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Results: 4 Answers
Merger Control
Tips and traps
What are your top tips for smooth merger clearance and what potential sticking points would you highlight?
The parties to a transaction should ensure that information provided to the FCO is complete and accurate, in particular as regards sales, market share and affiliates. While the FCO tries to handle notified transactions efficiently and in a non-bureaucratic manner, it expects the parties to provide complete and accurate information, and may have little tolerance – and even impose fines – if the parties fail to do so.

Given the FCO’s focus on the digital economy, transactions in this area may be more likely to be scrutinised. Notifications of such transactions should be prepared thoroughly, taking into account relevant factors such as network effects, customer data and so on. Generally, for cases that may raise substantive issues, the parties’ transaction timetable should allow for sufficient flexibility for pre-notification, an extended review and a possible need for remedies. In particular, pre-filing contact with the FCO can be very helpful to identify and resolve potential competition issues at an early stage, and may help the parties to avoid a Phase 2 investigation. Finally, parties should be careful when drafting internal documents discussing the transaction, in particular for the purposes of presenting the transaction to the board of directors or shareholders, as such documents may need to be disclosed to the FCO.

For more information about this answer please contact: Daniel Wiedmann from P+P Pollath + Partners