The Deal: U.S. Pushes for Waivers in Cross-Border Mergers
The spread of merger regulation to more than 130 countries in the past 20 years "reflects not only the globalization of commerce but a recognition by countries around the globe that competition laws and enforcement are essential ingredients of a well-functioning market economy."
The widespread adoption of merger control, however, "creates a challenge to ensuring that the system of national laws operates coherently across borders." She said consistent case outcomes are the norm, but mergers still can be subject to conflicting orders from regulators in different jurisdictions.
"The increasing number of enforcers that concurrently review complex matters has exposed some signs of frailty in the existing system," Ramirez told the gathering of antitrust lawyers. She noted that merging parties have complained that in some deals, the merging parties have been subject to merger reviews in as many as 70 jurisdictions. Such a high number lends itself to coordination problems, she said.
"It's unclear whether our current tools can promote effective cooperation in a complex matter with even a fraction of that number of reviewing agencies," she said.Written By Bill McConnell
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