Résultats de la recherche

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 mars 2020 R

Aide incompatible : La Cour de justice de l’Union européenne annule un arrêt du Tribunal confirmant l’incompatibilité de plusieurs aides mises à exécution par l’État grec en faveur d’une entreprise en difficulté (Larko)

Alain Ronzano • N° 2-2020

Le 26 mars 2020, la Cour de justice de l’union a rendu un arrêt dans l’affaire C-244/18 (Larko Geniki Metalleftiki kai Metallourgiki AE contre Commission européenne). On se souvient qu’à la faveur d’un arrêt rendu le 1er février 2018 dans l’affaire T-412/14 (Larko Geniki Metalleftiki kai Metallourgiki (...)

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 sept. 2019 R

Continuité économique : Le Tribunal de l’Union européenne confirme l’existence d’une continuité économique entre deux entités en tenant compte notamment du fait que le périmètre des actifs vendus était très large (Fortischem)

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

L’arrêt Fortischem concerne une tentative de sauvetage, par la Slovaquie, d’une entreprise privée de production chimique (NCHZ), confrontée à une procédure de faillite et que l’État considérait comme stratégique. Il présente essentiellement deux intérêts : d’une part, il montre bien comment la manipulation (...)

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^er sept. 2019 R

Concentration Agripole/Cofigeo – et si l’on parlait du fond ?

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

L’examen de la reprise d’Agripole par Cofigeo a permis à l’Autorité de la concurrence, au cours d’un examen approfondi, d’expliciter sa grille d’analyse concernant des questions récurrentes dans le cas de rapprochement entre opérateurs fabriquant des produits de grande consommation. Elle a notamment (...)

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 avr. 2019 R

Récupération : Le Conseil d’État apporte des précisions sur le contentieux de la récupération des aides illégales versées à une entreprise en liquidation judiciaire (CELF)

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

Par un arrêt en date du 5 avril 2019, le Conseil d’État écarte la reconnaissance d’une impossibilité absolue de récupérer une aide d’État illégalement versée à une entreprise placée en liquidation judiciaire. En l’espèce, la société Mandataires Judiciaires Associés, agissant en qualité de mandataire (...)

28 janv. 2019 R

Franchise : La Cour d’appel de Limoges considère que la clause d’intuitu personae stipulée au seul bénéfice du franchiseur en procédure collective ne fait pas obstacle à la cession du contrat de franchise (Pata Manosque / La Pataterie développement)

Dominique Ferré • N° 2-2019 • p. 93

La question délicate du transfert d’un contrat de franchise à un repreneur dans le cadre d’une procédure collective concernant un franchiseur fait l’objet d’une décision rendue par la Cour d’appel de Limoges le 28 janvier 2019. Une telle question se pose avec acuité dans le cadre des contrats de (...)

13 déc. 2018 R

Motivation : Le Tribunal de l’Union européenne annule, pour défaut de motivation, une décision de la Commission européenne en ce qu’elle a constaté que la poursuite des activités du bénéficiaire, en vertu de la décision du comité des créanciers, ne constituait pas une aide d’État (AlzChem)

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

Par un arrêt rendu le 13 décembre 2018, le Tribunal accueille le recours en annulation formé par AlzChem AG (T-284/15) contre la décision (UE) 2015/1826 de la Commission (la “décision attaquée”). La décision attaquée avait considéré que l’attribution du statut de société stratégique à NCHZ l’avait protégée (...)

28 juin 2018 R

Sélectivité d’une mesure fiscale : La Cour de justice de l’Union européenne annule un arrêt du Tribunal et une décision de la Commission relatifs à la nature sélective d’une autorisation de report de pertes, au motif que le cadre de référence retenu pour l’analyse de cette mesure était trop étroit et trop concentré sur la technique législative utilisée par l’État membre (Dirk Andres)

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

L’arrêt sur pourvoi Dirk Andres c/ Commission est l’un des quatre arrêts rendus le 28 juin 2018 à propos de la même décision de la Commission qui considérait comme sélective et constitutive d’une aide d’État la possibilité offerte par l’Allemagne aux entreprises en difficulté de pratiquer un report de (...)

6 mars 2018 R

Aides d’Etat : La Cour de justice censure le Tribunal dans l’affaire de l’aide d’État accordée à une banque danoise en estimant que les risques découlant pour l’État membre de l’octroi d’une aide d’État antérieure ne peuvent être pris en compte lors de l’analyse de la rationalité économique intrinsèque d’une mesure en vue de déterminer si le comportement de l’État aurait pu être adopté par un investisseur privé (FIH)

Alain Ronzano • N° 2-2018

Le 6 mars 2018, la Cour de justice de l’Union a rendu un arrêt dans l’affaire C-579/16 (Commission européenne contre FIH Holding A/S, FIH Erhvervsbank A/S).   Suivant les conclusions rendues par l’avocat général Maciej Szpunar dans cette affaire, la Cour de justice de l’Union a donc accueilli le (...)

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 janv. 2018 R

Manquement : La Cour de justice de l’Union européenne constate que la Grèce a manqué à ses obligations en ne récupérant pas les aides accordées à une entreprise en difficulté dont les autorités grecques ont suspendu la procédure de faillite (Commission/Grèce)

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

Si cette affaire permet d’illustrer la jurisprudence classique selon laquelle les difficultés connues par une entreprises n’affectent pas l’obligation de récupération d’une aide auprès de celle-ci, elle met, à nouveau, en exergue la lenteur dont peut faire preuve la Commission pour constater le (...)

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

Restructuration d’entreprises en difficulté et concurrence — Concentrations et aides d’État

Edouard Sarrazin, Laurence Idot, Simon Genevaz

Conférence-déjeuner organisée par la Revue Concurrences en partenariat avec 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 sept. 2014 R

Transport maritime : La Cour de justice de l’Union européenne confirme l’arrêt du Tribunal annulant partiellement la décision de la Commission relative à la privatisation de l’entreprise de transport maritime qui assure des liaisons régulières vers la Corse au départ de la France (SNCM / Corsica Ferries)

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

L’arrêt rendu par la Cour de justice le 4 septembre 2014 marque l’épilogue d’un long contentieux que nous avions déjà commenté lorsque le Tribunal avait rendu sa décision en première instance (J. Derenne, Concurrences n° 4-2012). Il convient en effet de rappeler que, par un arrêt du 11 septembre 2012, le (...)

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 juil. 2014 R

Entreprises en difficulté : La Commission européenne adopte de nouvelles lignes directrices concernant les aides au sauvetage et à la restructuration

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

L’ancienne communication de la Commission sur les aides au sauvetage et à la restructuration datait de 2004, et avait été deux fois prorogée. Elle répondait à un équilibre entre le souci de venir en aide à des entreprises en difficulté qui peuvent se restructurer et redevenir viables, et la nécessité de (...)

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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