•  
  •  
 

Abstract

In 1890, the first antitrust law was passed in the United States with the enactment of the Sherman Act. Over the past 134 years, jurisdictions across the globe have passed competition laws. One key aspect of competition law is a regulator’s ability to prevent anti-competitive M&A transactions. More jurisdictions are requiring merging firms to notify regulators prior to completing a merger through a process called pre-merger notification. As more global pre-merger notification laws develop, firms engaged in M&A will be required to file with more regulatory bodies, delaying transactions, increasing costs, and causing comity dilemmas. This Article investigates the current international pre-merger notification landscape, its development, and the differences in these regulations across jurisdictions. It then closely investigates eight recent megadeals which attracted the attention of international regulators and the regulatory challenges that the merging firms navigated. Then, this Article makes observations regarding these eight mergers, specifically the consequences for the merging firms, enforcement trends across various regulatory bodies, and the international relations implications due to the extraterritorial effect of merger regulation. This Article examines previous attempts at international standardization of competition laws and concerns that such standardization raises. This Article proposes a harmonization of pre-merger notification procedure using the International Competition Network as a go-between for merging parties and regulators. Procedural harmony will increase efficiency and predictability of regulatory timelines for merging firms. This process-focused approach will also aid in addressing comity concerns of regulators while avoiding the push back that substantive harmonization will incite. This Article makes clear that action is needed to address the labyrinth that is international merger enforcement regulation.

Download

Share

COinS