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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 will 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. Furthermore, JFTC's practical application of antitrust merger regulations and reviews has changed significantly in recent years, with a strong push toward decision-making that explicitly takes into account evidence that is based on economic analysis.

At the seminar, practicing economists from the JFTC Corporate Mergers Division and NERA who have been involved in a variety of mergers gave a general briefing on merger-related guidelines and then, based on case studies of key mergers, explained recent trends in JFTC review methods for mergers (including economic analysis) and the Commission’s thinking.

 

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。また、公取委による独禁法上の企業結合規制審査の実務は、近年大きく変化して、経済分析に基づく証拠を明示的に考慮した判断を行なう方向性が強く打ち出されるようになりました。

本セミナーでは、公取委の企業結合課やNERAで様々な企業結合に関わった実務家経済学者が、企業結合に関わるガイドラインについて一通り説明した後に、主要な企業結合事例に則して、近年の公取委の企業結合審査の手法(経済分析を含む)や考え方の傾向について解説しました。