The purchase of a company may be thwarted not only for the reasons set our above, however. Contracts for the sale and purchase of companies or businesses are also subject to merger control exercised by the Federal Cartel Authority in accordance with =A7=A7 23 ff. of the German Restrictive Practices Act (GWB); the parties concerned have either to report or disclose the merger in question. If there is only a disclosure obligation, the merger has to be formally notified to the Federal Cartel Authority immediately after its implementation whereas the merger has to be reported beforehand in the event of a reporting obligation (preventative merger control).

For further information please contact Dr Erich Michel, Wessing Berenberg-Gossler Zimmermann Lange, Freiherr-Vom-Stein-Strasse 24-26, Frankfurt am Maim 60323, Frankfurt, Germany- Tel: +496 997 1300, Fax: +496 997 130100.

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