Autores:

Ilene Knable Gotts, Martha Samuelson, Ishita Rajani, Alex Robinson, Diana L. Moss, Charles F. (Rick) Rule, Daniel J. Howley, Fay Zhou, Arthur Peng, John Eichlin, Margaret T. Segall, Nicole M. Peles, John Harkrider, Michael O'Mara, Leon B. Greenfield, Hartmut Schneider, Gannam E. Rifkah, Georgia Tzifa, Joshua L. Shapiro, Mark R. Butscha Jr., Juan A. Arteaga, Daniel P. Ducore, Francisco Enrique González-Díaz, Daniel P. Culley, Julia Blanco Cleary, Luke Woodward, Susan Jones, Andrew Low, Jeremy Jose, Michael Han, Jin Wang, Joy Wong, Harris Zhang, John Handoll, Shweta Shroff Chopra, Aparna Mehra, Vassili Moussis, Yoshiharu Usuki, Kiyoko Yagami and Ryoichi Kaneko.

Editores:

Ronan P. Harty E., Nathan Kiratzis and Anna M. Kozlowski

Successfully remedying the potential anticompetitive effects of a merger can be more of an art than a science. Not only is every deal specific but every remedy contains an element of crystal ball-gazing; enforcers must look to the future and successfully predict outcomes. As such, practical guidance for both practitioners and regulators in navigating this challenging environment is critical. Edited by Ronan P Harty, Nathan Kiratzis and Anna M Kozlowski of Davis Polk & Wardwell, this fifth edition of the Merger Remedies Guide provides just such analysis. It examines remedies throughout their life cycle: through how remedies are structured and implemented, to how enforcers ensure compliance. Insights from four jurisdictions around the world supplement the global analysis to inform the reality of multi-jurisdictional deals. The Guide draws not only on the wisdom and expertise of distinguished practitioners from a range of jurisdictions, but also the perspective of former enforcers. It brings together unparalleled proficiency in the field and provides essential guidance for all competition professionals.



TABLE OF CONTENTS



Overview


Ronan P Harty, Nathan Kiratzis and Anna M Kozlowski
Davis Polk & Wardwell



Part I: Overarching Principles and Considerations



Key Principles of Merger Remedies Around the World
Ilene Knable Gotts
Wachtell Lipton Rosen & Katz


Economic Analysis of Merger Remedies
Martha Samuelson, Ishita Rajani and Alex Robinson
Analysis Group


Realigning Merger Remedies with Antitrust Goals
Diana L Moss
Progressive Policy Institute



Part II: Types of Remedies



US Antitrust Agencies Take Stricter Approach to Structural Remedies Amid Growing Concern
Joshua M Goodman and Ryan Hoak
Morgan Lewis & Bockius


Non-Structural Remedies and Their Key Strengths
Fay Zhou, Arthur Peng and John Eichlin
Linklaters LLP


Merger Remedies in Dynamic Industries
Margaret T Segall and Nicole M Peles
Cravath Swaine & Moore



Part III: Process and Implementation



Remedies in the Context of Multi-Jurisdictional Mergers
John Harkrider and Michael O’Mara
Axinn, Veltrop & Harkrider


Why Identifying a Suitable Divestiture Buyer is Key to Deal-Planning
Leon B Greenfield, Hartmut Schneider, Georgia Tzifa and Gannam Rifkah
Wilmer Cutler Pickering Hale and Dorr LLP


Parties are More Willing Than Ever to ‘Litigate the Fix’ in the United States
Hugh Hollman, Elaine Johnston and Nicholas Putz
Allen & Overy


Designing Effective Remedies in the United States and European Union
Mark R Butscha Jr
Thompson Hine LLP



Part IV: Compliance



A Practical Perspective on Monitoring Divestiture Commitments in Multi-Jurisdictional Transactions
Justin Menezes
Mazars


DOJ and FTC Push Merger Consent Decree Enforcement to Top of the Agenda
Juan A Arteaga
Crowell & Moring LLP



Part V: Remedy Negotiations: Practical Considerations



Negotiating Remedies: A Perspective from Various Agencies
Daniel P Ducore


A Practitioner’s Perspective on Negotiating Remedies
Francisco Enrique González-Díaz, Daniel P Culley and Julia Blanco
Cleary Gottlieb Steen & Hamilton



Part VI: Merger Remedies Insights from around the Globe



Australia: ACCC Demonstrates Fresh Willingness to Accept Behavioural Remedies
Susan Jones, Andrew Low, Jeremy Jose and Amelia McKellar
Gilbert + Tobin


China: Recent Remedy Cases Showcase Impact of Amended Anti-Monopoly Law
Andrew L Foster, Kexin Li and Julia Zhu
Skadden Arps Slate Meagher & Flom LLP


India: CCI Keeps its Focus Fixed on Remedies that are Acceptable at Home
John Handoll, Shweta Shroff Chopra and Aparna Mehra
Shardul Amarchand Mangaldas & Co


Japan: JFTC Prepared to Conduct Market Testing Early to Accelerate Formal Review Procedure
Vassili Moussis, Yoshiharu Usuki and Kiyoko Yagami
Anderson Mōri & Tomotsune