Globalization and the Limits of National Merger Control Laws

Overview

Companies today pursue their goals with little regard for national borders. However, it remains true that business activity is regulated to a significant extent by each national jurisdiction. This is particularly true of mergers; as anyone knows who has ever been involved in a transnational merger in multiple jurisdictions, the knottiest problems and issues arise from variations in national competition and merger laws.

This extremely valuable new book offers an in-depth proposal...

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Overview

Companies today pursue their goals with little regard for national borders. However, it remains true that business activity is regulated to a significant extent by each national jurisdiction. This is particularly true of mergers; as anyone knows who has ever been involved in a transnational merger in multiple jurisdictions, the knottiest problems and issues arise from variations in national competition and merger laws.

This extremely valuable new book offers an in-depth proposal for an international merger control regime that is firmly grounded in and supported by a framework of economic and legal theory. It arrives at its conclusions along three major avenues:

  • a study of the concepts of global public good and consumer welfare that underlie the progress of globalization;
  • detailed analyses of the two most important and highly developed merger law systems, those of the European Union and the United States; and
  • a systematic and comprehensive review of the major existing proposals, both institutional and scholarly, for an international merger control regime.

A special chapter is devoted the complex custodial role of the World Trade Organization, both in its present activity and as it is envisioned in the various proposals.

Globalization and the Limits of National Merger Control Laws takes a giant step toward breaking down one of the last and most intransigent barriers to global free trade. It will be avidly studied and put to use by business lawyers and policymakers everywhere, and will quickly take its place as a fundamental work for teachers and students of international trade and international relations.

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Product Details

Table of Contents

Acknowledgements
Abstract
Resume
Table of Acronyms
Preface
Introduction 1
1 Globalization: How and Impact 11
A What is Globalization? 12
B Global Consumer Welfare as a Global Public Good 17
C Concluding Remarks 27
D Why Merge? 27
E Growing Trend of Transnational M&As 30
F Merger Review: Objective 44
G Proliferation of Merger Control Laws: Why? 45
H Costs of Proliferating Merger Control Laws 49
I Gaps in Global Governance and the Need for an IMCR 55
2 US Antitrust and Merger Control Laws 60
A Raison d'etre of Antitrust and Merger Control Laws 61
B Dual Federal Antitrust Enforcement Agencies 76
C The Development of Merger Analysis Jurisprudence 80
D Merger Enforcement Guidelines 93
E Premerger Notification Regime and Review Process 103
F Co-ordination Among State and Federal Antitrust Agencies 115
G Commentary: Lessons to be Learned 124
3 EC Competition and Merger Control Laws 131
A Foundation of the European Union and Its Supranational Institutions 132
B Enhanced Economic Integration 137
C EC Competition and Merger Control Laws 142
D Merger Regulation: Instrument for Transnational Merger Review 154
E Cooperation between the Commission and ESA: The Lead Jurisdiction Model 170
F Recent Developments in the EC Competition Policy: Establishing a Network for Cooperation 172
G Commentary: Lessons to be Learned 175
4 Comparison between the US and EC Merger Control Laws 183
A Objective of Competition Laws in the US and the EU 183
B General Procedural Dissimilarities 185
C Premerger Notification Procedural Dissimilarities 188
D Substantive Evaluation 192
E Concluding Remarks 198
5 Recognition of Limits: Need for Cooperation and Convergence 199
A Convergence Through Cooperation at a Bilateral Level 199
B Convergence Through Harmonization at a Multilateral Level 212
C Concluding Remarks 222
6 The WTO as the Custodian for the IMCR 224
A Creation of the WTO 224
B Competition Law in the WTO 229
C Concluding Remarks 240
7 Proposals Advanced for Transnational Merger Review 241
A International Competition Policy Advisory Committee 242
B Draft International Antitrust Code: The Munich Group 253
C OECD 259
D American Bar Association 260
E Campbell and Trebilcock 265
F Eleanor M. Fox 272
G Eleanor M. Fox and Janusz A. Ordover 281
H Baker, Campbell, Reynolds & Rowley 282
I Andre Fiebig 291
8 International Merger Control Regime 295
A Implications of the Review of the Proposals 295
B A Draft IMCR 307
C Test Case for the IMCR 318
Conclusion 321
Bibliography 325
Annex: Summary of the Proposals Reviewed and the IMCR 351
Table of Cases 357
Name Index 361
Subject Index 363
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