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Briefing - M&A - How post-merger disposals alleviate competition fears.
(From Financial Director)
The Competition Commission is proposing new guidelines for divestiture remedies in merger inquiries referred to by the Office of Fair Trading.
A consultation document, Application of Divestiture Remedies in Merger Inquiries: Competition Commission Guidelines, deals with situations where the Commission believes a merger has resulted, or may result, in a substantial lessening of competition (SLC) and the action it may require. In general, the Commission prefers structural remedies, such as divestiture or prohibition, to behavioural remedies because structural remedies generally require less monitoring or enforcement of compliance.
The risks
The consultation paper identifies three broad categories of risk that can impair the effectiveness of divestiture remedies:
1) Composition risks - that the scope of the divestment package may be too constrained or inappropriate to attract a suitable purchaser or to allow a purchaser to operate effectively.
2) Purchaser risks - that a suitable purchaser is not available, or that the merger parties will select a weak or inappropriate purchaser.
- Forest Oil Announces Revised Terms to Its Rockies Divestiture Package.
- Press release article from: Business Wire November 12, 2008 700+ words
...has agreed to revised terms with the buyer of its Rockies divestiture package. Under the terms of the revised agreement: * The cash...reports that Forest files with the Securities and Exchange Commission (SEC), including its 2007 Annual Report on Form 10...
- Forest Oil Closes Rockies Divestiture Package; Updates Fourth Quarter 2008...
- Press release article from: Business Wire November 25, 2008 700+ words
...reserves, economic conditions and other risks as described in reports that Forest files with the Securities and Exchange Commission (SEC), including its 2007 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form...
- Penn West Energy Trust confirms December cash distribution, provides spending...
- Press release article from: PR Newswire December 17, 2008 700+ words
CALGARY, Dec. 17 /PRNewswire-FirstCall/ -- (TSX - PWT.UN; NYSE - PWE) Penn West Energy Trust ("Penn West") confirms that its December 2008 cash distribution will be CDN$0.34 per trust unit payable on January 15, 2009 to unitholders of record on December 31, 2008. The ex-distribution date is
- Honeywell CEO Bonsignore Sends Letter To GE's Welch Proposing Solutions...
- Press release article from: Business Wire June 29, 2001 700+ words
...sufficient to satisfy the Commission's concerns and, indeed...those statements, that the Commission would accept fewer divestitures...consider adequately the new divestiture package. Unfortunately, the delay...June 28th has limited the Commission's ability to undertake...
- COMPETITION : COMMISSION CONSULTS ON MERGER REMEDIES.
- Newspaper article from: European Report April 24, 2007 700+ words
...ensure, on behalf of the Commission, that pending the sale...the eyes and ears of the Commission, but the actual contract...appointed and paid by the Commission. Hold-separate requirements...around two issues: 1. The divestiture package did not include some key...
- AGRI-FOOD INDUSTRY: COMMISSION CLEARS UNILEVER'S ACQUISITION OF...
- Newspaper article from: European Report September 30, 2000 700+ words
...and Skippy peanuts. To remove the Commission's concerns in the above-mentioned...endorsed by them. Importantly, the Commission stresses, the divestments will include...and in the food service sector. The divestiture package will also include appropriate supply...
- Public comment on Celanese sale expires May 4. (Federal Trade Commission...
- Magazine article from: WWD March 9, 1987 700+ words
...sale expires May 4 WASHINGTON (FNS) -- The Federal Trade Commission reported the time period for public comment on the consent...on whether the Salisbury plant should be included in the divestiture package. Hoechst has agreed to make the divestiture within one...
- Phillips agrees to sell gas-gathering lines as part of FTC settlement to clear...
- Newspaper article from: The Oil Daily January 2, 1997 700+ words
...part of a settlement with the Federal Trade Commission (FTC), the commission said Monday. The settlement would resolve...additional connecting pipeline segments in the divestiture package if that is necessary to meet a buyer's needs...
