Bael & Bellis (Brussels)
Belgium 227 contributions 70265 visits
On 6 May 2020, the UK’s Competition and Markets Authority (“CMA”) blocked the sports-fashion retailer JD Sports’ already completed purchase of sportswear retailer Foot- asylum. The CMA concluded that the parties were close competitors and the transaction would lead to a substan- tial lessening of (...)

The UK Competition Authority clears merger between 2 online food delivery undertakings ahead of the statutory deadline for decision despite COVID-19 pandemic (Just Eat / Takeaway.com) Free
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
CMA gives Just Eat and Takeaway.com deal the green light* The CMA has cleared the £6.2 billion merger between 2 food delivery companies. Just Eat plc (Just Eat) is one of the main food delivery firms in the UK market, while Takeaway.com N.V (Takeaway.com) operates in 11 countries overseas, (...)

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
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
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 UK Competition Authority publishes guidance on its approach to merger control during the COVID-19 pandemic Free
Herbert Smith Freehills (London)
United Kingdom 54 contributions 19320 visits
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Herbert Smith Freehills (London)
United Kingdom 43 contributions 8209 visits
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Herbert Smith Freehills (London)
United Kingdom 21 contributions 7703 visits
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 (...)

The UK Competition Authority publishes its guidance on merger assessments during the COVID-19 pandemic Free
Norton Rose Fulbright (Brussels)
Belgique 26 contributions 22051 visites
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Latham & Watkins (Brussels)
Belgique 1 contribution 561 visites
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 (...)

The Ecuadorian Competition Authority publishes new merger review procedure due to COVID-19 crisis Free
Pérez Bustamante & Ponce (Quito)
Équateur 2 contributions 611 visites
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 (...)

The Indian Competition Authority continues to require electronic filing of merger notifications and announces further delays of notification deadlines due to the COVID-19 pandemic Free
Indian Competition Commission (New Delhi)
India 5 contributions 642 visits
Measures in view of threat of CORONAVIRUS/COVID-19 pandemic* In continuation to the public notices issued on March 23, 2020, March 30, 2020 and April 13, 2020 wrt "Measures in view of threat of CORONAVIRUS/COVID-19 pandemic", the following additional arrangements are made: Information with (...)

The UK Competition Authority provisionally clears the acquisition of a delivering food company despite COVID-19 (Deliveroo / Amazon) Free
Van Bael & Bellis (Brussels)
Belgium 227 contributions 70265 visits
On 17 April 2020, approximately one week after the CMA found COVID-19 not to be an obstacle to its decision to block the Sabre/ Farelogix transaction, the CMA announced its provisional clearance of the acquisition by Amazon of a minority shareholding and certain rights in Deliveroo “in light of (...)

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) Free
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
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 (...)

The Danish Competition Authority extends the suspension of merger review time limits during the COVID-19 crisis Free
Danish Competition and Consumer Authority (Copenhagen)
Denmark 125 contributions 34406 visits
Suspension of time limits for merger review is extended* The Minister of Industry, Business and Financial Affairs has issued an order, which extends the suspension of merger review time limits until May 10. When companies wish to implement a merger, the Competition and Consumer Agency must (...)

The Danish Competition Authority suspends merger control deadlines due to the COVID-19 outbreak Free
Bird & Bird (Copenhagen)
Danemark 23 contributions 2278 visites
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Bird & Bird (Copenhagen)
Danemark 36 contributions 7290 visites
In an unprecedented move, the Danish merger control deadlines have been suspended from the 18 March due to the COVID-19 situation until 10 May for now. When undertakings wish to implement a larger merger, the Competition and Consumer Authority (“DCA”) must ensure that the merger will not (...)

The Lithuanian Competition Authority announces that merger review might be delayed due to the COVID-19 outbreak making data collection from market participants more difficult Free
Lithuanian Competition Authority (Vilnius)
Lithuania 99 contributions 18676 visits
EXAMINATION OF MERGERS MAY LAST LONGER* As companies have temporarily suspended their business operations due to the Covid-19 outbreak, Konkurencijos taryba is struggling to receive information from businesses and informs companies that it may take longer than usual to implement the activities (...)

The UK Competition Authority blocks a proposed merger in the market for the supply of merchandising solutions and distribution systems to airlines despite the COVID-19 pandemic (Sabre / Farelogix) Free
Van Bael & Bellis (Brussels)
Belgium 227 contributions 70265 visits
Despite the uncertain future facing the global travel industry as a result of the COVID-19 pandemic, on 9 April 2020, the UK’s Competition and Markets Authority (“CMA”) announced its decision to block the proposed Sabre/Farelogix transaction, citing concerns that “UK passengers [would] miss out on (...)

The UK Competition Authority blocks merger between online airline booking providers despite their sector being significantly impacted by the COVID-19 outbreak (Sabre / Farelogix) Free
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
CMA blocks airline booking merger* Following an in-depth investigation, the CMA has blocked Sabre’s proposed takeover of Farelogix. Among other products and services, Sabre and Farelogix supply software solutions which help airlines to sell flights via travel agents including those that (...)

The Austrian Competition Authority requires electronic notification of mergers and announces delays in merger control due to COVID-19 restrictions Free
Austrian Competition Authority (Vienna)
Austria 44 contributions 5035 visits
Coronavirus (COVID-19) update 9.4.2020: current operations in the AFCA and regulations relating to merger notifications and examinations* Current regulations relating to merger notifications and examinations Due to the current traffic restrictions and statutory special rules relating to (...)

The UK Competition Authority recognizes the difficulty faced by merging parties due to the COVID-19 pandemic and states that a private hospital merger will be cleared if it can address local competition concerns (Circle Health / BMI Healthcare) Free
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
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 EU Commission maintains adjustments to merger filing process made in response to COVID-19 crisis while underscoring need to protect competition Free
Van Bael & Bellis (Brussels)
Belgium 227 contributions 70265 visits
The European Commission (the “Commission”) continues to encourage companies to delay any planned merger notifications until further notice in light of the COVID-19 pandemic, as it anticipates that it may face difficulties in collecting the information necessary to conduct its review, in (...)

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
UK Competition & Markets Authority - CMA (London)
United Kingdom 351 contributions 88282 visits
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 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 Free
TikTok (Brussels)
Belgique 3 contributions 703 visites
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Freshfields Bruckhaus Deringer (London)
Royaume-Uni 8 contributions 2491 visites
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Freshfields Bruckhaus Deringer (London)
Royaume-Uni 10 contributions 1629 visites
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 (...)

The EU Commission and National Competition Authorities implement remote working for the vast majority of their workforces, presenting challenges in merger control during the COVID-19 outbreak Free
Orrick, Herrington & Sutcliffe (London)
Royaume-Uni 8 contributions 2882 visites
Like most organisations, the European Commission (the "Commission") and national competition authorities ("NCAs") have implemented remote working for the vast majority of their workforces. This presents unique and unprecedented challenges in merger control, one of the regulatory areas with the (...)

The Canadian Competition Authority announces that its 2020 pre-merger notification thresholds will remain the same level as last year Free
Journal of Parliamentary and Political Law (Ottawa)
45 contributions 19351 visits
Canada’s Competition Bureau (the “Bureau”), which assists the Commissioner of Competition (the “Commissioner”) in the administration and enforcement of the Competition Act (the “Act”), announced on 1 April 2020 that the 2020 pre-merger notification transaction size threshold for acquiring an (...)

The COMESA Competition Commission issues guidance on timing and other implications for merger review relating to the COVID-19 pandemic Free
Primerio (Washington)
46 contributions 10059 visits
COMESA retains 30-day merger notification requirement during COVID pandemic, but loosens some rules* The COMESA Competition Commission (CCC) has, along with several other competition-law enforcers on the African continent, issued new guidance on timing and other implications relating to the (...)

The COMESA Competition Authority encourages electronic merger notifications, extends deadline for document submission, suspends physical meetings, and warns of possible investigation delays due to COVID-19 pandemic Free
COMESA (Lusaka)
Malawi 1 contribution 173 visites
NOTICE OF INTERIM MEASURES IN MERGER REVIEW OF THE COMESA COMPETITION COMMISSION DUE TO THE COVID-19 PANDEMIC* The COMESA Competition Commission (the Commission) is aware that these are unprecedented, uncertain and challenging times for undertakings and other stakeholders. In view of this, the (...)

The US FTC provides guidance on COVID-19’s impact on HSR filing timelines Free
McDermott Will & Emery (Washington)
United States 30 contributions 6205 visits
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14 contributions 3161 visites
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35 contributions 5538 visits
In a prior note we provided guidance on COVID-19’s Impact on HSR Filing Timelines. The Agencies had indicated that early termination would not be granted while FTC operated on a temporary e-filing system. Today, the Agencies have updated that guidance and as of March 30 will again grant early (...)

The Serbian Competition Authority publishes its new guidelines on notification deadlines for merger during the COVID-19 crisis Free
Karanovic & Partners (Belgrade)
Serbie 1 contribution 134 visites
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Karanovic & Partners (Belgrade)
Serbie 1 contribution 134 visites
The Impact of COVID-19 Outbreak on Merger Control Matters in Western Balkans* The COVID-19 pandemic has been heavily affecting economies and countries across the globe. In such circumstances, ensuring the undisturbed work of the competition authorities is difficult, but important in order to (...)

The Australian Competition Authority provides guidance for the merger clearances, authorisations, notifications and CTMs during the COVID-19 pandemic Free
Australian Competition and Consumer Commission (Canberra)
Australia 358 contributions 75916 visits
COVID-19 pandemic - what it means for ACCC merger clearances, authorisations, notifications and CTMs* With the recent and increasing impact of the COVID-19 pandemic, the ACCC’s Merger & Authorisation Review Division will provide ongoing guidance regarding any changes in our operations (...)

The French Competition Authority publishes its adaptation of the time limits and procedures during the COVID-19 outbreak Free
French Competition Authority (Paris)
France 717 contributions 369150 visits
Adaptation of the time limits and procedures of the Autorité de la concurrence in times of health emergency* Background The Autorité specifies to businesses how the rules regarding deadlines and procedures will be adapted due to the state of health emergency. Following the adoption of the law (...)

The UK Competition Authority clarifies that the UK merger control regime is still operating despite the COVID-19 pandemic Free
Ashurst (London)
Royaume-Uni 14 contributions 2306 visites
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Ashurst (London)
United Kingdom 33 contributions 16239 visits
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ADNOC Group (Abu Dhabi)
United Arab Emirates 29 contributions 5008 visits
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Whilst Covid-19 is not expected to lead to changes to the core legal and policy principles underpinning merger control regimes around the world, it is worth noting that: merger control regimes are still in operation, albeit filing processes and regulatory reviews may take a bit longer and some (...)

The Portuguese Competition Authority allows payment of a gun jumping fine in installments due to the COVID-19 pandemic (Hospital Particular do Algarve / Hospital São Gonçalo de Lagos) Free
Van Bael & Bellis (Brussels)
Belgium 227 contributions 70265 visits
In September 2019, the Portuguese Competition Authority (“AdC”) imposed a fine of € 155,000 on Hospital Particular do Algarve (“HPA”) for gun-jumping, finding that HPA had acquired sole control of Hospital de São Gonçalo de Lagos without the AdC’s prior approval. The AdC has recently announced that it (...)

The Portuguese Competition Authority fines a hospital for gun jumping but accepts payment of the fine in multiple installments to avoid negatively affecting the hospital’s operations during the COVID-19 pandemic (Hospital Particular do Algarve / Hospital São Gonçalo de Lagos) Free
Portuguese Competition Authority (Lisbon)
Portugal 107 contributions 26568 visits
AdC fines Hospital Particular do Algarve for gun-jumping* The AdC fined Hospital Particular do Algarve, SA (HPA) in the total amount of 155,000 euros for acquiring sole control of Hospital de S. Gonçalo de Lagos S.A. (HSGL) without prior notification of the acquisition and, consequently, (...)

The Irish Competition Authority publishes its temporary merger measures in light of the on-going COVID-19 crisis Free
Matheson (Dublin)
Irlande 10 contributions 659 visites
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Matheson (Dublin)
Irlande 13 contributions 1303 visites
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Arthur Cox (Dublin)
Irlande 5 contributions 1367 visites
In light of the ongoing COVID-19 pandemic, the Irish Competition and Consumer Protection Commission (“CCPC”) announced on 18 March 2020 temporary measures to assist it in complying with binding statutory deadlines and to ensure business continuity in the review of notified mergers and (...)

The Irish Competition Authority encourages delay of merger filings and establishes a temporary process for electronic notification of mergers as special measures due to COVID-19 Free
McCann FitzGerald (Dublin)
Irlande 6 contributions 1619 visites
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McCann FitzGerald (Brussels)
Belgique 2 contributions 538 visites
On 18 March, the CCPC issued a statement encouraging merging parties where possible to delay merger filings until further notice, and establishing a temporary process for electronic notification of mergers. In an effort to ensure business continuity in merger review amid the COVID-19 outbreak, (...)

The Danish Competition Authority suspends its time limits for merger review for 14 days as special measure due to COVID-19 Free
Danish Competition and Consumer Authority (Copenhagen)
Denmark 125 contributions 34406 visits
Time limits for merger control are suspended for 14 days* The Minister of Industry, Business and Financial Affairs has issued an order implying that the time limits for merger control are suspended for 14 days. When companies wish to implement a larger merger, the Competition and Consumer (...)

The Brazilian Competition Authority implements measures in line with WHO recommendations against the spread of the COVID-19 Free
Mattos Filho Advogados (Sao Paulo)
1 contribution 331 visites
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Mattos Filho, Veiga Filho, Marrey Jr. & Quiroga (Sao Paulo)
Brésil 3 contributions 1024 visites
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Mattos Filho Veiga Filho Marrey Jr & Quiroga (New York)
États-Unis 5 contributions 2066 visites
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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 (...)

The French Competition Authority encourages the delay of new mergers, requires electronic submission, and extends processing times as special measures due to COVID-19 Free
French Competition Authority (Paris)
France 717 contributions 369150 visits
Adaptation of merger control procedures due to Coronavirus COVID-19* Given the health situation in France, the Autorité de la concurrence is forced to put in place extensive preventive measures. The services of the Autorité are working remotely since 17 March 2020. Time limits for processing (...)

The Irish Competition Authority announces temporary changes to the merger notification process due to the COVID-19 outbreak Free
Matheson (Dublin)
Irlande 10 contributions 659 visites
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Matheson (Dublin)
Irlande 13 contributions 1303 visites
In light of the ongoing Covid-19 pandemic, the Irish Competition and Consumer Protection Commission (“CCPC”) announced on 18 March 2020 temporary measures to assist it in complying with binding statutory deadlines and to ensure business continuity in the review of notified mergers and (...)

The Spanish Government updates the foreign investment screening regime in light of COVID-19 and prohibits or severely limits the foreign acquisition of companies active in sectors related to public order, public security, or public health Free
Callol, Coca & Asociados (Madrid)
Spain 169 contributions 44484 visits
The rapid spread of Covid-19 has led to its consideration as a global pandemic. Spain, currently at the epicenter of the crisis, has declared the state of alarm last Sunday. To ease the effects of the Covid-19 crisis in the economy, the Spanish Government approved yesterday Royal Decree-Law (...)

The US DOJ extends its timing of merger investigations by 30 days and allows electronic filing of Hart-Scott-Rodino submissions among special measures due to COVID-19 Free
US Department of Justice (Washington)
États-Unis 153 contributions 63296 visites
Justice Department Announces Antitrust Civil Process Changes for Pendency of COVID-19 Event* Process Changes Will Ensure that the Department Can Carry Out Its Enforcement Mission While Protecting the Health and Safety of Its Employees and the American Public The Department of Justice (...)

The French Competition Authority is not able to guarantee the usual processing delays for mergers since its staff is working remotely during the COVID-19 situation Free
Baker McKenzie (Paris)
France 6 contributions 18383 visites
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CARVE
2 contributions 3403 visites
The French government has taken preventive measures due to COVID-19, thereby forcing the members of the French Competition Authority to work remotely since 17 March 2020. This situation is already impacting on merger control: “Although we are striving to ensure continuity of public service, (…) (...)

The US FTC and DOJ adopt new mergers procedures in response to the COVID-19 pandemic outbreak Free
Jones Day (Washington)
États-Unis 18 contributions 3334 visites
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Jones Day (Washington)
United States 19 contributions 6160 visits
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Jones Day (Washington)
United States 3 contributions 398 visits
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The FTC and DOJ have adopted new procedures in response to the novel coronavirus (COVID-19) pandemic. The changes are intended to help the agencies stay open during the crisis, but merging parties should expect lengthier antitrust reviews until normal operations resume. All merger filings with (...)

The US DoJ announces antitrust civil process changes for the pendency of COVID-19 events and confirms that the HSR review process will be significantly impacted Free
14 contributions 3161 visites
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McDermott Will & Emery (Washington)
United States 30 contributions 6205 visits
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35 contributions 5538 visits
With COVID-19-related closures rolling in daily, you may have questions about the operating status of the federal government’s antitrust enforcement agencies. Currently, the HSR review process does not seem to be significantly impacted, although the agencies will not grant a request for early (...)

The EU Commission adjusts merger filing process in response to COVID-19 crisis Free
Van Bael & Bellis (Brussels)
Belgium 227 contributions 70265 visits
The European Commission (the “Commission”) has announced that it will face delays in its merger review process as a result of the COVID-19 pandemic. In particular, the Commission has stated that it may not be able to collect information from third parties efficiently and may have limited access (...)

The EU Commission encourages the delay of merger notifications and electronic submission as special measures due to COVID-19 Free
European Commission - DG COMP (Brussels)
Belgium 1262 contributions 2606635 visits
SPECIAL MEASURES DUE TO CORONAVIRUS / COVID-19* DELAY OF MERGER NOTIFICATIONS DG COMP has put in place a number of measures to ensure business continuity in the enforcement of the EU Merger Regulation. However, due to the complexities and disruptions caused by the Coronavirus, companies are (...)

The Finnish Competition Authority requires companies to contact the Authority before notifying new merger transaction due to COVID-19 outbreak Free
Hannes Snellman (Helsinki)
Finlande 23 contributions 2842 visites
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Bird & Bird (Helsinki)
Finlande 14 contributions 983 visites
Due to the novel coronavirus the Finnish Competition & Consumer Authority ("FCCA") has published a statement requiring companies to contact the FCCA before filing a new merger control notification and specifically agreeing with the FCCA that a notification may be filed. This requirement is (...)

The EU Commission encourages companies to delay merger notifications until further notice due to the COVID-19 outbreak Free
Bird & Bird (Dusseldorf)
Allemagne 21 contributions 2306 visites
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Bird & Bird (Brussels)
Belgique 7 contributions 1327 visites
Challenges created by the COVID-19 crisis Novel Coronavirus (COVID-19) is having a major impact on the “business continuity" of courts and regulatory authorities. This affects, in particular, merger control proceedings as these are typically subject to specific time limits that the authorities (...)

The US DoJ and FTC issue guidance on merger review during the COVID-19 outbreak and confirm that they continue to operate despite merging parties expecting lengthier reviews Free
Jones Day (Washington)
États-Unis 18 contributions 3334 visites
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Jones Day (Washington)
United States 19 contributions 6160 visits
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Jones Day (Washington)
United States 3 contributions 398 visits
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The FTC and DOJ have adopted new procedures in response to the novel coronavirus (COVID-19) pandemic. The changes are intended to help the agencies stay open during the crisis, but merging parties should expect lengthier antitrust reviews until normal operations resume. All merger filings with (...)

The US FTC Premerger Notification Office temporarily institutes mandatory e-filing system as a special measure due to COVID-19 Free
US Federal Trade Commission (FTC) (Washington)
United States 149 contributions 36441 visits
Premerger Notification Office Implements Temporary e-Filing System* Due to the developing COVID-19 coronavirus pandemic, and consistent with guidance from the Office of Personnel Management, the Premerger Notification Office (PNO) will implement a temporary e-filing system. During this (...)

The US DoJ and FTC implement policies in response to COVID-19 including new measures to the HSR e-filing system Free
White & Case (Brussels)
Belgium 48 contributions 36571 visits
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White & Case (Washington)
États-Unis 5 contributions 1766 visites
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White & Case (Washington)
États-Unis 3 contributions 916 visites
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Last week, in response to the outbreak of the Coronavirus disease (COVID-19), the antitrust agencies in the United States and European Union issued policies that will affect, and may delay, merger filings and reviews. On March 13, 2020, the US Department of Justice (“DOJ”) and Federal Trade (...)

The EU Commission announces that companies were encouraged to delay new merger notifications until further notice because of the complexities and disruptions caused by the current COVID-19 outbreak Free
Hogan Lovells (Brussels)
Belgium 19 contributions 8308 visits
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Hogan Lovells (Brussels)
Belgique 8 contributions 3364 visites
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Bocconi University (Milan)
Italie 11 contributions 3821 visites
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The current COVID-19 pandemic is posing unprecedented challenges on our public health systems and communities. It is also heavily impacting economic activity, including for companies in the midst of M&A or joint venture transactions. Deals that are subject to merger control review in the (...)

The EU Commission encourages companies to delay merger notifications originally planned until further notice where possible due to COVID-19 Free
White & Case (Brussels)
Allemagne 17 contributions 6762 visites
COVID-19 is changing our lives more rapidly and more profoundly than we could have ever imagined. All over the world, governments order their countries into lockdowns, factories stop producing, people stop buying, citizens are confined to their four walls and businesses switch to working (...)

The US DoJ and FTC publish a public statement regarding their ongoing commitment to antitrust enforcement in mergers and acquisitions during the COVID-19 crisis Free
Morgan Lewis (New York)
États-Unis 9 contributions 2419 visites
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Morgan Lewis (Washington)
États-Unis 12 contributions 2979 visites
US antitrust laws already on the books facilitate rapid investment without government delay: important practical tools and rules for dealmakers and their counsel in the wake of the coronavirus (COVID-19) pandemic and the current economic challenges. Recently, leaders of both the US Antitrust (...)

The Chinese Competition Authority publishes a formal statement on revised procedures for merger filings during the COVID-19 crisis Free
O’Melveny & Myers (Brussels)
Belgique 3 contributions 1295 visites
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O’Melveny & Myers (Washington)
États-Unis 3 contributions 1077 visites
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O’Melveny & Myers (Hong Kong)
Hong Kong 7 contributions 10901 visites
These moves follow similar actions by the State Administration for Market Regulation (“SAMR”), China’s antitrust authority. On February 6, SAMR issued a formal statement laying out revised procedures for merger filings, prohibiting face-to-face meetings and requiring parties to submit pre-merger (...)

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