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Antitrust merger regulation is highly specialized and it is not easy to grasp the overall picture. Not many companies have extensive experience of merger reviews and if a company fails to address the issue until it is faced with a large-scale M&A project that may decide its fate, it may be too late. So, we recommend that companies acquire an in-depth understanding of these reviews as far in advance as possible.

NERA has been providing consulting services based on economic analysis in numerous cases involving antitrust merger regulation and in June 2014, we published a summary of our accumulated experience in "Economic Analysis in Merger Regulation (publisher: Chuokeizai-sha Holdings, Inc.)

In this seminar, practicing economists who have been involved in a variety of merger reviews from JFTC's Corporate Merger Division and NERA have provided briefings from a practitioner’s perspective, based on the content of publication mentioned above, including (1) a summary of procedures and merger guidelines; (2) tips for preparing data and creating explanatory materials; and (3) the role of economic analysis.

(A copy of the above-mentioned "Economic Analysis in Merger Regulation" was presented to all seminar participants who wanted one).

1. Summary of antitrust merger regulation

2. Merger review procedures: Pre-notification consultations and the review process

3. The concept of "substantially restricting competition in prescribed areas of trade"

4. Re: Prescribed areas of trade

    (a) Hypothetical test for monopolistic operators

    (b) Product range

    (c) Geographical range

    (d) Possibility of defining cross-border markets

5. Re: Analysis of competition (substantive decision on competition)

    (a) Scenarios of independent actions and cooperative actions

    (b) Criteria for safe harbor

    (c) Status of corporate groups involved in a deal and the situation of competitors

    (d) Imports

    (e) Market entry

    (f) Competitive pressures from adjacent markets

    (g) Competitive pressures from users

    (h) Efficiency

    (i) Management situation of corporate groups involved in a deal

6. Vertical mergers/mixed mergers

7. Measures to resolve issues (to eliminate substantial restrictions on competition)

8. Q&A session 

独禁法上の企業結合規制は、専門性が高く、全体像を理解することは容易ではありません。企業結合審査の経験豊富な企業は少なく、企業の命運を分ける大型M&Aの計画が具体化してから対応するのでは時間不足になりかねず、できるだけ事前に理解を深めておくことが望まれます。

NERAは、独禁法上の企業結合規制の数多くの事案で、経済分析に基づくコンサルティングを提供してきましたが、2014年6月に蓄積した経験をまとめた『企業結合規制の経済分析(中央経済社)』を出版いたしました。

本セミナーでは、公取委の企業結合課やNERAで様々な企業結合審査に関わった実務家経済学者が、上記の本の内容に即して、(1)手続・企業結合ガイド ラインの概要、 (2)データ準備と説明資料作成の心得、および、(3)経済分析の役割について実務者目線の解説をいたしました。

(本セミナーの参加者で、ご希望の方に上記の「企業結合規制の経済分析」を1冊進呈いたしました。)

1. 独禁法上の企業結合規制の概要

2. 企業結合審査の手続:届出前相談と審査の流れ

3.「一定の取引分野における競争を実質的制限することとなる」の考え方

4. 一定の取引分野

    (ア) 仮想的独占者テスト

    (イ) 商品範囲

    (ウ) 地理的範囲

    (エ) 国境を越えた市場画定の可能性

5. 競争分析(競争の実質的判断)

    (ア) 単独行動と協調行動のシナリオ

    (イ) セーフハーバー基準

    (ウ) 当事会社グループの地位及び競争者の状況

    (エ) 輸入

    (オ) 参入

    (カ) 隣接市場からの競争圧力

    (キ) 需要者からの競争圧力

    (ク) 効率性

    (ケ) 当事会社グループの経営状況

6. 垂直型企業結合・混合型企業結合

7. 問題解消措置(競争の実質的制限を解消する措置)

8. 質疑応答