Obtaining antitrust approvals is a key part of the overall
transaction process for many M&A transactions. Currently, there
are over 100 national and regional antitrust regimes, with new
regimes being introduced and existing regimes extended on a regular
Recognizing the growing complexity of the antitrust approval
process, merging parties and their counsel increasingly seek to
identify required filings and potential substantive antitrust risks
early, enabling them to build the results into the transaction
Requirements to make antitrust filings and obtain antitrust
approvals must also be appropriately documented in the Purchase
Agreement. However, antitrust-related provisions involve traps for
both M&A and antitrust lawyers insofar as merger review regimes
differ in ways that can have significant implications on the
wording of related provisions. The provisions that bear on
antitrust approvals may also interact in unexpected ways.
Jay Modrall, a partner in Norton Rose
Fulbright's Brussels office, recently published a comprehensive
article in the October 2013 edition of Thomson
Reuters' publication The M&A Lawyer which both reviews the main
Purchase Agreement provisions relating to antitrust-approval risks
and discusses the pitfalls such provisions can raise. The article
has been reproduced by Norton Rose Fulbright with kind permission
and can be accessed
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The Commissioner of Competition addressed innovation, enforcement and policy initiatives at the Competition Bureau in his keynote speech, "Strengthening Competition: Innovation, Collaboration and Transparency."
Used car listing website operator CarGurus Inc.'s attempt to force rival Trader Corporation to supply it with vehicle listing data has encountered a dead end as the Competition Tribunal denied it leave to commence a private application under several provisions of the Competition Act.
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